Are you a Bitcoin holder or planning on buying the dominant crypto, but you’re weighing what the future price of the crypto will be?
If you’re a beginner, perhaps you may or not have come across the term Bitcoin prediction and whether it’s a viable investment tool in the long run. If these questions sound familiar, then this article aims to offer you a detailed view.
This article will cover basic fundamentals about Bitcoin and various factors worth considering before investing your earned money depending on the Bitcoin predictions.
Overview of Bitcoin
Bitcoin is the initial cryptocurrency and was launched by Satoshi Nakamoto in 2009. Bitcoin as digital currency enables the global populace to send and receive money autonomously without the necessity of a third party.
One advantage of Bitcoin is that the network is independent of government control, individual control, and not backed by any nation’s central bank. Miners verify and execute Bitcoin transactions by using their computing expertise, and as compensation for their task, they receive a Bitcoin.
Bitcoin is backed by robust Blockchain tech, which serves as the public ledger where transactions are recorded permanently and cannot be altered. This means transactions that have been performed within the Bitcoin network are accessible on the Blockchain.
Crypto experts say that Bitcoin transactions between two parties will take about 10 minutes. The Bitcoin network has the capability to execute around seven transactions every second, while the fees charged are based on the number of active users.
Since the launch of Bitcoin in 2009, the digital asset has recorded considerable progress. Initially, the coin traded below 1 cent, and several years later, Bitcoin hit a historic high of $20,000 in 2017. Additionally, the emergence of the Bitcoin network has propelled the development of over 1500 cryptocurrencies with the industry.
Still, Bitcoin has made significant milestones over the previous months. As we have witnessed within the crypto market, the dominant crypto has hit all-time levels breaching the $60,000 mark in 2021.
Factors to Consider
Clearly, we cannot tell the future about the crypto industry; if we can, everyone could be pretty rich. However, crypto traders make an income stream by buying and selling various cryptocurrencies when their prices fluctuate. The crypto market has its own set of risks, which means that every crypto price can surge or plunge much more rapidly. In this view, predicting crypto prices appears more challenging than traditional markets.
According to market analysts, If you’re weighing the crypto price over the coming months, you can begin by observing actual-world events. These events can range from crypto regulations, partnerships to advanced technology.
Conducting in-depth personal research before investing your cash is considered a strategic move. When you come across a price prediction that thrills your course, or a friend who tells you to invest are not enough grounds to purchase a cryptocurrency. Basically, we all have diverse opinions, and there are no assurances to predicting the accurate trend.
However, you will need to rely on reliable and regulated platforms to trade Bitcoin, including other cryptocurrencies. These trading platforms, such as Bitcoin Evolution, have been within the industry for several years and enable many people to generate alternative income streams by trading digital assets.
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Bitcoin Price Predictions
Let’s begin with a price prediction by John McAfee, the developer of McAfee anti-virus software. McAfee is a renowned analyst and accredited for several price predictions within the crypto sector.
In particular, McAfee claimed in 2017 that the price of Bitcoin would hit around $500,000 during 2018. Later, McAfee appeared surefooted because he raised the Bitcoin price predictions to $1 million.
According to McAfee, the predictions depend on his model, though there is no one with a glimpse about it. In the model, the $1 million estimations would position the overall market cap of Bitcoin at $15 trillion.
Nonetheless, the Bitcoin price recorded a plunge during 2018, but the digital coin has registered historic levels over the previous couple of months and currently trading at $55,009 as of this writing. This is a significant milestone since the historic high of 2017 as Bitcoin indicates a great potential to hit $100,000 in the coming years.
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Crypto Market Expert Predictions
The second Bitcoin price prediction we will highlight is by Tom Lee, a crypto market expert. Lee is a renowned contributor on Bitcoin price predictions and works at Fundstrat, a cryptocurrency research organization. In 2017, Lee predicted the Bitcoin price to record a historic high of $25,000.
A year later, Lee’s predictions placed the market price of Bitcoin at $91,000. Lee is adept at market and chart analysis. Here, you observe the past price trends for digital currency and estimate its price over the coming months or years in terms of how the asset has traded during the previous years. However, Lee’s Bitcoin price prediction never came to pass during 2018.
During the first three months in 2021, Bitcoin has recorded new price records hitting over $50,000. Currently, Lee has claimed that the Bitcoin price may likely rise by over 300 percent.
Practically, Bitcoin emerges as one of the cryptocurrencies that you can execute its chart analysis with much ease. This is made possible by the high trading volume and previous market data for Bitcoin over a decade now compared to other digital coins that hit the crypto markets a few years ago.
Conclusion
Bitcoin has dominated the cryptocurrency race for many years. This has been caused by various factors such as institutional driven- demand and interest from different global investors who seek to create an alternative income flow. Other cryptos such as Ethereum have tried to offer healthy competition in the industry, but Bitcoin has demonstrated a significant price momentum eclipsing all cryptocurrencies.
Although many market analysts do not provide a precise figure, Bitcoin price has gained a large extent throughout 2020, while the coin indicates a great potential to break the $80,000 mark in 2021.