With Bitcoin hitting new all time highs left, right and centre these past few weeks, it feels as good a time as any to look into Bitcoin (BTC) 2021 predictions and beyond. We’ll also include a recap of the past year’s price movements. Wondering if it is still worth investing in Bitcoin? Let’s take a look.
Bitcoin Price History
Over a decade has passed since Bitcoin was launched and what a wild ride it has been. The first recorded price of BTC was in February 2010 when the coin was listed on Bitcoin Market exchange for $0.003. This was closely followed by the first “real world” purchase using Bitcoin in what is now known as the infamous Bitcoin Pizza Day. On 22 May 2010, a Florida resident paid 10,000 BTC for 2 Papa John pizzas, worth an estimated $30 at the time. By July the price had risen to $0.08, and by November it was trading at $0.35 on Bitcoin Market and $0.5 on Mt.Gox.
2011 saw Bitcoin open with $0.2, reaching $1 in early February. Word about the cryptocurrency spread fast over the next few months, namely on Twitter and an article published in Time magazine and the cryptocurrency hit $10 in June. Silk Road was launched this same year, listing Bitcoin as its main payment method. Within the same month, the price jumped to $32, back down to $10, and then settled on $25. The price experienced serious ups and downs over the next eighteen months, hitting lows of $2.50 and highs of $16. 2012 closed with Bitcoin sitting at roughly $14.
Things picked up in January 2013 when a new cycle of rapid growth emerged. By April of the same year the cryptocurrency had risen to $266. This upward trajectory continued late in the year, reaching a pinnacle $1,240 by end November. News of Zynga, an online game development company, and a university in Cyprus accepting BTC is believed to have spurred the bull run. This didn’t last long though, as a long crypto winter emerged with BTC losing 86% of its value reaching $160 come January 2014.
That same year Mt.Gox announced it was bankrupt sending the price sharply down to $100. Come early 2015 Bitstamp announced they’d been hacked, however the price was able to consolidate to $300, trading between $200 and $300 for the remainder of the year. By August the price had climbed to $600, closing the year at $1,000.
2017 saw wildly volatile trading as new users entered the market and many companies started accepting Bitcoin. In January the price reached $1,150 before falling to $750. By March it had climbed back up to $1,350, dropping again to $900. In May, Bitcoin reached the $2,600 mark, adjusting to $1,800 before almost hitting $3,000 in June. In August, Bitcoin Cash launched and following the announcement that major US exchanges were launching BTC futures, the price reached its previous ATH (all time high) of $19,783. This ATH triggered a mass sell off, which in turn set off another crypto winter.
A massive correction took place in 2018, after the price radically lost 70% of its value following December’s ATH. Between February and October that year, trading charts indicated a triangular trading pattern, hitting $6,000, $5,800 and $6,000. December saw 2018’s lowest low of $3,200, before correcting to $4,200 to close out the year.
2019 witnessed the price decline to the $3,300 mark in February. In April the price climbed to $4,200, and then to $5,100 following a keen buyer in the market. June 2019 saw the price rise further to $13,275, believed to be due to the launch of BTC future markets, before declining again. Finally, 2020 drew the long winded crypto winter to an end.
Despite the pandemic’s destruction throughout markets around the world, Bitcoin held its ground and proved itself beyond doubt to be a reliable asset. The cryptocurrency was also awarded the title of best performing asset over the last decade, leading many new investors to take notice. While Bitcoin enjoyed a steady increase from the Black Thursday lows of $5,300 over the course of the year, the supercharged bull run officially kicked off in August. In this month, mass announcements of support were welcomed as many corporations put their reserves into BTC and PayPal announced they would be onboarding various cryptocurrencies.
From end November to the beginning of 2021, Bitcoin hit new all time high after all time high as the price soared into new territories. From $19,850 it made its way up to $34,000 with mild corrections along the way.
Bitcoin Price Predictions For The Future
Wondering if Bitcoin is still a viable investment? Let’s take a look at several predictions released by prominent players in the industry.
LongForecast Bitcoin Price Predictions For 2021 And Beyond
Long term forecasting company LongForecast predicts the price will trade between $15,881 and $33,379 throughout the year. Their long term projection also fared well, predicting that the cryptocurrency will drop to $18,968 in July 2022 before correcting to $30,575 in October. Their algorithms further indicate that the price will trade low in 2023, but in 2024 will climb to $47,132, opening 2025 at $46,232.
DigitalCoinPrice Bitcoin Price Predictions For 2021 And Beyond
Exchange DigitalCoinPrice is more bullish, predicting that the price will trade between $37,914.74 and $54,238.29 in 2021. The exchange’s algorithms then indicate wildly bullish sentiment, placing the BTC price at $60,345 in 2022, $68,478 in 2023, declining to $50,786 in 2024 and $48,019 in 2025.
Tim Draper Bitcoin Price Predictions For 2021
American venture capitalist and tech billionaire, Tim Draper estimates that BTC will reach $250,000 by 2022. He also believes that BTC will become a world wide payment system in 2021.
Vinny Lingham Bitcoin Price Predictions For 2030
South African Internet entrepreneur and co-founder of Civic believes that the BTC price will reach anywhere between $100,000 and $1 million by 2030. Vague, but bullish nonetheless.
Bitcoin (BTC) 2021 Predictions And Beyond
These Bitcoin predictions are simply each entity’s opinions and should not be considered as financial advice. While Bitcoin has been around for over a decade and there are certainly educated guesses out there, users should seek professional financial advice when needed. If you are however ready to invest in the cryptocurrency markets, or are looking to grow your portfolio, Oobit offers an easy and secure means of buying cryptocurrencies with the convenience of your credit or debit card.
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