After hitting a record high of US$66,974 last week, bitcoin price is wandering around US$62,000
After hitting a record high of US$66,974 last week, the bitcoin price is wandering around US$62,000 without settling at a proper stance. Although this is a historical movement for cryptocurrency investors, many fear that a drastic price fall could befall them. Their worries are not vague. Bitcoin has always had a rough time after reaching all-time highs. The digital token’s price plummets and maintains a low key for a long time after hitting record value. Fortunately, the scenario looks different this time. Even after breaking barriers and reaching the ATH, BTC price is maintaining a moderate stance in the cryptocurrency market.
Even when the bitcoin price is not very close to its record high, it is far better than the US$40,000 range it maintained over September. Prior to this recent surge, the cryptocurrency faced back-to-back hits from Elon Musk and the Chinese government. Besides, the global population also realized that bitcoin is eating up a huge amount of energy during mining. This caused the digital token to almost hit a death cross. For over a month, the bitcoin price was hovering around US$30,000, worrying investors about further fall. Although things changed in October, BTC had a hard time breaking the US$50,000 mark. The volatility and fluctuation in the cryptocurrency sphere are very real. By going through bitcoin’s history, it is pretty evident that every ATHs followed a massive fall or a long rough winter for the digital token. But things look different this time around as experts predict that bitcoin price won’t face a dramatic fall, instead, it will go up and reach new record highs. Yes, according to a few price predictions, BTC reaching US$100,000 seems feasible by the end of 2021 or through the first half of 2022.
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Taking a Look at Bitcoin’s Price History
Despite its supremacy, bitcoin had a rough path since its inception in 2009. While daily volatilities are a matter of fact, big fluctuations are what put the digital token in a critical situation. However, some price changes have plagued and outpaced the market like never before. Most of them happen after bitcoin reaches new ATHs.
The first such recession took place in 2011 when bitcoin was still a very new source for many. BTC’s price reached a record US$32 in June from its long-standing US$1. Although the price surge marked a 3,200% growth, it didn’t last long. The value slipped back to US$2 through November the same year. 2013 was a big year for bitcoin as it crossed two major price bubbles then. Initially, it reached US$220 in April 2013 from its prevailing US$13.40 price. However, things changed drastically as the price fell to US$70 in less than fifteen days. The next big blow came at the end of the year when bitcoin went up to reach US$1,156.10 only to hit back US$315 at the beginning of 2015.
After maintaining US$1,000 at the beginning of 2017, the bitcoin price broke records by going up to US$20,089 in December of the same year. Governments and financial institutions took note of the drastic surge and started creating competitive digital and virtual currencies to overtake BTC. However, this price hike didn’t last for long. The most recent price surge was this year. Bitcoin hit US$64,000 in mid-April, only to fall to US$30,000.
What is the Forecast for the Future Ahead?
Bitcoin has never been a good choice for short-term investments. Those who try their hand on BTC for a long time can surely get remarkable profit. That is what the future predictions also suggest.
Bitcoin ETF has officially made its debut recently, pushing the price to reach new ATH. However, things won’t end there. Institutional investors are lining up to back the digital token in the long run, which could impact the price and stability of the cryptocurrency. Besides, we also see many companies accepting bitcoin payments and paying their employees with the same. These small moves could pave the path for a big future ahead. According to a panel of 50 crypto enthusiasts, bitcoin reaching US$5 million in 2025 is possible if it keeps up the same pace.
What does it Mean for Crypto Investors?
For those who invested in the long-term, this bitcoin price surge is just good another thing that happened to their investment model. The recent dips are nothing to be overly worried about unless you are a short-term investor. Although a massive number of new investors tried their hand in bitcoin in 2020 and 2021, they can take hints from people who came across the 2017 crisis. They survived the massive ‘crypto crash’ and are gearing up their game even today. Besides, many crypto enthusiasts suggest investors add only 5% of their savings money on cryptocurrency instead of giving it all and losing it in a go.
