Retrospective: Past Bitcoin Historical Price Predictions That Got It Right
BTC price forecasts arent easy to make, but several of leading industry experts have managed to make correct calls over the years.
Daniel Masters, Analyst at Global Advisors
Daniel Masters made a call for Bitcoin price to break out in 2017 and reach a high of $4,400. Bitcoin did indeed reach that price in 2017, but smashed right through it and kept on going to $20,000.
Vinny Lingham, South African Internet Entrepreneur and CEO of Civic
Back in 2016, Vinny Lingham made a bold call that Bitcoin would reach between $2,000 and $3,000 in 2017, a more conservative call than Masters. Just like Masters, the call was trounced by Bitcoins explosive rally.
Peter Brandt, Legendary Commodities Trader
In one of the rare negative price predictions that came true, Peter Brandt called for Bitcoin to drop over 80% following a break of its parabolic advanced in early 2018. By the end of the year, that target was met and Bitcoin fell to $3,200.
Tim Draper, Billionaire Venture Capitalist
Tim Draper has a knack for spotting the next big thing, and hes heavily invested in crypto. The billionaire venture capitalist called for Bitcoin to reach $10,000 by 2018 all the way back in 2014. The visionary was right once again, and the year prior the asset doubled that projection.
Bloomberg Research 2020 Bitcoin Report
Planbs Bitcoin Price Prediction
The creator of the Stock-to-Flow model a pseudonymous investor who is known simply by the name PlanB has used the model to forecast that Bitcoin will reach $100,000 by December 2021, and could reach as high as $288,000.
The popular Stock-to-Flow model estimates the future price of Bitcoin by taking account of its existing supply and its rate of new supply the latter of which halves every four years in a phenomenon known as a halving.
I have no doubt whatsoever that #bitcoin S2FX is correct and #bitcoin will tap $100K-288K before Dec2021. In fact I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular.
To date, the model has tracked the price of Bitcoin almost perfectly. The only question now is, will it continue to stick?
Is Bitcoin Better Than Gold
Following the comments from MicroStrategy CEO Michael Saylor yesterday that bitcoin is better than gold, weve had some reaction from analysts both reasserting and refuting the claim.
In the latter camp is Jai Bifulco from the Kinesis Money platform, which uses precious metals like gold and silver as the basis for digital currencies.
Heres what he had to say:
Bitcoin should not be likened to gold. They remain very different, and bitcoin is not a proven hedge against inflation. Unlike gold, the price of bitcoin is extremely volatile, as it has demonstrated many times in its brief history. Cryptocurrency bull runs are indeed tempting, but they are very unpredictable and suggesting bitcoin is like gold gives investors a false sense of security.
Gold is the universal constant and, relative to weakening fiat currencies, it will do what it always has done as a stable and enduring store of value, hedge against inflation and currency devaluation.
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What Price Did Bitcoin Drop To
The crash saw the price of Bitcoin plummet to £21,719.56 at around 10.45am on 20 July – around half the value from its record high of £47,240.05 on 14 April 2021.
The drop in price was significant and was level with mid-January 2021 levels before the crypto enjoyed a fruitful three months which saw its value skyrocket.
Its valuation was boosted by the news that Tesla had bought $1.5b of Bitcoin shares, which in turn sent the market price of both the crypto and Tesla soaring.
Yet Teslas decision to reverse its policy to accept Bitcoin as payment for its products sparked a downward spiral for the crypto – 21.43% down – and fellow digital currencies.
There have been fluctuations since, with a 3.20% market drop in the 24 hours prior to 9.15am on 17 November 2021.
Which Are The Three Biggest Cryptocurrencies
Bitcoin launched in 2009 and remains the market leader. Its market capitalisation effectively its total worth is $1.017bn, as at April 28 2021.
Ethereum and Binancecome in second and third, with respective market caps of $302bn and $85.5bn.
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How To Buy Safemoon In The Uk
Buying safemoon in the UK is not a straightforward process, but it is possible.
In order to do so, potential investors must first set up a crypto wallet on the Binance crypto exchange and then buy binance coins. These can subsequently be exchanged for safemoon coins.
Bear in mind that Binance is not allowed to carry out regulated activity in the UK. Also remember that your money isnt protected if anything goes wrong.
Where to buy safemoon:
- Purchase one of two availableestablished cryptocurrencies: binance or bowscoin.
- PancakeSwap lets you exchange binance or bowscoin for safemoon tokens.
- Safemoon tokens are then held in Trust Wallet.
Whats Behind The Latest Bitcoin Drop
Many investors see Bitcoins price swings as part of the game, but volatility is tough for individual investors to deal with, Noble says. Like Yang, he warns against selling too fast.
While this recent drop is reminiscent of 2017s sell off, Bitcoins presence has grown a lot since then. New short-term investors who are selling their holdings in reaction to the drop may be influencing the continued dip in Bitcoins value, according to a recent report from Glassnode Insights, a blockchain analysis firm.
While fluctuations are expected, Noble says this swing is a bit out of the ordinary. I thought the market was maturing and these things would be less frequent and severe. Boy was I wrong, he says.
This particular drop was caused by a combination of factors that may have made this drop more severe, Noble theorizes, from excitement about low-quality coins, to negative remarks from Elon Musk, to Chinas latest crack down on crypto services. The accumulated response made this sell off all the more violent, says Noble.
He likens the drop to the stock market crash of 1987, from which the markets took months to recover. But because crypto moves a lot faster today than equities did in the 1980s, Noble says we may see a quicker recovery.
Dont panic and puke, Noble says. If you keep your positions small, you can try to tolerate the volatility.
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Will Bitcoin Rise Again
Bitcoin’s price will hit $350,000 before the end of 2022. The market will likely peak around September or October 2022. If that seems extreme, keep in mind, cryptocurrency is now a global market. … As a result, bitcoin’s actual scarcity is greater than we think.
No less, is it a good time to buy Cryptocurrency?
New data shows Sunday evening is the best time to buy Bitcoin at a ‘discount’. Recent data shows that Sunday evening is the best time to buy Bitcoin according to Capriole digital asset manager Charles Edwards. As shown below, historically, BTC saw higher returns on Sunday evenings into early Monday morning.
Quite so, will Bitcoin ever die? The reward will continue to halve every four years until the final bitcoin has been mined. In actuality, the final bitcoin is unlikely to be mined until around the year 2140.
Short, why did Bitcoins fall?
This massive spike in volatility was likely caused by three major factors. The three catalysts for the abrupt downtrend were the recovery of the dollar, the decline in gold price as Pfizer announced that its COVID-19 vaccine trials are producing positive results, and whales dumping BTC.
Why is crypto going down?
Why is Bitcoin Going Down / Up Summary Media hype / FUD. Loss of trust in fiat currencies. Institutional adoption. Supply shortage.
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The Elusive Bitcoin Etf
For years, crypto enthusiasts have pined for a digital currency ETF available to mainstream investors in the U.S. The U.S. Securities and Exchange Commission has repeatedly rejected or delayed Bitcoin ETF applications to be decided upon at a future date. One of the most talked-about funds, by provider VanEck, has seen its final approval decision pushed back again and again.
Some analysts believe that the approval of a mainstream Bitcoin ETF could provide a significant jolt to the digital currency world, opening up the industry to investors eager to participate without some of the risks associated with buying and selling tokens directly. As of now, though, the future of VanEck’s fund remains to be seen.
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Ways To Invest In Bitcoin
Buying the coins on a cryptocurrency exchange is the most common way of investing in bitcoin.
But there are other options:
Buy shares in bitcoin-related companies
You could invest in cryptocurrency exchanges or even buy shares in companies that are accepting bitcoin as payment.
Invest in companies involved in blockchain technology
You could invest in the blockchain network . For example, tech platform Solana claims to be the fastest blockchain in the world.
Several investment companies are launching bitcoin funds.
It will still be volatile, but it could be easier to sell your investment and get your money back than investing directly.
There are also funds that have some exposure to bitcoin as well as traditional assets like and bonds.
These are a form of financial derivative that gives you the right to buy or sell bitcoin at a set price before a certain date of expiry.
Unlike buying Bitcoin cryptocurrency outright, bitcoin options enable you to take a speculative position on the future direction of a market price.
You would buy a call option if you believe the market price would increase:
Read about Lewis, who taught himself about cryptocurrency and made £8,500 in less than a year.
Where Is The Cryptocurrency Industry Headed In 2021
Bitcoin, as of December 2020, has experienced a steady rise to reach new all-time highs, breaking through $20,000 per BTC, but it was not always so steady.
To get a sense of just how troubling the market had been, just look to 2018: Heading into 2018, Bitcoin traded for close to $13,500 after reaching an all-time high of $19,783.06 in December of 2017. It subsequently dropped as low as $3,400, a loss of about three-quarters of its valueand other digital currencies weren’t faring much better at the time. Ethereum , for example, fell from an early-year high of $1,300 to just $91 by December 2018 before rallying back to over $450 by the end of 2020.
Cryptocurrencies like Bitcoin and Ethereum have indeed proven resilient. Investor interest, both retail and institutional, in digital currencies has risen dramatically in recent months. Many early investors who were eager to make gains from the “cryptocurrency craze” have since moved on to other ventures, leaving a smaller group of stalwart HODL-ers behind. But there are still reasons to believe that the cryptocurrency industry has some fight in it left.
Investors are again asking: how high digital coins could fly? And Bitcoin indeed has risen back to all-time highs as of December 2020, reaching over $23,625 and Ethereum to nearly $700. Now, looking into the end of 2020 into 2021, the better question might be how this space will adapt in order to survive.
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Again Imf Raises Concern Over El Salvador Bitcoin Adoption
- IMF expresses concern over El Salvador Bitcoin adoption.
- Says Bitcoin should not be a legal tender in the Central American country.
- Lists risks such as consumer protection, high volatility as reasons BTC should be frowned at.
Once again, The International Monetary Fund has raised concerns over El Salvadors Bitcoin adoption as legal tender.The world monetary body stated that the digital asset as a legal tender poses problems such as consumer protection, money laundering, and financial stability risks.
The world monetary body raised these issues in a concluding statement published on Monday. El Salvador: Staff Concluding Statement of the 2021 Article IV Mission, the paper was titled.
The statement is a technical appraisal of El Salvadors economy in 2021 by the IMF conducted at the end of an official mission to the Central American country. It aimed to evaluate the health of El Salvadors economy and prepare a report to the IMF Executive Board based on the findings.
The team evaluated El Salvadors Bitcoin adoption and the effectiveness of Chivo, a digital wallet that lets Salvadoran citizens make payments.
What Investors Should Know
If youre investing in cryptocurrency, expect volatility to continue. Thats why experts recommend keeping your crypto investments to less than 5% of your total portfolio.
I know these things are super volatile, like some days they can go down 80%, Humphrey Yang, the personal finance expert behind Humphrey Talks, previously told NextAdvisor. But if you believe in the long-term potential of , just dont check on it. Thats the best thing you can do.
Just like you shouldnt let a price drop influence your decision to buy crypto, dont let a sudden price increase alter your long-term investment strategy. Even more importantly, dont start buying more crypto just because the price is rising. Always make sure your financial bases are covered from your retirement accounts to emergency savings before putting any extra cash into a speculative asset like Bitcoin.
Bitcoins latest big jump also isnt anything new. While in the long-term Bitcoins price has generally gone up, we experience a lot of volatility along the way, says Kiana Danial, founder of Invest Diva.
Investors should continue to hold and not worry about the fluctuations, like Danial, who says shes not jumping on the hype.
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Bitcoin Investing: A Game Of Investor Sentiment
Most stock investors value companies by expectations of future profits. Bitcoin, however, has continuously confounded equity investors and cryptocurrency enthusiasts alike. Without a fixed production cost , how can this comparably awkward coin emerge with a $1 trillion valuation?
The answer draws parallels to commodity investing, a world I worked in over a decade ago. When valuation metrics are absent, speculative commodities tend to rely on investor sentiment and demand. Thats why assets like Bitcoin show an abnormal correlation to risk-on assets such as the stock market, rather than risk-off ones like bonds.
We saw this play out back in 2020, when the first $2 trillion stimulus helped pushed asset prices to new highs. As the new administration prepares to launch a second stimulus that even relatively centrist pundits are calling too big, the flood of new money will likely find its way into the stock market and cryptocurrencies as well.
Longforecast Price Prediction For 2022
LongForecast provides price forecasts for the next five years. The price forecast is quite positive, but we might meet some decline in price in the middle of 2022. The algorithm suggests may cost $18,968 in July 2022, but the price will go up to $30,575 in October. In 2023, the price might suffer from strong fluctuations, resulting in BTC price decrease the value of the main cryptocurrency can probably vary from $13,530 to $26,136.
Yet, 2024 can get back the cryptocurrencys price back to the top. According to the prediction for 2024, the price might gain the mark of $47,132 per coin. 2025 will continue to hold price at a high level. There is a chance the coin will cost $46,232 at the beginning of 2025.
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What Could Happen Next
It is very difficult to predict cryptocurrency prices, since they can lose value just as quickly and easily as they gain, and without prior warning.
Banking giant JPMorgan has suggested Bitcoin could reach around $146,000 in the long term , but could also fall as low as $35,000 .
Analysts said: This challenges the idea that a price target of $100,000 or above, which appears to be the current consensus for 2022, is a sustainable bitcoin target in the absence of a significant decline in bitcoin volatility.
Digital assets are on a multi-year structural ascent, but the current entry point looks unattractive.
Bitcoin Price In Limbo
The price of bitcoin briefly rose above $60,000 earlier but has since dipped back below.
It has now traded within the relatively narrow band between $59,000 and $61,000 for the last 24 hours. Investors will be keeping a close eye on which way it breaks out, as the direction could prove telling for the short-to-medium term momentum of BTC and the overall crypto market.
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Bitcoin Price Crashes On Indian Exchanges
Reports that the Indian government is planning to introduce a bill to ban certain cryptocurrencies has caused bitcoin and other altcoins to plummet in price on local exchanges.
BTC, Ethereum and dogecoin have all fallen by between 15-20 per cent against the Indian rupee following the introduction of the draft Cryptocurrency and Regulation of Official Digital Currency Bill.
The head of domestic trading app WazirX called for calm among investors, tweeting: All of us want regulation… We need to have faith in our law makers.
You can read the full story here:
Through the bill, India is planning to develop framework for digital currency to be issued by its central bank
Bitcoin slides down closer to $56,000 mark
After inching closer to the $58,000 mark late Tuesday, bitcoins value has slid down again to about $56,000 and is down by about 1.5 per cent in the last 24 hours.
The leading cryptocurrency has dropped in value by over 4 per cent in the last week.
The overall crypto market appears to be stabilising, almost remaining unchanged in value in the last 24 hours.
It is currently valued at about $2.56 trillion, nearly the same as its value a day earlier.
Ethereum has grown by over 1 per cent in the last day but other top cryptocurrencies including solana and cardano are down by 2 to 7 per cent in the last 24 hours.
Cardano is down by over 8 per cent in the last week, while solana is closer to its value seven days earlier.