For anyone who gets to hear the word ‘Cryptocurrency‘, Bitcoin is not far out. Most investors would have their trading journey start with this crypto monster. The world understood that Bitcoin is a big deal when celebrities like Elon Musk and many others started sharing their thoughts on public platforms. Being the first-ever cryptocurrency to land its feet in the market Bitcoin has always been buzzing amidst the trend variations.
Bitcoin has been a matter of interest to many, because of the currency’s high liquidity and it is promising for both short and long term investments. Operating on a private, decentralized blockchain, security has never been a topic of the question, anytime!
Bitcoin, the primitive cryptocurrency, has come to the limelight as it became the most expensive coin within the crypto space. As the digital asset grew stronger, many still speculate the asset may surge towards $100k very soon! But with the current market trends, doubts and queries are appearing. Will BTC put its setbacks away and keep moving towards the $100k milestone?
For questions like these and many, for anybody inquisitive of starting their crypto journey, it is quite natural to dig out for answers on the internet. Though the current trends are fluctuating, an investment in Bitcoin can be a smart decision, anyway.
Have you ever heard about ‘Bitcoin Pizza day’? Celebrated on May 22, every year, this day marks the event where back in 2010, a software developer in Florida bought 2 pizzas with 10,000 Bitcoins!
Bitcoin is the top and the most popular cryptocurrency in the world. It is an innovative payment network using peer-to-peer technology. Bitcoin works on a completely decentralized system using the open-source protocol. Mining can be one good option to get hold of some Bitcoins.
To make your cryptocurrency quest susceptible and for the bitcoin holders out there, you will be doubt free and perhaps on the verge of making a quick choice by the end of this article. Hold on and read further to uncover our analysis regarding the trends and future price movements.
|Circulating Supply||18,731,600 BTC|
|All time high||$64,863.10 Apr 14, 2021|
|All time low||$65.53 Jul 05, 2013|
Bitcoin is a cryptocurrency that posses much similar features and utilities to the traditional currencies. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
Introduced more than a decade ago by an anonymous person or a group of persons known as Satoshi Nakamoto, Bitcoin has definitely taken the world by a surprise. This has been possible especially with its impressive rate of adoption and incredible price movements. It would appear as though that bitcoin would have to fight its way straight into the heart of classical finance, its place in its single-handedly built crypto ecosystem, is however undeniable.
The year 2021 initiated with a good note with the price surpassing $30,000. The BTC price showcased less volatility and maintained a steady growth. Within just a month, the price achieved the milestone by crossing $50,000 and trended within the same range till the end of February 2021.
The price rose high by the mid of March 2021 by surpassing $60,000 for the first time ever in history. Maintaining the bullish trend, the price of Bitcoin smashed a new All-Time High at $64,863 on April 14, 2021, and trends within a similar range at press time.
Sticking to the fact that mining Bitcoins involves high powered computers consuming high energy. Elon Musk, shared his opinion about this referring to environmental concerns arising with BTC mining. Thereby, Tesla suspended Bitcoin acceptance.
On this very day, worrying about Musk stepping back from BTC, a huge amount was cleared from the crypto market, with Bitcoin having enough part in it. Around 30% of fall happened in just 24 hours. Following this, China imposed a ban on Bitcoin mining which led to a huge wreck in the market as Chinese traders hold back a significant amount of Bitcoin. The US tax law has also played a major role in the crash of BTC. Currently BTC is recouping with the crash gradually.
Supposing, if Bitcoin is subjected to such controversies in the coming months, then the price can be affected deeply and might plunge after being traded at $49,000 to $42,367.
However, being the First ever found cryptocurrency and the most expensive one, Bitcoin also offers lower transaction fees. If the network works on making it cheaper in the coming months, it may attract more investors. In case this happens, the price might hike up to $64,339.
If the network does not plan for any improvements to happen within this year, then the price may trade at average figures with usual buying and selling pressure. By the year’s end, Bitcoin might trade at $49,996.
If Bitcoin ends this year marking at higher values, then it might continue to start the next year in a bullish trend. If this happens, the BTC price might kickstart 2022 with $65,017. In contrast, if this year closes at the minimum values, then the next year will commence with a bearish note. Then, the BTC price starting in 2022 might be $43,448.
Bitcoin has planned for improvements in the financial ecosystem and might end up in new partnerships. If this becomes a reality, many investors will enter the network causing the price to soar up to $89,466.
However, if Bitcoin still works on the improvements on a revolution in the network, then it might lead the year with only current users. In such a case, the price might trade at $79,776.
On the other hand, if the network does not pay any attention to work on the scalability and security of the Network, then the price can collapse and hit minimum levels at $71,994.
If Bitcoin works on diversification and increases liquidity, it can attract more possible investors. Also, many may start trading Bitcoin due to FOMO. If this happens, Bitcoin will gain a huge amount of traders and the price might skyrocket to $2,00,086 by the end of the next five years.
But if it falls prey to any criticisms due to mining that causes harm to the environment, the price might become highly volatile. Also, if there is any regulation laid in the future, it can lose many investors due to uncertainty. If this happens the price might plunge to $1,24,763.
However, if it manages to find a way from the controversies raised, then with the persisting traders, the price may move at $1,63,114.
According to WalletInvestor’s algorithm-based forecast, Bitcoin can be a profitable investment for the long term. Bitcoin would go up to $80,562 or more in the coming year and hit $1,61088 by 2025.
According to DigitalCoinPrice, Bitcoin’s price will meet an uptrend. Bitcoin could trade at an average price of $59, 214.71by the end of 2021 and would exchange at $1,16,822.36 by 2025.
According to TradingBeasts, Bitcoin can trade above $48,118.719 by the end of 2023 or the beginning of 2024. However, by the end of 2024, the price may head towards $53,793.204 as its average.
According to Gov. capital, Bitcoin can hit the best possible price of $49,603.81 after a year from now.
According to PrimeXBT, the BTC price may hit $32500 by the end of 2021. Further, the price may slash drastically and drop around $30K in 2022. As the price rallied and slashed in 2017/18 and the current rally in 2021 and expected drop in 2022, a similar phase may be seen in 2024/25 also.
Bitcoin initiated the year 2021, with a trading price of $31.474.76 by early January and hit an ATH above $64K. With a bullish movement, the price efficiently started to rise. BTC’s price would likely pump and may reach newer heights by enhancing its blockchain as well as the transaction speed. But currently, there is a pull-down in the price and the price trends in future may vary from what it was believed to be.
If the network works on black market activity and protects itself from cyberattacks, then the security will be enhanced. In that case, the BTC price may hit highs at $62,290. On the contrary, if the market crashes anytime soon, or the Proof of work system is debated, then the price can plunge as it did previously and reach $43,221.
The popular capital investor predicted that the price of bitcoin will reach $250,000 by 2022.
TV host and popular bitcoin bull, Max Keisier predicted that bitcoin would hit $400k by the end of 2020. He made this pronouncement early this year and this was the first time he had to change his prediction of 2012.
Anthony Pmopliano (also known as Pomp) predicted that bitcoin would be worth $100,000 by the end of the year 2021.
Bitcoin, like many other cryptocurrencies, barely had any value when it was introduced in 2009.
In 2010, when bitcoin was launched on the bitcoinmarket.com exchange, the price of one bitcoin was just $0.003. In May of 2010, the legendary bitcoin pizza story where a bitcoin developer going by the name Laszlo Hanyecz paid 10,000 BTC for two large papa Jones pizzas, took place and the price at which the transaction occurred was an estimated $40.
Bitcoin price saw a significant push when the cryptocurrency was mentioned on a popular news resource slashdot on the 11th of June, 2010. The price was up 10 times and bitcoin began to change hands at $0.08.
In November 2010, bitcoin price had risen dramatically and was trading at $0.35 on BitcoinMarket and $0.5 on Mt.Gox. Bitcoin had recorded great success that year and its market capitalization touched its first $1 million.
Early on into 2011, bitcoin price crashed significantly and the price consolidated between the range of $0.15-0.2. However, by mid-February, the price began another bullish round which pushed it to $1. This was supposed to have been instigated by initial social media attention on Twitter and the launch of Darknet destination, Silk Road where bitcoin had become the major currency of choice.
Some dramatic moves occurred in June. Bitcoin was initially trading at $10 when suddenly, the price rose to $32 within days. However, as volatility is a major property of our dear cryptocurrency, the price was hovering around $10 by mid-June. Although, later, before the end of the month, BTC was trading at $25.
The news of an exchange hack on Mt.Gox in August had devastating effects on bitcoin. By the end of the highly unstable period, bitcoin was changing hands at $2.5.
This was immediately accompanied by a period of accumulation which took place for about two years. By Q2 of 2013, in April, bitcoin price had touched $266 and the November bull run of the same year landed bitcoin in the sub $1,500 region. By late November, a major price correction took place for around 412 days and this brought bitcoin price back to $160.
By late January 2015, the BTC price had been consolidating between $200-300. The price accumulated gains gradually before Bitfinex announced a hacking in which about $120,000 BTC got stolen. Once again, the BTC price fell to around $500. Despite this downtime, the bitcoin price had touched $1000 by December.
This was where things stood until January 2017 when bitcoin initially took a stroll again. With the price reaching $1,150 and immediately crashing down back to $750 before the end of the week, the cryptocurrency began to leave some clues as to how much volatility was in stock for the year.
By mid-March, the price of bitcoin was alternating between $1300-$1,350 but crashed back to $900 before the end of the month. However, as the bulls showed great relentlessness, the price of bitcoin touched $1,350 again within the next month.
By May of 2017, bitcoin price had soared further, reaching as high as $2,600 and in June, the price was dancing around $3,000. The growth recorded in Q2 of 2017 was attributed to an increase in the number of network users, a condition which later caused the bitcoin network to fork and allowed BTC holders to receive Bitcoin Cash (BCH) for free on August 1. The aftermath of the network fork proved positive and bitcoin continued on its bullish trend.
When the news of the launch of BTC futures by major US exchanges broke out, it encouraged a further rise in price and by December 18, bitcoin recorded its All-Time-High (ATH) price of approximately $20,000 as it was changing hands at $19,891 on Bitfinex.
Bitcoin started 2018 on a bearish note. Early in January, the price had set course for lower prices.
Authorities began to advocate for banning bitcoin, an endeavor of which was led by Korea, the price of bitcoin started a massive crash which initially stopped at $17,000 by late January.
Early February, bitcoin dramatically fell within a period of six days to reach $6,000 and continued on this path to $, 5,800 by the end of June. Several alternate ups and downs occurred in between until an obvious downtrend sent the price crashing as low as $3,200 by December. Although the price rebound slightly to touch the $4,200 region, the bulls could not take charge for long.
As of February of the year, bitcoin price was dangling around $3,300 per coin. In April, a bit of success took place when bitcoin broke resistance at the $4,200 level and before long, was trading at $5,400.
Around June, the price had risen to $13,000 but could not hold for long as the price fell throughout the year.
Clearly, by now, investors have been anticipating the bitcoin blockchain block rewards halving. This drove the price of bitcoin into a bullish cycle which initially saw bitcoin recording around 45% price gain from its 2019 closing price.
To reduce rewards by half will affect the number of miners to receive bitcoins for mining blocks. In history, this process has had a positive impact on the price of the main cryptocurrency in the long term. Bitcoin emission is 21 million coins. Halving is designed to prevent coin inflation. The process ensures that the number of bitcoins is limited. So that the cryptocurrency becomes more scarce and valuable.
In recent halvings, bitcoin rallies took place about a year later. After the first halving took place in 2012, Bitcoin touched a record high of $1,000 by November 2013. And in 2016, after the halving event, Bitcoin made gains again and reached its all-time high of $19,819 on December 18, 2017.
At the start, the block reward was 50 bitcoins, and there were only a handful of miners. However, the two recent halvings already reduced the reward twice, and now it amounts to 12.5 bitcoins per block. In 2020, the reward dropped to 6.25 bitcoins.
After the halving event, the price continued to rally and maintained the trembled situation. However, the price got a major push in September when institutional interest started to pour into the market. Companies like MicroStrategy, Square, acquired BTC which accelarated the bull run and close the yearly trade close to $30K.
Bitcoin adoption withnessed a huge spike as it attain mainstream attention. Many institutions, governments, celebs, etc were attracted towards the crypto. On the other hand hedge funds like GrayScale started intensifying the BTC acqusition and by the end of first quarter, nearly 7% to 8% of the circulating supply was held by these institutions.
The price kept on rallying smashed $50K for the first time ever in mid of February and eventually formed an ATH at $64,863 on April 14, marking the first ever asset to be a trillion dollar asset. Now Bitcoin is also within the top 10 valued currencies outperforming many country’s traditional currencies to.
Bitcoin runs on the Proof of Work SHA-256 consensus algorithm.
Bitcoin takes upto 10 minutes to complete a transaction.
Yes, Bitcoin is legally accepted in several nations like The United States, Canada, Australia, United Kingdom and many more. Moreover, in many countries, the cryptocurrencies are well regulated and taxed accordingly.
Bitcoin halving event reduces the rewards given to the BTC miners to half every 4 years. The aim is to control the inflation. The recent halving reduced the rewards to 6.25 BTC per block and the next Bitcoin halving event will be taking place in the year 2024.
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