In late 2008, Satoshi Nakamoto created Bitcoin (BTC), and later, it got listed on major crypto exchanges. Since then, its price has risen from pennies to over $60,000 in the second quarter of 2021. On May 22, 2010, a Florida entrepreneur named Laszlo Hanyecz, purchased two pizzas for 10,000 Bitcoins. Those 10,000 Bitcoins are now worth nearly $471.2 million ($47,115 per bitcoin). In this article, we will look at bitcoin price predictions and also look at how its future of it will be.
What is Bitcoin and Why is Bitcoin Going Up and Down?
The mysterious Satoshi Nakamoto established the first peer-to-peer electronic cash system, Bitcoin. Bitcoin is considered decentralized since it is peer-to-peer and does not require a controlling third party’s confirmation or monitoring of transactions, such as a bank or government.
Instead, Bitcoin transactions are validated by miners, who are paid in Bitcoin for each block added to the blockchain. Miners are rewarded for confirming transactions and keeping the Bitcoin network growing because of this payout.
Bitcoin’s block reward is reduced in half every four years, resulting in miners receiving less and less BTC over time. This is referred to as halving in the crypto world.
The quantity of Bitcoin is hard-capped at 21 million BTC, which, when combined with the halving of each block, gives Bitcoin a deflationary component and a scarcity similar to gold. As a result, Bitcoin has been dubbed “digital gold” by several people.
These distinguishing characteristics make Bitcoin borderless transactional money and a store of value and a haven asset during times of economic crisis. Satoshi Nakamoto created Bitcoin after the 2008 financial crisis to reclaim power and control from banks and governments that had long controlled money movement.
Bitcoin is a breakthrough financial technology that can change the world because of these qualities. As a result, Bitcoin’s expected growth will be substantial, reflecting its current worth as a global currency.
The History of Bitcoin Price Action
Bitcoin price is currently around $47,115, but considering how volatile the currency is and its proclivity for parabolic runs, Bitcoin price may double or correct by another 80% tomorrow.
When the Bitcoin Core client code was released into the wild, Bitcoin was almost worthless, with a value of less than a penny. However, years later, it began to trade for more than $1,000 and was regarded as a significant financial asset with a long-term promise.
When Bitcoin hit its now-defunct all-time high of $20,000 per BTC coin in 2017, it swept the globe and made many people wealthy beyond their wildest dreams. The mainstream media was swamped with BTC news, enticing ordinary investors to purchase the cryptocurrency.
However, when the year 2018 hit, a key Bitcoin trend shifted, and the price began to fall. Because of Bitcoin’s volatility, the market price retraced as much as 80% to $3,000, where it eventually bottomed, leaving many people wondering if “Bitcoin will ever go up in value?” On the other hand, others predicted that Bitcoin would rise again and took long bets at the bear market’s bottom.
The bitcoin price rose out of the bear market crash and was above $10,000 to $14,000 in the first several months of 2019 before falling back to $6,500.
Bitcoin fell below $4,000 in 2020 after the Black Thursday crash. However, the US and other countries’ stimulus measures to combat the pandemic resulted in a massive increase in the money supply, putting Bitcoin in the spotlight.
In 2021, the cryptocurrency industry resumed its upward path, reaching a new high of $65,000. However, Bitcoin has since plummeted by more than half to around $30,000 per coin. The price of one bitcoin is currently approximately $47,115.
Retrospective: Past Bitcoin Historical Price Predictions That Got It Right
Although BTC price estimates are difficult to make, several leading industry gurus have managed to get it right throughout the years.
Peter Brandt, Legendary Commodities Trader
Following a break of Bitcoin’s parabolic ascent in early 2018, Peter Brandt predicted a loss of nearly 80%. That goal was accomplished before the end of the year, and Bitcoin dropped to $3,200.
Daniel Masters, Analyst at Global Advisors
Daniel Masters predicted that the price of Bitcoin would break out in 2017 and reach a high of $4,400. Bitcoin did indeed hit that price in 2017 but then crashed through it on its way to $20,000 and beyond.
Tim Draper, Billionaire Venture Capitalist
Tim Draper has a talent for predicting the next great thing, and he has a sizable cryptocurrency holding. In 2014, the billionaire venture capitalist predicted that Bitcoin would hit $10,000 by 2018. Once again, the visionary was correct, and the asset had twice its projected value the year before.
Vinny Lingham, South African Internet Entrepreneur, and CEO of Civic
Vinny Lingham predicted in 2016 that Bitcoin would reach $2,000 to $3,000 in 2017, a more conservative prediction than Masters. The call, like Masters, was thwarted by Bitcoin’s meteoric rise.
Bloomberg Research 2020 Bitcoin Report
Fresh research from Bloomberg Research on BTC price prediction was recently issued. According to the significant media hub and financial terminal, Bitcoin is expected to reach $12,000 and $20,000 by the end of 2020. Both predictions turned out to be correct.
Technical Analysis-Based Bitcoin Forecast
Given current prices near $47,000, it’s simple to see how Bitcoin growth may be significant, based on the predictions of industry experts and big-name investors. However, how and when the Bitcoin price can reach such ambitious expectations is uncertain. Crypto analysts use technical analysis to forecast price fluctuations and when they will occur. To help you understand how high Bitcoin can go, we’ve assembled some of the top technical analyses from the industry’s brightest analysts.
Bitcoin Price Prediction 2021
The bitcoin price has remained at the golden ratio of 1.618, as it did in previous bull markets. If the cryptocurrency’s previous cycles are any indication, September will be the final launch point until it reaches $100,000 or above.
Bitcoin Price Prediction 2022 – 2023
Following the bull market’s peak, Bitcoin may experience a bear market over several years. The best course of action is to short each bounce if this happens. The bottom of Bitcoin’s bear market would be around current levels, leading to the all-time high in 2017.
Bitcoin Price Prediction 2024 – 2025
Markets are cyclical, and each halve of bitcoin takes place every four years. The price of Bitcoin will begin to rise again in 2024, as the supply is further reduced. This might re-ignite a bullish trend, resulting in values of near $500,000 or millions, as experts anticipate.
Experts Share Their Thoughts on Bitcoin Future
A few Bitcoin price forecasts have stood the test of time, whether they were made for the medium to long term or with no time range at all. Here are some of the most enthralling forecasts from some of Bitcoin’s most illustrious proponents.
Shervin Pishevar – $100,000 (by 2022)
Shervin Pishevar is a co-founder of Hyperloop One and Sherpa Capital and a venture capitalist and angel investor. He’s also invested in several firms, including huge names like Airbnb and Uber.
On Twitter, Pishevar predicted that Bitcoin would hit $100,000 by the end of 2021. The statement came shortly after a meeting in December 2020 with MicroStrategy CEO Michael Saylor, whose firm spent more than $1 billion in Bitcoin in 2020.
Thomas Fitzpatrick – $318,000 (by 2022)
Thomas Fitzpatrick is the global head of Citibank’s CitiFX Technicals market insights program. He made waves when he predicted that Bitcoin would be worth $318,000 by 2022 when his study was published online in late 2020.
His analysis identified parallels between the 1970s gold market and Bitcoin’s price behavior, mainly gold’s $20 to $35 range before its 1971 spike. He also mentioned the acceleration in central bank money printing since the appearance of COVID-19, which he believes is fueling the Bitcoin rally.
Winklevoss Twins – $500,000 (by 2030)
The famed Bitcoin millionaires, the Winklevoss twins, have stated that Bitcoin can reach a price of $500,000 by 2030, putting its market value on par with gold (about $9 trillion).
“Our theory is that bitcoin is gold 2.0, that it will displace gold, and if it accomplishes that, it must have a market valuation of 9 trillion,” Tyler Winklevoss stated, “therefore we think it may trade at $US500,000 of bitcoin one day.”
Anthony Pompliano – $250,000 (by 2022)
Anthony Pompliano is a well-known figure in the Bitcoin community. Morgan Creek Digital, a crypto-friendly asset management service for institutional clients, is his company’s founder and partner. He has previously stated that Bitcoin accounts for more than half of his net wealth, demonstrating his faith in the cryptocurrency.
Bitcoin, according to Pompliano, will surpass $100,000 by the end of December 2021. Since then, he’s raised the figure to a maximum price of $250,000, which is more than double his first estimate.
What is the significance of the new number? First, Pompalino believes that the accessible supply of Bitcoin is far lower than most people think, which contrasts sharply with the amount of demand that is beginning to emerge – particularly from institutions.
Pomp, like many others, discusses the US Federal Reserve’s aggressive quantitative easing and low-interest rates, which has resulted in a flight to safe-haven assets.
Chamath Palihapitiya – $1,000,000 (by 2037)
Chamath Palihapitiya is the Co-Owner of the Golden State Warriors and the Founder of Social Capital. His Bitcoin adventure began with a 2012 investment, and by 2013, he had Bitcoin in his hedge fund, general fund, and private account. He owned 5% of all Bitcoin in circulation at one point.
Palihapitiya predicts that the price rally of Bitcoin will reach $100,000 in the next three to four years and that it will reach $1 million by 2037. “This has the potential to be comparable to the value of gold,” he remarked. Moreover, this is an excellent hedge and store of value against authoritarian regimes and financial infrastructure, both of which we know are detrimental to how the world should function.”
Wences Casares – $1,000,000 (by 2027)
Wences Casares is the founder and CEO of Xapo, a Bitcoin wallet company, as well as a member of the PayPal board of directors. Casares became interested in Bitcoin because of the high financial instability in Argentina’s national currency, the Peso. In 2011, the IT behemoth purchased his first Bitcoins.
Casares stated at the Consensus 2017 conference in New York that Bitcoin will reach $1 million before 2027. Even better, he predicts Bitcoin will reach $1 million in as little as five years, stating on May 23, 2017, that the milestone will be reached “in 5-10 years.”
John Pfeffer – $700,000 (no date)
John Pfeffer is a partner at Pfeffer Capital, a family firm based in London. He’s set a $700,000 price objective for Bitcoin, which is roughly 175 times the current price of nearly $4,000. According to Pfeffer, Bitcoin is the world’s first practical gold substitute.
His aim is calculated as follows: first, he estimates that Bitcoin can replace all gold now held by private investors — that is, gold bars kept in safe-deposit boxes or buried in backyards (simply as a way to park their money in something more dependable than paper). Second, “Bitcoin is significantly easier to store and secure,” he claims.
Jeremy Liew – $500,000 (by 2030
Jeremy Liew is a partner at Lightspeed Venture Partners, where he is best known for being the first to invest in the social media app Snapchat. Liew’s other businesses include the multimedia company Beme, the listing site VarageSale, and the hardware wallet LedgerX.
Liew said the Bitcoin price would “realistically” reach $500,000 by 2030 in a May 2017 interview with Business Insider. The CEO and co-founder of Blockchain, the world’s most popular Bitcoin wallet, Peter Smith, backed up Liew’s prediction.
Mark Yusko – $400,000 (no date)
Morgan Creek Capital was founded by Mark Yusko, a millionaire investor and the founder of Morgan Creek Capital. His long-term prognosis for Bitcoin will be worth more than $400,000, a statement that drew attention due to its extravagant magnitude.
“It’s just math,” he says. It’s the gold equivalent. Currently, there is approximately 20 million Bitcoin available. The current value of gold is around $8 trillion. So that gives you a total of $400,000. And that doesn’t cover currency-related use cases,” Yusko noted.
He also mentioned that the asset is scaring bankers since it eliminates the necessity for banks. Banks become useless once transactions are validated on a blockchain.
Roger Ver – $250,000 (no date)
Roger Ver was one of the first investors in Bitcoin and blockchain firms. Ver began his business career with MemoryDealers.com, a computer parts company he founded in the United States and now has citizenship in Saint Kitts and Nevis. Ver started investing in Bitcoin in early 2011 and now has a portfolio including Bitinstant, Ripple, Blockchain, Bitpay, and Kraken.
In an October 2015 interview with Jeff Berwick for The Dollar Vigilante blog, Roger Ver remarked that Bitcoin “might very easily be worth $2,500, or $25,000 per Bitcoin, or even $250,000 per Bitcoin.” Ver’s prediction is based on supply and demand, which he believes gives Bitcoin a lot of potential as a store of value.
Kay Van-Petersen – $100,000 (by 2027)
Kay Van-Petersen works as an analyst for Saxo Bank, a Danish investment bank that focuses on online trading and investing. Van-Petersen, based in Singapore and holds an MSc in Applied Economics and Finance from Copenhagen Business School, is an avid Twitter user who is not afraid to speculate on controversial topics like cryptocurrency values.
According to a CNBC news piece from May 2017, Van-Petersen expects Bitcoin would reach $100,000 per unit by 2027. Kay Van-most Petersen’s recent forecast, possibly a little optimistic, indicates that Bitcoin would represent 10% of the turnover in the foreign exchange market by 2017. He was the man who correctly anticipated Bitcoin’s movement up to $2,000 by 2017.
Tai Lopez – $60,000 (mid-term)
Tai Lopez is a well-known investor and internet marketing specialist who is most known for a viral video he shot in his garage. He believes that if a small percentage (1%) of the assets of millionaires throughout the world is invested in Bitcoin in the following months, the price rally of Bitcoin will rise to roughly $60,000.
Even for conservative investors, $60,000 remains a plausible mid-term price objective given the exponential growth of Bitcoin as a store of value in the global finance sector. However, only time will tell when/if this prediction is realized.
Andy Edstrom – $8 trillion market cap (2030)
Andy Edstrom works for WESCAP, a California-based investment advising firm. He’s a Twitter user and an investor. But, more importantly, he’s a big supporter of Bitcoin, regularly tweeting about it and even writing a book called “Why Buy Bitcoin.”
Edstrom predicted that Bitcoin’s market cap would reach $8 trillion by 2030 in February 2020. Although he did not specify it, this is thought to be the approximate size of the gold market. In any case, a single coin would cost about $400,000. Surprisingly, Edstrom believes Bitcoin will eventually become the world’s primary currency.
Mike Novogratz – $7.5 trillion market cap (2029)
Mike Novogratz is a former hedge fund manager who has long supported Bitcoin and blockchain technology. He’s made some price predictions in the past, and they’ve all been correct or erroneous.
In March 2019, Novogratz issued another prediction, predicting that Bitcoin would “easily” surpass gold’s market valuation of $7.5 trillion in ten years. In terms of chronology and scale, this brings his prediction extremely close to Edstrom’s.
Conclusion: BTC Price Forecast and Long-Term Price Predictions
Given all of the hefty price projections and forecasts from industry experts that say Bitcoin could one day replace all currencies around the world, it’s easy to see why so many people are optimistic about Bitcoin and why Bitcoin price predictions can range from thousands to over $1 million per BTC.
The groundbreaking technology has spawned an entire industry dedicated to undermining traditional finance, and cryptocurrencies are well on their way to becoming widely accepted and used.
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