What’s Next for Cryptocurrencies?
After rising sharply through March, Bitcoin appears to have settled in at a level slightly below the highest recorded price of $48,000 in 2022. Bitcoin reached another all-time high above $68,000 in November, only to fall back below $35,000 again in January 2021.
Bitcoin doubled its value in 2021, but in January 2022, it saw a major crash, wiping out nearly all gains from the year before. Before the first month of 2022 was over, Bitcoin had almost lost all of its gains from the previous year, falling to the $33,000 range in January 2021. It took Bitcoin less than one month to break the previous price record of bitcoin, surpassing the $40,000 mark in January 2021. Bitcoin started the year 2022 almost doubled its value from January 2021, capping off a year in which the crypto-currency has seen an explosion of interest and mainstream curiosity.
It then hit a record high of more than $68,000 in November 2021, having started 2022 at a little less than $30,000, while the crypto sector overall has grown to a total market capitalization of over $2 trillion. According to a research report, the bitcoin price may reach more than $397,000 by 2030. Conservative bitcoin predictions suggest that the cryptocurrency will hit $100,000 by 2023, but more optimistic crypto enthusiasts claim $250,000 is within reach. The Long-Term Bitcoin Forecast from Price Prediction sees Bitcoin rising from a median price of $83,976.42 on Nov. 29, to $125,609.26 in 2023, reaching $267,749.56 in 2025, then skyrocketing to $1,588,455.53 by 2030.
DigitalCoin is even more bullish with their bitcoin prediction, projecting bitcoin will average $101,344.22 in 2022. Algorithm-based prediction website Wallet Investors Bitcoin Forecast of Nov. 29 projects the price to rise through the year, reaching $94,755.40 next December. DigitalCoin estimates that Bitcoin will increase to $113,772.30 in 2023, reaching an average price of $171,941.64 in 2025, similar to the forecast by algorithm-based forecasting site Wallet Investor, which projects that the price will increase from $155,636 earlier this year to $191,732 at the end of 2021. According to DigitalCoinPrice algorithms, the price of Bitcoin will experience a rising trend, which may reflect itself in Bitcoins value overall.
The algorithm suggests Bitcoin could be worth $18,968 in July 2022, but that price would rise as high as $30,575 by October. The first Bitcoin price rise occurred in 2010 when the value of one Bitcoin rose from about $0.0008 to $0.08. According to various price prediction services, the Satoshi coin could reach a record-breaking price in the coming year.
Bitcoin Price Analysis shows bitcoin falling below $60,000 mark on Nov. 16, falling from its day-long peak of $59,183.48 to its month-low price of $53,569.76 on Nov. 26, with the support being from technology, while financial markets were also selling sharply due to the bearish sentiment. Bitcoins price following the sharp drop, which was ignited by FUD in the cryptocurrency space, has squeezed over 30% of its value in recent times. Bitcoin fell on Tuesday to $29731, its lowest since July 2021, following a near 12% fall last week, the worst week-long fall since January.
