At the time of writing, Bitcoin (BTC) trades at US$19,333 with a 2% profit in the last 24 hours and 7 days. Other cryptocurrencies seem to be the following Bitcoin as they record small profits on low timeframes. The benchmark crypto might be preparing for further gains. Cryptocurrency as an asset class has flourished immensely since its inception. Bitcoin has been around since 2009, and it's been a roller-coaster ride. Some think that its price will continue to rise no matter how bad the current situation is, while others believe that the bubble is about to burst. Digital assets are being adopted on a worldwide basis due to the various benefits and advantages that it provides. Cryptocurrencies are also a passive form of income for thousands of individuals in the investment sector. Bitcoin price is rising even though the US dollar value faces rejection.
For most of 2021, Bitcoin price witnessed an upward trajectory, which caused its price to rise above the US$65,000 threshold, dragging along the wider crypto market to cross the US$3 trillion mark! But when the crypto market entered the slumber zone, the prices of all cryptocurrencies, including Bitcoin plummeted. The cryptocurrency demonstrated an upward trajectory when Tim Beiko exploded the news about launching the Ethereum upgrade around September. Bitcoin price continued its journey towards the US$20,000 threshold but seemed to have congested around US$19,000. This metric was not adversely affected when the US Federal Reserve undertook another session to raise interest rates and tackle inflation. But, quite surprisingly the crypto took a downward turn to US$18k, proving that there is still immense volatility in its market movements and that investors should still be extremely careful before treading deep into the crypto waters.
There is a reason by Bitcoin is more volatile than the rest of the investment assets. Unlike traditional assets, most cryptocurrencies, including Bitcoin have no underlying asset. Their value does not depend on how well the business is performing, or how advanced the company's innovations are. The value of Bitcoin will rise and fall, even if investors would not like that. This indicates that the performance of the crypto is purely dependent on speculation about how the investors think the market will perform. As a result of this feature, Bitcoin has faced wild swings, even within a short span of 24 hours. Several other incidents cause the Bitcoin price to dive.
If everything goes the way it is predicted, BTC will start in 2023 with a price of US$50,000. Bitcoin price predictions also show that the cost of the coin will reach almost US$65,000 by the end of the year's second quarter. Furthermore, it is expected that BTC will finish in 2023 with a price of US$79,538. The increase of almost 93% in the value (compared to 2022) shows that if the growing trend continues, BTC will be able to reach the predicted price of US$126,127 by the end of 2025.
If the BTC has a successful 2023, it should start in 2024 at US$79,538 and only continue to grow from there. It is expected that the mid-year value of BTC will reach US$87,354, so a single coin should be worth over US$100,000 by the end of 2024. This would be a huge growth compared to the value of BTC in 2022.
BTC's upward trend continued through the entire week, nevertheless, investors are hawkish about its market movements. The coin is trending in recent weeks, but the current surge might also be the result of the Biden government's executive order initiating methods to enhance crypto adoption. But as crypto analysts continue to expect a massive Bitcoin price hike shortly, key indicators have spoken up. They predict that if Bitcoin fails to break the US$47,000, it might again dive back into a crypto slumber and would eventually, and finally, lose its market dominance.
As more companies continue to adopt BTC as a method of payment, its value is expected to stabilize. With this expanded room for Bitcoin trading, the market scope is increasing for investors and traders, and other governments, to explore the crypto domain for investments in the long run.
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