The Price of BTC and Future Price Prediction
Bitcoin is a volatile asset, and thus it isn’t immune to price fluctuations. However, this should not stop you from investing in BTC, as a careful analysis of the Bitcoin market can make you millions.
This year has been a roller coaster ride for Bitcoin. It started at $7,000 and plunged below $5,000. However, as of this being written, each BTC is valued at approximately $11,500.
After witnessing these fluctuations (which is labeled normal), you’re sure to wonder – Is BTC a lucrative or risky investment? Let’s dive deep into Bitcoin’s performance, and some future predictions to better understand its market position.
Bitcoin’s Performance in 2020
Bitcoin was valued at around $7,300 in January 2020, in mid-February, the price surged to the $10,000 mark. However, as the pandemic smashed the market, the BTC price took a steep dive and reached below $5,000 by mid-March. Breaking its long-time resistance it reached the $12,000 mark in mid-August and later stood at a firm position with $10,000.
It seems the pandemic and the Bitcoin halving event did not have a long-lasting negative effect on BTC. On the contrary, the crypto charts showed that loyal investors were holding their BTC reserves.
Also, the BTC market made headlines when Square bought $50 million worth of Bitcoins. These big whales seem to strengthen the BTC position in such unprecedented situations.
Bitcoin Price Predictions
Bloomberg’s Prediction
The June 2020 edition of Bloomberg’s Crypto Crypto Galaxy Index (BGCI), predicted a positive ascend of BTC. The report positioned Bitcoin above crude oil, gold, stocks, and commodities.
Moreover, the report highlighted the positive impact of the pandemic on the cryptocurrency space. The pandemic accelerated the adaption of cryptocurrencies like Bitcoin.
According to BCGI, BTC will touch the $20,000 mark if it follows the 2016 trend.
Citibank’s Prediction
Citibank remained amongst the most optimistic analysts as they predicted BTC to reach $120,000 by 2021. Citibank also backed its prediction by citing the BTC movement while highlighting that it is following the 2016 movement.
Crypto Research Prediction
The 10th publication of the Crypto Research Report (CRR) was launched in June this year. After analyzing all the variables, the report predicted that BTC will soar up to $20,000 by the end of 2020. The report predicted bullish trends for BTC in the future, stating that BTC might reach $3,41,000 in 2025 and $397,727 in 2030.
S2F Model’s Prediction
The stock-to-flow (S2F) model indicated an ascend in Bitcoin’s value due to the limited supply of Bitcoins. After the halving event of May 2020, the Bitcoin market value will start marching towards the $1 trillion mark. This indicates that by 2021, BTC might be worth $55,000 per unit.
Chamath Palihapitiya’s Prediction
Chamath Palihapitiya, the co-owner of the Golden State Warriors and founder of Social Capital believes that BTC will reach the $1,000,000 price by 2037. Chamath Palihapitiya’s prediction is optimistic as he is a heavy investor in BTC. At one point, he owned 5% of the total BTC supply.
Wrapping Up
Bitcoin is the largest cryptocurrency in the world. As a result, be it institutional investors or buy-and-sell profit-makers; everyone has their eyes on Bitcoin. Nevertheless, regulatory uncertainty and over-institutionalization are still tied to Bitcoin, making it a volatile investment.
Bitcoin is dominating the crypto space for a decade now. This shows Bitcoin is here to dominate and most certainly will sustain the future better. However, any BTC investment must be backed by market analysis. Also, you must invest as per your individual risk appetite.
Read the crypto charts well as they can earn you a possible fortune!
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