Whether you’re a newcomer to crypto or a seasoned investor, the chances are that you’ve certainly heard of Bitcoin. The original digital currency that paved the way for thousands of altcoins and has developed into a powerhouse that has taken the world by storm and saw previously unseen returns on investment for early investors who held on long enough.
When compared to traditional investments, there are very few who can even come close to the incredible gains Bitcoin has made for investors who were patient enough to hold on and ride the wave. This led to many becoming curious about BTC leading to demand an accurate Bitcoin price prediction.
When Bitcoin surged to an all-time high of $65,000 this year, it left many wondering if they had missed the boat and whether investing now was a good idea. I was one of those people until I began to use a range of factors to research the future price of BTC such as the following:
- Price history
- The latest legislation
- Prediction strategies
- Expert analysis
- New investors
By analyzing all of these factors, I was able to find out that there’s never a bad time to invest in Bitcoin. The finite supply of this innovative cryptocurrency is shrinking rapidly, so it’s important to get on board whilst you still can. For example, statistics from the leading trading platform of eToro tell us that sales of Bitcoin have skyrocketed in the past few months.
But what does the future hold for Bitcoin investors who get on board early enough? Will Bitcoin rise once again? Our BTC price prediction aims to answer all. But first, let’s start with just what Bitcoin actually is and how it works.
What is Bitcoin?
In the aftermath of the 2008 economic crisis, came Bitcoin. It was created by a mysterious and unidentified person or persons named Satoshi Nakamoto. The aim of Bitcoin was to break the long-established system of control over the flow of money that is held by central governments and banks. Bitcoin provided a chance to put financial control into the hands of its users.
Bitcoin was able to achieve this due to its characteristic decentralized nature. As a peer-to-peer network, no banks, governments, or other third parties were required when it came to confirming or monitoring transactions. But who does?
Instead of conventional monitors in the forms of central governments and banks, Bitcoin transactions are confirmed by miners who verify blocks and add them to the blockchain. As an incentive and to keep the Bitcoin network expanding, these miners are rewarded with Bitcoin for each transaction they verify.
Bitcoin has been labeled as digital gold over the years. This is due to its finite supply that’s capped at 21 million, making it a scarce asset similar to gold. Another contributing factor to the scarcity of Bitcoin is a process known as halving that takes place every four years.
The halving process sees the BTC reward issued to miners halved. As the years go on, these miners receive a reduced reward for each successfully verified transaction. Combined with the finite supply of Bitcoin, halving contributes to the scarcity of BTC and makes it a store of value and safe haven even during an economic crisis.
From its revolutionary financial abilities to its immensely limited scarcity, the Bitcoin price potential is expected to be significantly large over the coming years. Particularly after the next Bitcoin halving that will take place in 2024.
Do you still have questions about Bitcoin? Rest assured, before we get into the price prediction, next we’ll cover some frequently asked questions about BTC to give you a better understanding of the original digital asset and its price potential.
What is Bitcoin used for?
Just like conventional fiat currency, Bitcoin is used for buying, selling, and a wide range of transactions. However, unlike fiat currency, Bitcoin can be used as a means of accepting payments and facilitating commerce that is out of the reach of central governments or banking systems. In addition, it provides a great store of wealth that is highly difficult to confiscate.
How does Bitcoin gain value?
Like all cryptocurrencies that came after it, the value of Bitcoin is largely driven by speculation in its current state. As more people discover the wide range of its uses, its value grows. Due to its numerous advantages over fiat currency and precious metals, support for Bitcoin is only expected to grow as cryptocurrencies become a more widely accepted alternative to fiat currencies. When it does, the value of Bitcoin will likely grow in sync.
Can Bitcoin reach $1,000,000?
Since its initial development, Bitcoin has grown to manage millions of transactions a month and has expanded its number of investors enormously, demonstrating the ability to scale as a digital asset. In recent years, the price surges of Bitcoin have continued to amaze This has led many to ask whether this digital currency can ever reach $1,000,000 per BTC.
Overall, due to its scarcity and the impending halving process alone, there are many experts who strongly believe that Bitcoin has the potential to reach $1,000,000 per coin. Whilst impossible to guarantee, the price history of Bitcoin has shown us that anything is possible.
Where do people buy, sell, and trade Bitcoin?
You can buy, sell, and trade Bitcoin from any reputable crypto trading platform. If you are a new investor, then we suggest using eToro. It’s safe, regulated, and beginner-friendly. The eToro interface is very simple to use, and it has an array of trading tools to allow you to trade safely.
Bitcoin Price History
In our various cryptocurrency price predictions, we’ve covered the price history of everything from Ethereum to various altcoins. Price history is vital to gaining an insight into the price future. But when it comes to Bitcoin, there is no coin that comes close to the wild ride of the original digital asset’s price history.
In 2008, the Bitcoin Core client code was released to the world. At the time, this digital asset was worth less than one cent. Five years later in 2013, it surged past $1,000. Whilst devastating for people who had chosen the sell-off their Bitcoins prior, like the guy who bought two pizzas for 10,000 BTC in 2010, Bitcoin had now begun its journey to becoming a serious financial asset with long-term potential.
Bitcoin’s price journey was just getting started. Whilst still undiscovered by large sections of mainstream society and portrayed in a negative light by the press, it would soon be impossible to ignore. In 2017, BTC surged to $20,000. Spurred on by gains previously unseen by any asset, major investors around the world began buying into BTC.
“If you are buying into Bitcoin out of speculation, you should be committed to holding for five years. You have to have strong convictions to hold.”– Jesse Powell, the leader of crypto exchange Kraken.
But in 2018, the price volatility of Bitcoin was laid bare when the price plummeted by 80% to a bottom of $3,000. Many assumed the ride was over and sold out. But those who were smart either began to HODL or opened long positions on Bitcoin whilst it sat at the bottom of a bear market.
Bitcoin began to break out of the bear market in early 2019. The price of BTC began to rise between $10,000 and $14,000 before dropping back down to $6,500. In early 2020, Bitcoin was hit by the effect of the Black Thursday crash and dropped down to $4,000. However, the devastating impact of the Covid-19 pandemic resulted in a positive impact on Bitcoin.
The subsequent lockdowns saw many people stuck at home with equal numbers out of work. With an incentive to make smart investments, many began looking at crypto. The introduction of stimulus cheques in the United States and similar schemes by other western countries inflated fiat currency and gave many people surplus cash to invest.
As a result, 2021 saw Bitcoin skyrocket to its highest price ever at $65,000/ This made people rich beyond their wildest dreams, particularly the early investors who held on for long enough. The price history of Bitcoin demonstrates just how volatile this digital currency is.
Curious about how high or low the price of Bitcoin can go in the next few years? Me too! Let’s look at what the experts have to say.
Expert analysis of the Bitcoin price potential
One of the best tools we can use to try and determine the potential future price of Bitcoin is to analyze the opinions of various crypto experts. Let’s delve into four estimated growth outlooks for various industry experts and analysts.
Coinpedia is bullish on BTC. It believes that the original digital asset has the potential to hit $64,339 by the end of 2021 and skyrocket to $200,086 by 2025. This figure is based on BTC maintaining the same number of growing investors it currently has. However, they also believe that energy-efficient controversies could affect this figure and result in BTC ending 2025 at $124,763 instead.
WalletInvestor uses an algorithm-based forecast in an attempt to predict the future price of cryptocurrencies. When it comes to Bitcoin, they are overwhelmingly bullish. WalletInvestor predicts that the price of BTC could rise to $69,759.00 by the end of 2021, and see a potential return on investment as high as +376.89% sometime within the next five years.
DigitalCoinPrice has another bullish outlook for Bitcoin, albeit slightly less so than WalletInvestor. DigitalCoinPrice predicts BTC to reach $62,261.42 by the end of 2021, $80,743.53 by the end of 2023, and finally, a figure of $122,025.96 by 2025.
Another bearish expert analysis on Bitcoin is LongForecast. They predict a high of $63,887 for BTC in 2021. In the following three years, they expect the price of Bitcoin to rise to a high of $146,708 by the year 2025.
So from $65,000 over the short term to up to $146,000 over the long term, the overall expert analysis on the future price of Bitcoin is overwhelmingly bullish. But what does the technical analysis tell us about the BTC price potential?
Technical analysis of the Bitcoin price prediction
Now we move onto technical analysis to try and predict the future price of Bitcoin. This section will utilize powerful tools like the Japanese candlestick, chart patterns, and trading indicators. As well as giving traders the upper hand in day trading, they can enable us to discover long-term price predictions based on pure technicals when we assess longer time frames.
Bitcoin Price Prediction 2021 – 2022
Since the beginning of 2021, the price of Bitcoin skyrocketed by 123% from $29,048 to $65,000 before dropping. Currently, the price of Bitcoin is sitting around $40,300. It’s predicted that the BTC price will rise by 36% in the second half of 2021 and it’s then expected to close the year at $55,027, which is a year-to-year change of +89%.
Bitcoin Price Prediction 2022 – 2023
It’s predicted that the price of Bitcoin will rise to $71,535 per coin in the first half of 2022, it’s then expected to gain over $16,000 and close the year at $87,630, which is a +117% gain on the current price.
Bitcoin Price Prediction 2023 – 2024
After starting 2023 at $87,630, BTC is expected to rise past the 100k mark at $103,153 halfway through the year before ending at $118,626 at an overall annual increase of 194% from the current price.
Bitcoin Price Prediction 2024 – 2025
After starting 2024 at $118,626, Bitcoin is expected to rise to $125,459 halfway through the year. The second half of 2024 is expected to be slower than previous years and see the price of BTC end the year at a higher price than the first half of 2024 at $126,516. That’s an overall annual increase of 213% on the current price.
The technical analysis of the Bitcoin price prediction forecast tells us that the price of Bitcoin has the potential to reach up to and possibly beyond 213%. This data was provided by technical analysis from the Coin Price Forecast.
Bitcoin price prediction conclusion
In conclusion, Bitcoin is the leader of all cryptocurrencies. Its scarce nature and regular halving have led to it being deemed as digital gold. Whilst many people who have witnessed the price surges from the sidelines may feel that they have missed out, the price history of Bitcoin has shown us that it’s never too late to invest in BTC.
Every year brings highs and lows for the original currency, but the highs have a lasting effect and all contribute to future bull runs. Bitcoin is increasingly being adopted by major industries, companies, and, in the recent case of El Salvador, countries themselves.
For those investors who hold on to Bitcoin for the long term, the rewards have the potential to prove very fruitful indeed. But where is the best place to get on board the Bitcoin train and start investing? The answer lies in a reputable and well-established trading exchange with access to vital trading tools.
Where is the best place to buy Bitcoin?
Bitcoin is available to buy and trade on eToro alongside 18 other cryptocurrencies. This is a well-established, highly regulated, and secure platform that has the potential to revolutionize your crypto trading.
What’s more, is that eToro allows you to access their incredible array of trading tools such as the Stop Loss, Take Profit, and built-in charting software that all let you maximize your potential profits whilst ensuring safe trading practices that protect your hard-earned funds. Also, eToro offers Leverage Trading on Bitcoin. This allows you to multiply small amounts to become large powerful positions that drive massive profits.
Overall, the financial situation, risk tolerance, and investment strategy of each person vary. Bitcoin is inherently volatile and the price can rise or drop at a moment’s notice, this brings advantages as it does risks. Both of which are important to understand and weigh against your own investment goals and needs. Only invest money you can afford to lose and balance out the risky nature of crypto investment by building a diversified portfolio.
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Disclaimer – This content is for informational purposes only and is not investment advice. The trading of Bitcoin and other alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.