The few months of the last year, or rather the entire year 2021, seemed to have taught a particular lesson to the world: NOTHING IS STABLE! This includes your employment, bank account, lifestyle, or for that matter, anything. Then why blame cryptocurrencies alone for being volatile???

In fact, Bitcoin has stood the test of time as a savior for the whole world, rewriting the definition of speed, transparency, and reliability. Thanks to the revolution called: Blockchain. Let’s explore more about the king of the cryptocurrencies before heading towards Bitcoin price prediction for the upcoming years.

Bitcoin: The Promise of Dawn

Competing and bracing in the tough markets, Bitcoin is a cryptocurrency that has elevated its own stature, being called a digital gold or virtual asset with no constraints of logistics or state borders. It is one cryptocurrency that refuses to bow down to central government pressures or be chained in defective and regulatory monetary shackles. Pandemic has brought to its fore a technological revolution that has shown a beacon to investors in the form of Bitcoin, and guess what? All with just an internet connection and a smartphone!

Bitcoin Overview

Cryptocurrency Bitcoin
Ticker Symbol BTC
Price $30,741.16
Price Change 24h +4.59%
Price Change 7d +0.42%
Market cap $577,751,112,275
Circulating Supply 19,053,268 BTC
Trading Volume $22,411,366,085
All time high $68,789.63
All time low $65.53
BTC ROI +22256.24%

Bitcoin has made it possible for everyone to store and transfer value in a cryptocurrency market that is resistant to manipulation. Due to Bitcoin (BTC), we can see the opportunity to take power out of financial institutions and provide better service. Bitcoin operates universally, i.e., for the first time, there is a possibility of a global currency.

History of Bitcoin

The origins of Bitcoin can be found in the year 2009 when a pseudonymous person Satoshi Nakamoto emerged in the news. His epic idea of creating a currency that would run on the blockchain and ensure maximum transparency and security at the same time simultaneously being scientific was considered highly “INCREDIBLE” and brought a lot of turbulence in the initial phase of the price offer! It would not be less than a mystery how Bitcoin could scale a count of $30,000! It is unbelievable how the numbers are still rising. According to the BTC price prediction, we expect more price targets for the Bitcoin price projections by 2022.

Mining is the process through which Bitcoins are released into circulation and by which transaction records in the system are added and verified. Various computer chips are used for mining like Application-Specific Integrated Circuits (ASIC) and more advanced processing units like Graphic Processing Units (GPUs), known as “mining rigs.”

Bitcoins can be accepted as payment for services/products provided. If you have a physical store, just display a sign saying “Bitcoin Accepted Here,” and many of your customers may take you up on it; the transactions can be handled with the hardware terminals through QR codes and apps. An online business can easily accept Bitcoins by just adding this payment option to the others it offers credit cards, PayPal, etc.

Bitcoin vs Fiat Currencies

Dedicated Bitcoin activists still advocate using Bitcoin in place of fiat money. However, many Bitcoin supporters believe that digital currency is the future and consider it as a store of value, just like gold and many more. Basically, Bitcoin as a store of value means people can HODL it for the long term and treat it as digital gold. The factors leading to Bitcoin’s adoption by institutions and companies primarily are based on the following fundamentals:

  • Faster Payment process as the transaction cost is kept low to enable investors to transact using the credit card.
  • Low/minimum payment fee and no hidden or hefty charges; neither by brokers nor by banks
  • Not dependent on any payments from the bank or its network
  • Accessibility: No approval is required from any third party
  • Alternate to physical commodity
  • Easy to store and secure, offering maximum reliability without going through the trouble of carrying bulky bags
  • Power in the hands of users and investors, eliminating the role of intermediary
  • Confidentiality of Investor and transaction preserved with utmost discretion as no KYC revealed and payments are not linked to traditional verifications
  • Acceptance of payments from any source or origin
  • Enabling payments and transfers through the press of a button on the users’ cell phones
  • Most importantly, they are Fraud-proof as they are stored in a public ledger, and all coin owners are encrypted to ensure the legitimacy of record keeping.
  • Dan Schatt, CEO of the crypto lending platform Cred, believes, “While the current global liquidity crisis has the potential to destroy some asset classes, in the short-term, Bitcoin and cryptocurrencies will prevail. Bitcoin could have a massive run if more investment funds are permitted to invest in the form of ETFs and other financial vehicles. The floodgates will open when the regulatory environment becomes more funds and endowments.”

Will Bitcoin Go Up?

Bitcoin, a sheer pioneer by performance, has been growing in leaps and bounds. The price of Bitcoin has already risen enormously in the last 12 months and recently set a new all-time high of $68,789.63.

So, the ultimate question is that, “Will Bitcoin Reach 100k?” From time to time, crypto experts, analysts, or influencers like Mike Novogratz, John McAfee, Tom Lee, Anthony Pompliano, Roger Ver, and American venture capitalist Tim Draper predict the long-term potential of Bitcoin market within the next few years.

According to some analysts’ Bitcoin predictions, the coin will soon reach a new high above $1 million. The price prediction has been steadily moving up after the pandemic. In spite of the escalation in its value, analysts are cautiously looking at the cryptocurrency’s outlook. The Bitcoin Fear & Greed Index also flashes “Fear,” which usually means a correction is due.

The good news is that this correction shall abate after the year-end as soon as the value touches the $55000 level again. Nostalgia seeps into the trends; whenever the price of bitcoin is marked a sudden increase as per the Bitcoin forecast, history repeats as it is followed by a Bitcoin price correction of 20 to 30%. The world’s largest cryptocurrency, Bitcoin, has increased its price by more than double this year. A wild rally that’s reminiscent of its tremendous price surge in 2021 saw it narrow in on the $68K mark.

Governments worldwide are taking measures to restore the economies, and it is set to have an influential impact on Bitcoin. This should make BTC an active and safe haven for crypto investors and industry experts.

Twists & Turns in Bitcoin Saga

Bitcoin price has had a historic voyage throughout, which could be the main reason for its popularity too. The historic voyage began way back in 2013 when it actually showed prominent signs on the crypto exchanges, and BTC began trading at $13.50.

After a brief rally, the price of Bitcoin had reached a peak of well above $220 in early April before correcting to around $70 by mid-April. Bitcoin prices began to trade upwards in October and November of 2013. To everyone’s surprise and among all hopes, BTC’s price traded around $100 at the beginning of October and reached a high of $195 by the end of the month.

In the next month, the currency went from around $200 to over $1,075 by the end of November. This tremendous price movement was caused by new exchanges and miners in China entering the crypto market.

As known to all cryptocurrency sentiments, the price for Bitcoin too began to get volatile after scaling these peaks. It came to the point that people were facing withdrawal issues from the exchange. The BTC price reached a high of $1,079 at the beginning of December 2013. Later, the BTC price fell and reached around $760 by the end of the first week, dropping 29%. This showed a real loss of faith and a downward spiral of a trend.