Is there anything new to say about this cryptocurrency at the moment? As the main coin of the cryptoworld, it is very expensive (up to $69 thousand per coin) and, of course, it is in high demand and popular. Since January 1 of this year, Bitcoin’s value has already increased by 38 percent. BTC broke above the level of $60 thousand dollars and found several new support lines to continue the local bullrun. At the same time, the main cryptocurrency is still a profitable investment – at least that’s what various fundamental indicators are signaling. Therefore, exchanging crypto on Quickex, buying Bitcoins and understanding the crypto world is now very popular.
About Bitcoin in the crypto world
Bitcoin is a digital coin that is built on proof-of-work (PoW). It is the world’s first cryptocurrency, which was created back in 2008.
The decentralized digital currency uses blockchain technology to facilitate transactions. Bitcoin has been one of the most popular assets to invest in recent years. All you need to obtain this coin is an internet connection.
Since its launch in 2008, bitcoin has remained the flagship cryptocurrency, outpacing altcoins in terms of value and capitalization. Only in January and February 2021, the value of bitcoin increased by 78.5% from $ 28 thousand to $ 50 thousand. And on January 1, the coin updated the historical maximum, reaching a mark of $ 69 thousand. The cryptocurrency began to invest in large companies: Tesla, MicroStrategy, The Motley Fool and others. The willingness to buy the main digital coin expressed in the world’s largest hedge fund Bridgewater Associates, but only after a decrease in bitcoin volatility.
Nevertheless, over the past 13 years, many digital coins have appeared on the cryptocurrency market and it is possible that in the future some of the altcoins may put an end to bitcoin’s leadership. For now, according to Google Trends, bitcoin is clearly ahead of other digital coins in terms of popularity, such as Ethereum, Litecoin, Dogecoin and Cardano. However, altcoins are already catching up with the main digital coin in terms of popularity.
What affects the price of Bitcoin
There are many different factors that can affect the price of Bitcoin. Unlike altcoins, BTC is not as dependent on the rest of the crypto market. It is usually Bitcoin that sets the trend and price movement of the market. BTC reacts to important crypto news and events. Especially those that concern the industry as a whole or other major coins such as Ethereum or Shiba Inu. The price of the token is also influenced by the general inflation rate in countries.
Another news sector that those who have invested in Bitcoin should pay attention to is the environment. It is already known that the Bitcoin mining route is harmful to the environment. Many Europeans prefer more “eco-friendly” tokens mined with already innovative methods. Also, cryptocurrency prices usually rise when there is news related to mass adoption, new technological breakthroughs and so on.
Bitcoin Forecast for 2023
The minimum expected Bitcoin price in 2023 is expected to be around $26,366. The maximum expected price of BTC is $31,479. The average trading price could be – $27,113, according to Changelly blog experts.
No asset grows in value without corrections. Bitcoin is the world’s first truly deflationary asset, the supply of which does not depend on the demand for it. And as long as the market structure has rising lows and highs on the price chart, it is too early to talk about the transition to the “bearish” phase of the market, much less about its death. The cooling of interest in bitcoin is due to the uncertainty in the markets and is based on the statements of the head of the Federal Reserve Board about the imminent winding down of the “printing press”. And since the volume of liquidity in the markets will fall, investors in such a situation prefer less risky assets.
For bitcoin to die, two things are needed – preferably they should happen at the same time:
- Shut down the internet in all areas where there are bitcoin miners.
- Shut down the electricity there as well.
This is the only way to drop the bitcoin blockchain, and that is temporarily. A widespread ban on bitcoin, as happened in China, will only cause the migration of miners to countries and areas where they can continue their activities to support the bitcoin blockchain network that we have already seen.In addition, it is important to remember that even with a complete ban, miners will continue their activities while remaining in the shadows.Yes, this will reduce bitcoin’s hash rate, which in turn will lead to a decrease in the number of transactions processed. However, given the fact that bitcoin is increasingly attracting new users as a means of saving rather than payment, it will still remain an attractive investment.
Now let's break down the answers to the most frequently asked questions from investors.
Is Bitcoin a good investment?
Given the current bearish trend of price movement, you need to invest wisely and keep in mind the volatility of crypto assets. If you are considering BTC as a long-term investment, then it will be profitable.
Will Bitcoin ever reach $100,000?
Considering the fact that Bitcoin has already doubled its value several times, then it is possible. However, it will take another market price spike to make it happen. In a five-year plan, the cryptocurrency could probably rise to $111,263, according to experts at Changelly blog.
Will Bitcoin fall to $10,000?
And that’s a possibility. After all, the cryptocurrency market is incredibly volatile, and the issue of crypto regulation remains uncertain.
Is Bitcoin a safe long-term investment?
Bitcoin is a relatively safe investment compared to other cryptocurrencies. However, it is still a high-risk asset.
Is it too late to buy Bitcoin already?
History shows that it is never too late to buy BTC. Its price is lower today compared to its maximum value. This means that the coin may rise again in the future.