No matter where you are or what you’re doing, it is nearly impossible to have not heard about Bitcoin. It was the crypto market pioneer and was the catalyst of the booming digital currency market we’re seeing right now. While its historical performance has been exceptional, many experts believe that the BTC price will continue going up in the long term. Industry experts have very bullish Bitcoin Price Prediction for 2022 and beyond! Some think it could even hit $100,000, more than double its price now!
With that all said and done, let’s take a look at what the experts are saying about Bitcoin prices. Here are some of the latest Bitcoin price prediction and projections, all of which are very optimistic about the coin’s future potential!
Bitcoin Price Prediction 2022 and Beyond
Analytics Insight thinks the price of Bitcoin could very easily hit $50,000 by the end of the year. The website cited the Bitcoin network’s recent technological enhancements that could pave the way for massive improvements in terms of smart contracts, privacy, fee reduction, and the lighting network as catalysts for its very bullish Bitcoin price prediction.
Should this forecast be realised, Analytics Insight expects the price of Bitcoin to hit a maximum price of $79,853 by 2023. For 2024, its Bitcoin price forecast is well over $100,000. By 2025, it thinks BTC will have reached $126,000–more than triple the coin’s value at the beginning of 2022.
The analysts of Bloomberg published a report on Bitcoin stating that the coin’s price is poised for further price growth in the future. This is despite the massive correction during the earlier parts of 2022. Bloomberg’s Bitcoin price forecast for the near future is $100,000. It further noted that Bitcoin is currently more likely to form a floor rather than a ceiling, which means range traders will not be disappointed. From a fundamental standpoint, Bloomberg said the moving demand and supply statistics would impact Bitcoin’s price pump potential.
Finbold’s polled average price projection for Bitcoin by the end of this year is $118,000. Nine out of the ten analysts and financial experts included in the mix provided a BTC price prediction of $100,000 or higher.
The Motley Fool
The Motley Fool’s latest article about BTC price predictions is very extensive and educational. It noted that some analysts think Bitcoin could hit $200,000 by December of 2022, but two things must happen before this could come to fruition. The two factors necessary for this price target are: 1) current investors moving into crypto and 2) regulatory action to legitimise the digital asset sector.
The article further reports that crypto regulation may not be a priority issue for Congress before the summer recess in July. No catalyst could also trigger an investment shift from baby boomers’ retirement funds into cryptocurrency. These things could make it hard for the Bitcoin price to hit $200,000. Nevertheless, the coin has outperformed every other asset class in the past–so nothing is impossible.
The website believes that Bitcoin is well-positioned for a breakout beyond $50,000. It added that the technical indicators are showing constricted price action, which could prompt a bounce near the 61.80% Fibonacci retracement. The technical support is at $37,800, the bottom of the Cloud Senkou Span B indicator.
Steve Wozniak of Apple
The legendary co-founder of Apple, Steve Wozniak, said he thinks the price of Bitcoin could eventually hit $100,000. He said that Bitcoin is unique since it is designed with mathematics in mind. No one can control Bitcoin; it runs purely on technicals and mathematics, which point to an upturn in the future.
What’s the Latest on Bitcoin?
On top of these price predictions, there is also a slew of market-moving crypto industry news about Bitcoin that has affected its price movements and past performance. Here are some of the latest ones that should be taken note of.
El Salvador Banking on Bitcoin
Businesses in El Salvador can now accept Bitcoin on top of the US dollar. It has been the law since President Nayib Bukele declared and cleared the adoption in September of 2021. El Salvador is banking on Bitcoin to improve its financial inclusion. Around 3/4 of the country’s population is still unbanked, after all.
The Chivo app is the state’s Bitcoin wallet, making El Salvador the first country in the entire world wherein there were more people using Bitcoin wallets than actual bank accounts. Meanwhile, the International Monetary Fund has urged El Salvador to give up its plans of making Bitcoin legal tender. The IMF believes that the risks to financial stability are too high.
UK Government Eyes Bringing Stablecoins into Payments System
The UK government’s economic secretary to the Treasury, John Glen, said the UK wants to participate in cryptocurrency innovation. He said they are seeing enormous potential in crypto markets. He noted that Bitcoin and other cryptocurrencies offer a wide range of benefits. Glen also said that the UK is planning to become a global crypto hub.
What is Bitcoin For?
What is all the fuss about? Bitcoin seems like a very big thing in financial markets nowadays, but no one ever really goes into detail about how it can benefit the world in the future.
A Mode of Payment
Bitcoin has recently become a payment option for products or services. Many stores in more developed countries now endorse Bitcoin as an alternative mode of payment. On top of this, online businesses can also easily accept BTC.
An Inflation Hedge
Bitcoin has a limited supply of coins in circulation. Therefore, it is one of the most famous hedges against rising inflation. The current prices of Bitcoin’s supply will continue to appreciate in value due to increasing demand. Unlike the other famous inflation hedge, gold, BTC is extremely portable. It is easily transferrable. Bitcoin transactions can be finished within a matter of seconds!
The process of Bitcoin mining was, in many ways, designed to be akin to gold mining. It is essentially a highly complex computing process wherein competing miners race to complete mathematical functions, also known as hashes, to process Bitcoin transactions. Bitcoin miners can either mine for profit or mine for fun and education.
Bitcoin Price Performance
The price of Bitcoin used to be below $100 way back in early 2013. It continued to trade between $100 to $1,000 until 2017, before the price started to pop. In 2018, BTC reached a peak of roughly $19,500, which led to many original BTC holders becoming millionaires. It closed 2018 off at $3,742.00, however.
Bitcoin traded between $3,000 to $12,000 for the whole of 2019. In 2020, it traded between $6,000 to $65,000–right around the time the cryptocurrency market started to gain traction across the globe. It hit a peak of $67,566 during the 2021 bull run.
The price of Bitcoin has so far been trading between $40,000 to $50,000 this year.
Bitcoin Price Today
As of writing, Bitcoin is currently trading at $45,241.26. With a total circulating supply of 19,003,912 BTC, the cryptocurrency is ranked first in terms of market capitalisation at $859.19 billion.
Where can I Buy Bitcoin?
You can buy BTC through many different exchanges and platforms. It is available on Coinbase, eToro, Binance, and many more. eToro, for its part, seems like the easiest and safest platform to use, since it is straightforward and user-friendly.
Conclusion | Digital Gold?
While historical performance is not indicative of future results, Bitcoin’s history nevertheless still speaks for itself. The crypto giant has been outperforming almost all financial assets in the world in terms of growth, despite the reoccurring bear market. The prevailing Bitcoin Price Prediction is very optimistic. The majority of crypto investors, investment advisors, and institutional investors seem to think that Bitcoin price could hit $100,000 very soon. Will Bitcoin reach $200,000 someday, however? That remains to be seen.
This article should not be considered investment advice. We will not be held responsible for any potential losses. The high crypto market volatility makes BTC a very risky investment. Only invest what you can afford to lose because there is always a chance that your entire capital could get wiped out in one trade.