🔹 The price of BTC is likely to reach $100,000 in 2024 and $400,000 in 2030.
will be more bullish in the long run than in the short run.
🔹 Increased adoption, awareness and many use cases will increase the value of Bitcoin
🔹 The Bitcoin
halving events in 2024 and 2028 will likely push the price of BTC up.
When we talk about cryptocurrencies, we do not need to introduce Bitcoin
since it is the number one cryptocurrency based on market capitalization. As of 4 December 2022, Bitcoin
had a market cap of over $320 billion and a circulating supply of 19,224,350. Over the past few months many analysts have predicted the price of Bitcoin
. This article will cover some of these predictions.
Price history of Bitcoin
The first price of Bitcoin
was recorded in June 2010 when it was trading at $0.0008. As the exposure of Bitcoin
increased over the years its price continued to rise. In 2017 many people adopted Bitcoin
as a medium of exchange and as an investment asset. As a result, its price rose to over $350.
Between 2017 and 2020 there were sporadic increases in its price. For instance, from September 2020 to November 2021, the value of Bitcoin
surged by 540% to its all-time-high of $68,789. Nonetheless, its price fell by over 75% from that time to November 2022.
Significantly, the price of many cryptocurrencies, including Bitcoin
, dropped after the collapse of FTX and its internal token FTT. At the time of writing, 4 November 2022, the price of BTC is $17, 017. Nevertheless, it is gradually rising from the dip which the collapse of FTX caused.
Price of BTC- CoinGecko
The graph shows the current price of BTC as well as the effect of the collapse of FTX on Bitcoin
. There was a sharp fall in the price of BTC after the collapse of FTX.
Why is Bitcoin likely to rally with greater margin than before?
Most predictions show that the price of BTC will likely to rise by sharp margins. There are several reasons for this, including the increase in institutional investment, crypto regulations and more social media attention.
Increase in demand
When the demand for Bitcoin
increases while the supply is limited its price will rise. Recently, there has been an increase in BTC institutional and retail investors which increased its demand. However, we expect more people to start using cryptocurrencies from the current period up to 2031.
Also, many e-commerce stores accept Bitcoin
as a means of payment which has increased its demand. In addition, there are Bitcoin
ATMs which makes BTC more accessible than before.
New investment securities related to Bitcoin
In the coming years, we expect to see more Bitcoin
based traditional investment assets coming on the market. For example, if BTC ETFs become popular, that will drive the price of Bitcoin
up. As a result BTC will become more visible than before, thereby increasing its demand.
Crypto currency regulation
The collapse of exchanges such as FTX and cryptocurrencies such as Terra USD has resulted in calls for friendly crypto regulations in many countries. Therefore, if many countries introduce such regulations, more people will be interested in cryptocurrencies. As such their demand will increase.
Social media attention
Social media plays a big role in informing the general population about cryptocurrencies. Since Bitcoin
is the leading cryptocurrency it receives much publicity. Therefore, in the next decade many more people are likely to know about Bitcoin
and start using it.
How do analysts come up with bitcoin price predictions?
The analysts, especially research firms, gather information from various crypto organizations such as exchanges. The data relates to various securities such as bitcoin derivatives
Exchange Traded Funds.
In most cases, these research firms use algorithms and artificial intelligence to make the predictions. Thus, most of the data included in this discussion comes from several research firms. One of the methods used in predicting the price of Bitcoin
is the Bitcoin
Waves Model. The following diagram shows price predictions of BTC based on this model.
As shown in the above diagram, the Bitcoin
waves model predicts that the price of Bitcoin
will be $27,568 in June and $70,201 in December 2022. However, it seems that Bitcoin
may not be $70,201 in December, considering that its current price, a few days before the end of the year, is around $17,000.
As indicated in the image above, the Bitcoin
waves model predicts that Bitcoin
will be $385,641 in 2028 and between $500,000 and $700,000 in 2030. The following table shows the entire range of the predictions.
prediction between 2022 and 2030- Softwaretestinghelp
Priceprediction.net, which uses artificial intelligence, has its own prediction summarized in the following tables.
Price predictions for Priceprediction.net- Priceprediction.net
According to the above table, the price of BTC will be around $43,270.57 in 2024. Nevertheless, the anticipated price at the end of December 2022 is $18,280.20, while the average price for 2023 is $29,709.82.
Price predictions for Priceprediction.net- Priceprediction.net
As you note, the price prediction of Priceprediction.net is less than that of the Bitcoin
waves model. For example, for 2030, there is a difference of about $400,000. This shows how far predictions can differ. .
Notably, Priceprediction.net predicts that the value of Bitcoin
will be around $37,523 in 2024 and $62,630.77 in 2025. In addition, it predicts that the price of Bitcoin
in 2031 will range between $510,520.55 and $590,013.33
Predictions by other leading research firms
As we noted, the above discussion shows great variances in the expected prices. However, there are several research firms that have predicted prices with little variances.
Analysts at Wallet Investor, a research firm, predict that the price of BTC will reach $30, 000 by the end of 2022 and about $83,348 in 2027. This is in line with price expectations of other research firms such as Consensus which believe that BTC will reach over $100, 000 in 2024, $170,000 in 2025, $250,000 by 2028 and around $300,00 in 2030.
Coin Price: Coin Price predicts that the price of BTC will be around $27,500 by the end of 2022, $49,398 in 2025 and over $86,000 in 2030.
Unlike the other research firms, CoinSkid predicts that BTC will be more bullish in the long-run rather than in the short run. For example, it expects the price of BTC to be around $17,853.74 by the end of $2022, $85,335.44 in 2025 and $128,404.74 in 2026.
This is another research firm that anticipates Bitcoin
to become bullish in the long run. It predicts that BTC will close 2022 at around $20,000. However, it anticipates the price to rise to $74,521.39 in 2025 and $484,640.18 in 2030.
Having discussed the views of various analysts and research firms, it is clear that many of them predict the price of BTC to be over $100,000 in 2024 and close to $400, 000 in 2030. As such in 2031, the value of BTC should range between $400 000 and $500,000.
Author: Mashell C.
, Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.