Last updated on December 23rd, 2021 at 10:04 am
Bitcoin became the only cryptocurrency in the world to reach a price of $69,000 on November 10. However, the price did not sustain, and it started to decline soon. Later on, the prices of bitcoin went as low as $46,000 in December, and according to the predictions, some people believe that bitcoin is going to remain low for a very long period. On the contrary, some enthusiasts believe that this cryptocurrency can reach one lakh dollars soon. According to the reports, bitcoin is currently standing at a price level of $46,000, which is not a very good sign for investors. Therefore, many investors are purchasing the dip while others are selling the panic in the market.
Huge cryptocurrency investors are benefitting as they can purchase a large number of bitcoins at lower prices when the prices are declining. Therefore, it is beneficial to increase and strengthen their triple currency investment portfolios. However, some critics of cryptocurrencies believe that they will lose their value in 2022 or 2023. A few reports are opposite for these statements. If we look at the past, we will notice that cryptocurrency prices have increased over the years. Indeed, bitcoin is the most popular cryptocurrency according to market capitalization, and it will keep on increasing in the future. Whenever there has been a decrease in the prices of bitcoin, in the future, it has increased magically. Well, it is a matter of time that we get to discover if bitcoin will rise or fall.
What is the price prediction?
By the predictions made by bitcoin analysts, the cryptocurrency will reach a price level of one lakh dollars by 2023. However, some of the experts are just being bullish. They believe that by the first quarter of 2022, bitcoin will reach a price level of one lakh dollars, and therefore, it is undoubtedly the right time to purchase a bitcoin if you can. At the same time, other cryptocurrency enthusiasts in the market believe that bitcoin will rise, but they are not entirely sure about the date and time. Therefore, they say that cryptocurrency like bitcoin has the capacity of reaching a very high level in the future. Maybe, it has a capacity of reaching as high as 2.5,00,00 dollars in the future, but that is not certain about time.
According to Ian Ballina, bitcoin prices will reach $75,000 towards the end of 2021. The one lakh dollar price level is not in the question, and according to the conservative stances, it has the possibility of reaching the predefined price level of $75,000 before 2021 comes to an end. Also, in the eyes of technical analysis and blocks and data analyst Matthew, bitcoin may reach a price level of $250,000 during January 2022. The predictions are that if bitcoin inevitably reaches the $100,000 price mark, it will further push to the bull run on network. This mechanism is just like in 2017, when bitcoin prices increased from $8000-$20,000 just after Thanksgiving.
In the words of Parallax digital founder and CEO Robert Breedlove, bitcoin prices may reach $12.5 million by 2031. He made the presumptions based on the inflationary pressure after the Covid 19 struck the global economy. Due to the increase in the pressure of the COVID-19 pandemic in 2020, the bitcoin prices increased significantly. According to the last 1:45 thousand 21, there have been 510 days moving average, and when the bitcoin algorithm changes, the prices tend to increase.
What affects its prices?
Under normal circumstances, bitcoin prices fluctuate within a trim price level of $100 or $1000. However, when significant factors play a vital role in the volatility of prices, there are some vast regulations. One of the most prominent ones among them is scarcity. There are already 18 to 19,000,000 bitcoins in circulation, and if the value is increasing all the time, there are chances of bitcoin scarcity, and the bitcoins will become expensive. On the contrary, if bitcoins are adopted in the mainstream by different world nations, the prices will hike.
However, several nations across the globe will impose rules and regulations on cryptocurrency transactions. One such important nation is India, and it is about to bring a bill in which it is going to regulate the mainstream bitcoin in the country. Therefore, the country’s transactions and cryptocurrency mining operations will slow down due to this regulation. It is going to be a nasty factor for bitcoin. Amid the use of new rules and regulations on cryptocurrency transactions, the value of bitcoin has chances to go lower than ever before.