With the halving approaching, the community and bitcoin investors are concerned about very important issues: how will halving affect the Bitcoin price in 2020 and where will the price go in the next 10 years? Will Bitcoin recover? How high will Bitcoin go? and so on.
In this article, we will analyze what bitcoin forecasts are given by experts regarding the main cryptocurrency future prices, what happened to the price of bitcoin over the past 10 years after entering the market, and also answer the most popular questions that concern bitcoin users.
What is Bitcoin
Bitcoin is a peer-to-peer decentralized payment system where the main unit of accounting for transactions is the virtual currency of the same name. Its operation is based on cryptographic methods using the blockchain distributed registry technology
Bitcoin was created in 2009 by an anonymous developer or group of people under the pseudonym Satoshi Nakamoto, whose identity has not yet been disclosed. The main feature of Bitcoin is that blocks in the blockchain network are continuously connected to each other, and their validation is carried out by all network participants. This eliminates the possibility of third parties’ interference with the system, and the information cannot be changed or forged: this requires that at least 51% of the network’s total computing power is concentrated in one hand.
What happened to the bitcoin price
Laszlo Hanyecz bought only two Domino’s pizzas for 10,000 BTC 10 years ago, and now 1 coin costs $10,000. Since 2013 after the launch of the infamous Mt. Gox crypto exchange Bitcoin increased in price by 7134%. In 2010, when it first appeared on the market, 1 BTC cost only $0.003. That is, for $100, you could buy 33333 BTC, which would now cost about $333 million.
|Year||Price of 1 BTC|
Bitcoin has experienced two major falls:
- After hacking the Mt. Gox exchange in 2015, when bitcoin price fell by 67% from $1000 to $235.
- In 2018, after the biggest hype around the crypto market. Bitcoin fell during the year from 20,000 to 3800 – by 81%.
The price started to recover in March 2019. The rate continues to grow with regular corrections.
Bitcoin price prediction for 2020
2019 was a favorable year for the crypto market. Since the beginning of the year, the bitcoin exchange rate has increased more than 2 times – from $3554 to $9821 per coin. After a prolonged fall in 2018, in March 2019, the “crypto spring” came and the price of the main cryptocurrency began to grow rapidly, reaching a peak of $13685 on June 26, after which there was a significant correction to $10 thousand, and then to $7 thousand. Bitcoin yet failed to reach the historical maximum of $20,000 on December 2017.
Analysts suggest that the price of bitcoin may reach $23,500 by the end of 2020. The main prerequisites for this are the impending halving, which will half the rewards for miners and lead to an even greater shortage of cryptocurrency supply, and the willingness of state regulators to legalize cryptocurrencies, as well as to integrate them into their own financial systems.
Bitcoin price prediction for 2020 by analysis
Tom Lee – $91,000
Tom Lee, founder of Fundstrat Global Advisors and a well-known bitcoin analyst, predicted that the first cryptocurrency price could reach $91,000 by March 2020. The analyst cites two key events as confirmation: the approaching halving of bitcoin and the fed’s rate cut in the US.
John McAfee – $1 million
World-famous entrepreneur and crypto enthusiast John McAfee has repeatedly stirred the bitcoin community with his eccentric antics. It was John McAfee who made one of the most optimistic Bitcoin price forecasts: he predicted that in 2020, the price of the first cryptocurrency may reach $1 million. McAfee repeatedly posted tweets about various cryptocurrencies, which caused a lot of pumps.
John McAfee “changed his mind”. He recently started saying that Bitcoin is old, clumsy, insecure, and lacks smart contracts and decentralized applications, and called It “the true shitcoin”. And he admits that his $1 million forecast was just for the hype”.
Ronnie Moas – $50,000
Ronnie Moas, founder and Director of Viewpoint Research, believes that bitcoin can reach $50,000 by the end of 2020, and the crypto market capitalization will be $2 trillion. Ronnie Moas joined a number of experts comparing the cryptocurrency boom to the dot-com bubble. The same forecast is shared by Civic co founder and CEO Vinny Lingham
Bitcoin-evangelist and the most famous supporter of Bitcoin Cash, who believes that BCH is “The true Bitcoin”. Back in 2015, Roger Ver said that Bitcoin can reach $25,000 or even $250,000.
Bitcoin price prediction for 2025-2030
According to Glassnode Studio, the number of active Bitcoin addresses increased by 17% from 605 thousand to 712 thousand in 2019, and by 331% over the past five years. The price for the same periods increased by 260% and 3117%, respectively. There is a stable correlation between the increase in the number of users and the growth of the main cryptocurrency exchange rate.
The main reason for the growth of activity among users is improvement of Bitcoin functionality: cryptocurrency can act both as a currency for payments and transfers, and as an investment tool. Bitcoins can replace national currencies, since it is more universal and are not tied to a specific country: users can transfer bitcoins to any point without converting one currency to another. Some analysts predict that by 2025, the Bitcoin price may reach $50 thousand, and by 2030 – $500 thousand.
Bitcoin price prediction for 2025, 2030: experts edition
Digital Coin Price – $17872
Digital Coin Price analysts predict that Bitcoin will reach $17770 in 2020 and $17872 in 2025. The previous Bitcoin price prediction from the company was not justified: according to their estimates, BTC was to overcome the $17 thousand mark back in 2019. According to experts, bitcoin growth will continue until 2023, when the price will reach $26,137 per coin, after which it will decrease until 2026 and reach $12,713.
Jeremy Liew – $500k
Back in 2017, in an interview with Business Insider magazine, Snapchat investor Jeremy Liew predicted that Bitcoin could be worth $500,000 in 2030. The same opinion is shared by Blockchain.com co-founder Peter Smith.
Andy Edstrom – $400K
A slightly lower price prediction was announced by investor and asset manager at WESCAP Andy Edstrom: his Bitcoin price forecast for 2030 is $400 thousand, and the market capitalization will reach $8 trillion. Andy Edstrom is an ardent supporter of bitcoin and believes that the first cryptocurrency can become a new world currency.
Vinny Lingham – $1 million
Civic co-founder Vinny Lingham believes that bitcoin could be worth between $100 and 1 million in 2030.
Frequently asked questions
Could Bitcoin be worth $1 000 000?
No one can say for sure. The bitcoin exchange rate may skyrocket or fall to zero. In order for its rate to reach $1 million, the cryptocurrency’s capitalization will have to reach at least $18 trillion. One thing is certain: if it happens, the road to it will be very long.
Will Bitcoin continue to go up?
There is no clear answer to this question, since it is difficult to predict the bitcoin price. But after analyzing the current situation, we can conclude that there are all the necessary prerequisites for growth in the near future.
We have already talked about how important halving is for Bitcoin in 2020. Investors are positive about the growing shortage of coins and a consistent reduction of the emission rate.
The second factor is a positive news background. Analysts publish mostly encouraging bitcoin forecasts regarding the growth of the first cryptocurrency rate, and news headlines are full of positive events regarding the regulation of the crypto market. Traditional platforms such as Bakkt, CBOE and CME have launched products that provide access to the market for institutional investors.
Growing political tensions and instability in the global economy can also have a positive impact on price. National currencies and stock markets are most exposed to risks of economic downturn. This encourages investors to find alternative tools for hedging risks. Bitcoin in these circumstances seems to be a more secure asset compared to the rest.
The Bitcoin price growth in 2019 occurred during the trade wars between China and the United States, when monetary policy weakened national currencies. In early 2020, there was also a jump in the exchange rate after news of the conflict between Iran and the United States. Previously, in an unstable economy, investors could only move funds to foreign currencies that are also affected by politics, but cryptocurrencies are not tied to a particular country and can serve as a reliable tool to “wait out the storm”.
How can I exchange bitcoin for real money?
There are many services and platforms that allow you to convert cryptocurrency into almost any fiat currency: dollar, euro, or yen via crypto exchanges, bitcoin exchangers, cryptomats or directly inside the wallet that supports fiat exchange. Such platforms accept wire transfers, credit cards, and electronic payment systems.
Why is Bitcoin going up?
The main reasons for the growing cryptocurrency popularity are the imperfection of the global economic system and the principle of operation based on a limited supply: the maximum number of coins is 21 million. Once this value is reached, it will not be possible to issue new coins. But there are other prerequisites for growth, in particular investor expectations.
Pump is not excluded also. The crypto market liquidity is significantly lower compared to traditional ones: stock and currency. This opens up room for speculation for large players who can artificially inflate the cryptocurrency price in order to attract new investors and then sell at a higher price, making a profit. But as capitalization increases, it will become more difficult to manipulate the market, which may lead to an even greater influx of active users.
Why can Bitcoin go down?
There are several reasons for this:
- Investors expectations.
- Correction is a natural phenomenon for any market. After a long “bullish rally”, investors take profits by actively selling assets, which, in turn, provoke FUD and a more powerful wave of sales.
- Fraud. 2017-2018 years were rich in ICO projects, most of which either did not provide real value for the industry or were openly fraudulent. Even the most unsuccessful ICOs collected millions of dollars during the cryptocurrency hype, resulting in large amounts of BTC and ETH in the hands of their founders, which they then sold, bringing the rate down.
- Problems of market regulation. Any negative decision regarding crypto exchanges and the crypto market as a whole can trigger a wave of sales. Recently, the pressure exerted by governments has become less and less.
- Market manipulation. Shortists can deliberately bring down the rate, “knocking out” longists who opened positions at the local peak of the price. In turn, longists pump cryptocurrency, leaving most shortists with nothing.
How much will Bitcoin cost in 2020?
Halving will halve the reward for miners in 2020. It is difficult to predict the consequences of such an event reliably. At the current price, mining will be unprofitable and will bring significant losses to companies. It is possible that large mining pools will switch to mining other cryptocurrencies, as a result of which the Bitcoin network hashrate will decrease and it will be easier to extract coins.
It should be taken into account that the main share of bitcoins belongs to large miners, exchanges and a few early bitcoin investors. Selling their assets can bring down the Bitcoin exchange rate. But on the other hand, halving will mean that the speed of issuing new coins will be reduced by about half, making an adjustment for the blockchain network hashrate. This can have a positive impact on the growth.
Where can I buy bitcoins?
You can purchase bitcoins via our service by choosing the appropriate exchange direction and the most favorable exchange rate offered by the exchangers that our service monitors continuously. We offer a list of the most reliable bitcoin exchangers. You can read real reviews about the exchanger to make sure it is reliable.
How much does 1 Bitcoin cost?
Bitcoin price as of February 16, 2020 is $9,821.
How much will Bitcoin cost in 2020?
Bitcoin price in 2020 may grow to $23,500, and according to the most optimistic forecasts – $50,000.
When will BTC grow?
Bitcoin has already started to grow since the beginning of 2020, rising from $7218 to $9821. At the moment, there is an upward trend that may continue in 2020.
How high will Bitcoin go?
According to the most optimistic forecasts of analysts, in the future Bitcoin price may reach $1 million. But this is unlikely to happen in the near future. This will require the capitalization to grow about 200 times, but the growth is more logarithmic: the pace gradually decreases, as more and more investments are required to maintain the pace.
How low can bitcoin fall?
In the case of a negative scenario, analysts predicted Bitcoin fall below $1000 up to $100 per coin. However, this outcome is unlikely.
Where it is profitable to buy Bitcoin
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