Bitcoin remains the most controversial and widely speculated cryptocurrency today. Although the popular cryptocurrency might not have been the first cryptocurrency to be created, as many suppose, its authority among its peers makes it stand out as a pace-setter and a possible global financial market entity.
Do you “hodl” bitcoins or are you trying to join the moving train of people who already have some skin in the game? Do you wonder what the price of bitcoin will be in a few years?
Are you eager to know what influencers think about the future of bitcoin in terms of price and adoption? If any of these is your question, then these price prediction pieces will walk you through a grounded research and satisfy your curiosities.
What is Bitcoin?
Bitcoin is a cryptocurrency. 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.
Bitcoin (BTC) Price Technical Analysis
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.
The Historic 2017 Bull Run
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.
2018 Price Correction
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.
2020 – Block Reward Halving
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.
Bitcoin Price Prediction 2020
According to convergent analysis, bitcoin is expected to surpass $30,000 by the end of 2020. In December of 2020, bitcoin may be trading around $25,000 to $30,000 according to major predictions.
BTC Price Prediction 2021
In 2021, BTC is expected to receive an exponential growth. By the end of the year, Bitcoin price should be trading around $70,000 to $80,000 according to an analysis by Wallet Investors and other major sites.
Bitcoin Price Prediction (Next 5 Years)
Will Bitcoin price go up? According to WI prediction, Bitcoin (BTC) is a very good long-term (1-year) investment. The Bitcoin price can go up from 6702.160 USD to 8386.730 USD in one year. The long-term earning potential is +25.13% in one year.
According to present data, the Bitcoin market environment potentially has been in a bullish cycle in the last 12 months.
However, BTC price prediction to be in a positive trend in the future and might be good for investing.
Our Bitcoin Price Prediction
we believe that bitcoin this time will respect history and increase in price. By the end of 2020, our prediction is that bitcoin may be changing hands at around $25,000 and a further price pump will be seen in 2021.
Influencer‘s BTC Price Prediction
Tim Draper Prediction
The popular capital investor predicted that the price of bitcoin will reach $250,000 by 2022.
John McAfee Prediction
On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.
Max Keiser Prediction
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 Pompliano Prediction
Anthony Pmopliano (also known as Pomp) predicted that bitcoin would be worth $100,000 by the end of the year 2021.