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.
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. Hold on and read further to uncover Bitcoin Price Prediction for 2021? Let’s see Will BTC Price Hit $100k ?
|Market cap||$ 1,202,977,425,615.0000|
|Circulating Supply||$ 18,850,768.0000|
|Trading Volume||$ 41,627,408,433.0000|
|All time high||$ 67,277.0000 October 20, 2021|
|All time low||$ 67.8100 July 6, 2013|
What is Bitcoin ?
Bitcoin is a virtual currency similar to that of traditional currency but differs as a decentralized cryptocurrency using peer-to-peer technology for instant payments. Unlike the traditional financial system, Bitcoin is not owned by any government or any company, or any individual. The price of Bitcoin completely depends on demand and supply.
Bitcoin works on a completely decentralized system using the open-source protocol. Mining can be one good option to get hold of some Bitcoins.
Introduced in the year 2008 by an anonymous person or a group of persons known as Satoshi Nakamoto, bitcoin has taken the world by a surprise. It would appear 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.
He published Bitcoin’s whitepaper on October 31st, 2021. The whitepaper included how a P2P, digital currency could be implemented. The team also proposed to utilize a decentralized ledger of transactions lined up in batches. After a gap of two months, on January 3, 2009, Satoshi Nakomoto initiated mining for the first time on the Bitcoin network.
Together with core founder Satoshi Nakamoto, over the years a huge number of developers and other institutional people contributed to enhancing the crypto software by correcting vulnerabilities and introducing new features.
Bitcoin’s source code repository on GitHub lists over 750+ contributors including Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli, and others.
Bitcoin’s lightning network acts as a network’s second layer added to Bitcoin’s network layer allowing transactions between two parties of the blockchain. This network is considered a revolutionary concept in the Crypto space. It is basically designed to allow quick transactions and reduce the associated costs of BTC’s blockchain. The lightning network was developed by Thaddeus Dryja and Joseph Poon. Moreover, the much-awaited Bitcoin taproot upgrade is scheduled for November 2021, the upgrade will further scale up the network capability.
BTC Price Prediction 2021
The year 2021 initiated with a good note with the price surpassing $30,000. 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. Maintaining the bullish trend, the price of Bitcoin smashed a new All-Time High at $64,863 on April 14, 2021.
In May Elon Musk came up with the tweet saying Tesla would no longer accept bitcoin due to environmental concerns. In addition to this China’s restriction on bitcoin caused BTC to drop by 30% to as low as $29,802 by mid-July. Further with increased bullish sentiments price raised to the $50 mark by late August.
As Bitcoin became legal tender in El-Salvador on 7th September, the BTC price further climbed to $53k. As some of the influencers used this opportunity to gain profits the price plunged to $43,780 on the same day. As a result of which huge liquidations took place on major exchanges. ByBit exchange faced the highest liquidations of $1.27 billion. And single largest liquidation occurred on Huobi-BTC of $43.7 million.
Bullish Q4 for Bitcoin? The star crypto kickstarted Q4 on a bullish note. Despite record-breaking liquidations, recovering from Chinese FUD the asset almost doubled in its price. The flagship asset gained incredible 12.89% profits in the past week recording a milestone ATH of $66,930 on October 21st. If the asset continues the momentum, it could easily surge beyond expectations. On the contrary, the most dominant coin could drop settle down close to $50,000 in case if it falls into a bearish trap or whales manipulation.
If the network does not plan for any improvements to happen within this year, then the price may trade close to $70,000 with the usual buying and selling pressure. As the platform’s taproot upgrade is fast approaching $100,000 looks imminent by the year’s end.
Bitcoin Price Prediction 2022
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 a $100k milestone. 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 below $50k.
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 $105k.
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 $125,776.
On the other hand, if Bitcoin does not pay any attention to working on the scalability and security of the Network, then the price can collapse and hit minimum levels at $69,994.
Price Prediction For The Next 5 Years
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 $2,25,086 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.
Bitcoin Market Prediction
According to WalletInvestor’s algorithm-based forecast, the most valued asset could hit a maximum of $77,310 and the minimum would flip to $64,045. With average buy and sell pressures the coin could end up trading at $70,393. Bitcoin can be a profitable investment for the long term. The coin would go up to $188.649k and could continue the rally to hit $207.598k by 2025.
According to DigitalCoinPrice, Bitcoin’s price will meet an uptrend. Bitcoin could trade at an average price of $101.308k by the end of 2021 and would exchange at $198.553k by 2025.
According to TradingBeasts, the coin could take a drift to a maximum of $68,081 by 2021. The digital coin can trade above $66,725 by the end of 2022. However, by the end of 2024, the price may head towards a maximum of $90,831.
According to Gov. capital, Bitcoin can hit the best possible price of $80,100 by 2021.
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.
Our BTC Price Prediction
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 the 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 beyond $90k. 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 drop below $50k.
|Year.||Potential High.||Potential Low.|
How Did BTC Price Perform Over the Years?
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.
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 accelerated the bull run and close the yearly trade close to $30K.
With the Bullish Q4, the Crypto Community expects BTC Price to Hit $100k By 2021 end.
Yes !! With institutions adding Bitcoin to their balance sheets and El Salvador officially making Bitcoin legal tender, it’s looking like Bitcoin will be the future of currency.
According to a Popular strategist, BTC price might undergo several corrections but not plunge heavily. The Crypto community is quite optimistic that BTC prices will hit new heights in 2021.
With Increasing Adoption we can see a BTC price rally. Market experts are confident that it could touch the $100,000 region in the coming months.