1. Intro
Bitcoin is the cryptocurrency to ever be created, sparking birth of an entire industry and thousands upon thousands of to be created in its image.
Not only Bitcoin the first of its kind, but it has been designed to disrupt and replace paper-based fiat currencies to become the global digital currency used by entire population, regardless what country region they live in.
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Because Bitcoin is powerful and has much potential, Bitcoin’s projected value estimated growth could be astronomical. Speculation from analysts and industry expert suggest that Bitcoin’s long term value could reach over $100,000 to as much as one million dollar per in the future.
But when will Bitcoin reach such prices? This price prediction guide will help investor answer question like “how high will Bitcoin go” and “what could Bitcoin be worth 10 year.”
2. What is Bitcoin and Why is Bitcoin Going Up?
Bitcoin was created by the be the first peer-to-peer electronic system. Because Bitcoin is peer-to-peer, it is considered and doesn’t require a controlling third party – such as bank government – to confirm or monitor transaction.
Instead, Bitcoin transactions are confirmed by miners are rewarded with for each block that is verified and added to the This reward is what miners to continue to confirm transaction and keep the Bitcoin network growing.
Every four years, Bitcoin’s block reward is reduced half, resulting in miners receiving less and less as time goes on. This is referred to by the industry as halving.
Bitcoin’s supply is hard-capped at 21 million and combined with block halving, gives Bitcoin a deflationary aspect and provides the asset with a scarcity similar to gold. In fact, Bitcoin been commonly referred as digital gold.
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These unique properties are said to make Bitcoin not only a currency, but also a store of value, and even a safe haven asset during times of economic crisis.
3. The History of Bitcoin Price Action
Bitcoin price today is trading at around $31,000, but given how volatile asset is and its propensity to go on parabolic runs, Bitcoin price tomorrow could double from here correct by another 80%.
Bitcoin started virtually worthless, a value of far less than a penny when the Bitcoin Core client code was released into the wild. Years later, began trading at over $1,000 and started considered as a serious financial asset with long term potential.
In 2017, Bitcoin potential took the world by storm, as many became rich beyond their wildest dream once Bitcoin reached its now former all-time high of $20,000 per coin. Mainstream ran news story after story, causing retail investors to rush into buying the asset.
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But once 2018 hit, a major Bitcoin trend change occurred, and price started going down. Due to how volatile Bitcoin is, market price retraced as much as 80% down to $3,000 where eventually bottomed, leaving many wondering “will Bitcoin go up in value ever again?” Others knew Bitcoin and opened long position at the bear market bottom.
At the start of 2019, Bitcoin growth returned once again, and a powerful rally t Bitcoin price back out of the bear market lows, and above $10,000 to $14,000 before falling back to $6,500.
In 2020, the Black Thursday crash Bitcoin to under $4,000. But the effort put forward by the US and other nations to combat the pandemic, inflated the money supply significantly putting Bitcoin in the financial spotlight.
The cryptocurrency went into another uptrend in 2021 and set a new all-time at $65,000. Bitcoin since crashed by more than 50% back to low $30,000 range. Bitcoin price is now currently trading around $44,000 per coin.
4. Experts Share Their Thoughts on Bitcoin Future
Several expert have weighed in on their short and long-term price expectations for Bitcoin price. Here are some of the most popular Bitcoin price forecasts from top industry experts.
Bitcoin Prediction | Will Bitcoin Rise Once Again? - max , Financial Analyst and Host of The Report
Max , investor, and host of the Report calls for $100,000 Bitcoin in the short term, but $400,000 in the long-term.
is one of most outspoken bull, calling for $100,000 since the asset was trading at just $1. His new $100,000 target though is for the end 2020, meanwhile, $400,000 is a long-term goal to the and a comparison gold.
“I am officially raising target Bitcoin — and I first made this prediction when was $1, I said this could go to $100,000 — I’m raising my official target for the first time eight years, I’m raising to $400,000,” said.
Bitcoin Prediction | Will Bitcoin Once Again? -i, Entrepreneur, Investor, and Best-Selling Author
Robert , New York Time bestselling author of the book Rich Dad, has been recommending his follower buy gold and Bitcoin. He call for gold to reach $3,000 an ounce, and Bitcoin reach $75,000.
Plan B’s Stock-to-Flow Model Based on Scarcity
The popular Stock-to-Flow model created by Bitcoin expert Plan B which uses the asse digital scarcity to estimate price valuations in the future. The model shows Bitcoin reaching as high as $288,000 in the next cycle peak, which should take place over the next couple of year.
Adam Back, Bitcoin Developer and CEO at
Bitcoin developer and early electronic cash pioneer Adam Back says that Bitcoin reach as high as $300,000 over the next several year.
might require additional institutional adoption [to reach $300,000] because the current environment is causing more individuals hedging [and] retaining value when a lot of money printing in the world,” Back told Bloomberg.
5. Retrospective: Past Bitcoin Historical Price Predictions That Got It Right
BTC price forecast aren’t easy to make, but several of leading industry expert have managed to make correct calls over the years.
Daniel Masters, Analyst at Global
Daniel Masters made a call Bitcoin price to break out in 2017 and reach a high of $4,400. Bitcoin did indeed reach that price in 2017, but smashed right through and kept on going to $20,000.
Bitcoin Price Prediction | Will Bitcoin Once Again? - , South African Entrepreneur and CEO of Civic
Back in 2016, made a bold call that Bitcoin would reach between $2,000 and $3,000 in 2017, a more conservative call than Masters. Just like , the call was trounced by Bitcoin’s explosive rally.
Peter Brandt, Legendary Trader
In one of the rare price predictions that came true, Peter Brandt called for Bitcoin to drop over 80% following a break of its parabolic advanced in early 2018. By the end of ther, that target was met and Bitcoin fell to $3,200.
Tim Draper, Billionaire Venture Capitalist
Tim Draper has knack for spotting the big thing, and he’s heavily invested in. The billionaire venture capitalist called for Bitcoin to reach $10,000 by 2018 all the way back 2014. The visionary was right gain, and the year prior the asset doubled that projection.
Bloomberg Research 2020 Bitcoin Report
Bloomberg Research recently released a new report on the future of Bitcoin an investment. The major media hub and finance terminal say that Bitcoin should reach $12,000 and $20,000 by the end of 2020. Both prediction were accurate.
