2. What is Bitcoin (BTC)?
3. Bitcoin Price Prediction by market
4. Coinnounce’s Bitcoin Price Prediction
- Bitcoin Price Prediction 2020
- Bitcoin Price Prediction 2025
- Bitcoin Price Prediction 2030
- Bitcoin Price Prediction 2050
- Bitcoin Price Prediction 2019
- Bitcoin Price Prediction 2018
- Bitcoin Price Prediction 2017
5. Frequently Asked Questions (FAQ)
Whenever someone mentions cryptocurrency, the first name that comes to every person’s mind is Bitcoin. The reason being that out of all the cryptocurrencies available for users to use, Bitcoin is the only currency that has received global attention and adoption. A central bank does not govern this decentralized digital currency, which means that it can be sent from one person to another without third party interference.
This cryptocurrency was introduced in 2009 by an anonymous person or group of people using the name Satoshi Nakamoto who developed this cryptocurrency on a new platform called blockchain. The creation of Bitcoin takes place as a result of a process known as mining. Bitcoin has faced global criticism for facilitating illegal transactions, price volatility, and the theft of Bitcoins from exchanges.
Note: In 2017, the University of Cambridge conducted market research, where they found that about 2.9-5.8 million people are using a cryptocurrency wallet. Most of these users were using the wallets for Bitcoin.
Bakkt decided to launch its Bitcoin Futures contract service, which made them the first platform to offer futures contracts where the buyers could expect the physical delivery of Bitcoin. This launch helped the institutional investors as they can now use their managed assets to buy Bitcoin.
Currently, BTC is trading at $9,106.88 with strong resistance near $9,225, and immediate support is present at $9,060. In the past few weeks, the price has seen significant fluctuations in the price as the market declined below $8,000. In the past 24 hours, BTC has seen a decline of 1.31% as the price continues to struggle to reach the resistance levels.
What is Bitcoin (BTC)?
Bitcoin is a decentralized digital currency that allows peer-to-peer transactions where the transactions are verified on network nodes and then recorded in public distributed ledger called blockchain. This cryptocurrency was initially launched as a white paper in 2008 by a group of people or an individual using the name Satoshi Nakamoto.
Over the years, Bitcoin has faced support from the traders and enthusiasts, but it has also faced backlash from the governing agencies and governments. Bitcoin Mining is the process that is carried out by using the computer’s processing power to keep the blockchain consistent, complete, and unalterable. For every block mined, the miner is rewarded with 12.5 BTC and the transaction fee. Bitcoin halving takes place every four years, which reduces the reward by 50%.
Advantages of Bitcoin:
- the transactions are irreversible
- being digital currency means there is no paperwork
- appreciating the value of Bitcoin
- the transactions are quick on the network and cheaper
Bitcoin Price Prediction by the market
1. Tom Lee
The co-founder and the head of research of Fundstrat, Tom Lee, believes that the break-even cost of mining is correlated with the price of the cryptocurrency. His predictions are unrealistically bullish for the cryptocurrency, and he predicted that the price could reach $40,000 by the end of 2019.
2. Bobby Lee
Bobby Lee is the CEO of China’s first exchange, BTCC, and he believes that Bitcoin’s price will touch the sky in the coming years. He gave different predictions for the year 2019. He said that the year might start with an all-time low of $2500 and then slowly move upwards toward the $35,000 mark by the end of 2019.
3. John McAfee
One of the well-known faces of the Bitcoin community is John McAfee, who makes guest appearances with his new predictions for the cryptocurrency. Earlier, he predicted that the price might reach $500,000 by 2020, but now he has become more optimistic and made that prediction double.
4. Anthony Pompliano
The founder of Morgan Creek, Anthony Pompliano, has reassured the Bitcoin investors as well as the upcoming investors that Bitcoin is here to stay. According to him, the price will decline to $3000, and then start gaining again by the end of 2019.
5. Max Keiser
Former Wall Street Trader and host of RT program-Keiser report, Max Keiser, has predicted that the price will reach $15,000 by the end of the year 2019. A lesser optimistic but another bullish prediction by Max Keiser.
6. Bein Crypto
BeinCrypto is an online platform that makes price predictions for cryptocurrencies, and they have predicted for Bitcoin. The prediction is realistic, and the possibility of this happening is more as compared to others. The platform believes that the price will reach $8780 by the end of 2019.
7. Wallet Investor
Another cryptocurrency price prediction site is Wallet Investor. The platform has predicted that the Bitcoin price might reach $10,907 by the end of this year. They believe that another bullish trend is coming Bitcoin’s way, which will take the price higher.
Coinnounce’s Bitcoin Price Prediction
With a market capitalization of $165,055,232,938 at the time of writing, Bitcoin is the biggest cryptocurrency in the world, and it dominates the market. A slight change in the Bitcoins price affects the other cryptocurrencies as well, which gives us the idea of how volatile the market is for cryptocurrencies.
Predicting the accurate price for Bitcoin is impossible. Yet, our team of analysts has tried their best to understand the current and historical market trends to churn out some price predictions for Bitcoin. Let’s look at them:
Bitcoin Price Prediction 2020
Amid all the controversies, Bitcoin has maintained its value and respect in the global market as it is still being used for sending payments and for trading purposes. 2020 will bring some significant changes to the Bitcoin community. Facebook is planning to launch its digital currency known as Libra in 2020. With Facebook’s user base of more than 2 billion, Bitcoin will show some changes in the market.
Bitcoin is currently facing a slight downward correction, but in the coming year, the price will go up and reach the $11,000 levels and then decline from there. By the end of 2020, we can expect the price to go beyond $11,000 and end the year with a bullish trend in the charts.
This is the year of Bitcoin halving, so the miners might work harder to gain maximum rewards for the mining process before it gets reduced.
Note: Bitcoin halving will take place in May 2020, which will decrease the miner’s reward from 12.5 BTC to 6.25 BTC.
Bitcoin Price Prediction 2025
The next years will be crucial for Bitcoin as the governments have been planning to launch and work on their digital currencies. These next five years will tell us about the potential of the market and how the governments react to the cryptocurrency. A positive response from the governments will take the price higher as the demand for the cryptocurrency will increase.
This increase in the demand for the coin can take the price to $25,000-$35,000 by the end of 2025. Bitcoin will continue to be in the first position in 2025, with no other cryptocurrency in competition. Since the time around 2020-2025 will be crucial depending on government rulings and decision making, we can expect the market to be volatile.
In the worst-case scenario, the chances of Bitcoin reaching the lower levels of $15,000 and below is also a possibility as the past trends have been the same. A piece of bad news about Bitcoin leads to a dip in the prices.
Note: Over the years, many people have come forward claiming to be the ‘real Satoshi Nakamoto,’ but the identity behind this name is still unknown.
Bitcoin Price Prediction 2030
If the governments accept the Bitcoin culture and other cryptocurrencies, by 2030, there will be no fiat currencies, and even the governments will move over to digital currencies, whether centralized or not. But if things go the other way, then Bitcoin and other cryptocurrencies will turn into tales for our grandkids.
However, if the acceptance continues, we can expect the price to fluctuate a little and decline before it again heads upwards towards the levels of $50,000 and $60,000 for single BTC. This can even go above $70,000 for 1 BTC. The prices may change depending on the level of acceptance and how the world economy is performing in 2030.
With the global acceptance by the year 2030, some developers might take the initiative to bring necessary changes in the original Bitcoin source code and make it even better for usage.
Note: In 2018, Bitcoin was facing a hard time as the market was crashing, and the U.S. Justice Department investigated traders for the charges of possible manipulation of the market.
Bitcoin Price Prediction 2050
Predicting the price for 2050 is a long term vision as by that time, who knows what the monetary structure is like and which currency will be the exchange factor for the digital currencies. Amid the global warming warnings and the ‘world is ending in a few years’ news, we would like to be positive about Bitcoin.
Many crypto enthusiasts and traders have predicted that the price of Bitcoin will reach $500,000 and $1 million by the year 2050 and if the working remains the same, then it would be fair to say that the price will be close to half a million or more by the year 2050.
Predicting the price for 2050 is guesswork due to the emerging natural crisis, and the damage taken by the earth has left us wondering whether we’ll have
Note: Winklevoss twins have been optimistic about the future and predicted that the market cap of Bitcoin would reach an estimated value of $5 trillion by the year 2038-2040.
Bitcoin Price Prediction 2019
This sudden downfall in the price left many investors damaged because of the losses, but it also opened ways for new investors as the price per Bitcoin was $3672.71. The price was slowly gaining its position back in the market as the trade volume kept increasing with the price rise. Traders predicted that the market would rise after the fall, and the price will reach $14,000-$15,000.
With over 18 million coins in circulation and a little over 3 million coins left to mine, Bitcoin witnessed price change in the first half of the year, and the price also reached an all-time high of $10,967.44 for this year 2019. The predictions were close enough, and they were bullish.
With the last two months left, we think the price for Bitcoin will move from the current stability and head towards the $10,500-$11,000 marks for the year 2019.
Note: The famous Winklevoss twins became billionaires as they purchased Bitcoins in the early stage. In 2013, the twins claimed that they had over 1% of the total Bitcoins that were available.
Bitcoin Price Prediction 2018
The price surge in the previous year was seen in 2018 as well as the price continued to stay above $12,000 in January 2018, but soon, it started declining. The decline was slow, and people confused it with the general market trend. But they failed to see the bear attack that was hiding behind this decline. People predicted Bitcoin to reach $20,000 in 2018.
However, things were going downhill as the price was touching the lower levels of $3000 by the end of 2018. The last trade for the year was made at $3618.81, and all the predictions failed. This price decline in 2018 made the crypto market unsure about the value of Bitcoin.
This drop was a significant shock for the crypto market as trading from trading at almost $20,000 per Bitcoin to dropping down to $3,500 is a huge dip to take and hard to recover from.
Bitcoin Price Prediction 2017
2017 was the year when Bitcoin was starting to gain some popularity in the market as more and more people were coming across this platform through various methods. The coin entered the year at $970 per Bitcoin, and it was increasing every month. This increase in user base raised questions, and the regulators and governments questioned the working of Bitcoins. India even banned the usage of cryptocurrencies.
However, things changed when the price continued the upward correction, and the trading volume increased in the charts. The Bitcoin market was growing at a much faster rate. People predicted the Bitcoin price would reach $6000, but as the year ended, Bitcoin was trading at $14,101.14 for 1 BTC. This surge made several people millionaires and billionaires.
Note: Bitcoin became so popular that many organizations and funding programs have started accepting Bitcoins as a form of donation.
Frequently Asked Questions (FAQ)
1. Is Bitcoin a good investment?
It depends on the user’s needs and how they wish to invest. The market is volatile, so the prices can change at any moment. It is recommended that thorough research is done before any investments.
2. What is the market cap of Bitcoin?
Bitcoin is on the top in the list of cryptocurrencies based on their market cap. The market cap of Bitcoin is $163,181,821,479.
3. How many Bitcoins are there?
Currently, there are 18,022,112 BTC in circulation in the market right now.
4. Can we exchange Bitcoin for fiat currencies?
No. This is not possible as Bitcoin is a digital currency; however, you can buy Bitcoin using fiat currencies like USD or Euro with the help of any leading exchange.
5. What was Bitcoin’s highest and lowest price?
Bitcoin’s lowest price was in October 2010, with a price of $0.125 per BTC. The highest price for Bitcoin is $19,891.
6. Is Bitcoin legal in India?
There is a lawsuit going on between several crypto lawyers and the RBI to make Bitcoin legal again. Bitcoin is not legal in India, and any person found trading is fined.
7. How to buy Bitcoin?
8. Will Bitcoin price go up?
According to the predictions by the traders and crypto experts, the majority of people think that the Bitcoin price will increase in value.
9. How to mine Bitcoin?
Bitcoin Mining is the process of adding coins to the Bitcoin network. For mining, the processing power of CPUs/GPUs of a computer is used. There are several mining-specific systems as well known as ASIC mining rigs.
New Bitcoins are formed when a miner or a group of miners work together to solve a complex computational math problem, and whoever gets the answer, new bitcoins are produced on the network.
The miner or miners with the correct answer are rewarded with Bitcoins. The current reward is 12.5 BTC for every block mined, and in May 2020, Bitcoin halving will reduce the reward to 6.25 BTC per block.
10. How many Bitcoins are there? Can we increase the maximum limit?
The maximum supply limit for Bitcoin is 21 million BTC, and this cannot be exceeded. There are still more than 3 million BTC’s left to mine.
11. How to get free Bitcoins?
There are various ways to get free Bitcoin like playing online games, taking payments as Bitcoins, taking payments for freelancing projects in the form of Bitcoin, etc.
12. Countries where Bitcoin is legal?
Here are few countries where Bitcoin is legal:
- United States
13. Countries where Bitcoin is illegal?
Here are a few countries where Bitcoin is illegal:
Bitcoin has been around for almost ten years now, and a project that was launched ahead of its time has formed such a massive community of various people from all over the world. Traders have high hopes from Bitcoin for the future, and they firmly believe that Bitcoin is here to stay and change the future of making payments.