Like the 1848 San Francisco Gold Rush, Bitcoin’s discovery ushered in a new era of digital goldrush with over half a million Bitcoin wallet holders holding more than $900 billion worth of Bitcoin. Bitcoin had a value of $0.0008 in 2009; it experienced its first price growth in 2010 when its value increased to $0.08, representing 9900% growth in one year. As of the time of this writing, according to CoinCodex, the price of Bitcoin is $50 000, representing 6,315,999,900% growth from 2009 to date. In the present cryptocurrency frenzy, Bitcoin has gained a 152% increase from its last all-time high of $20000 in December 2017 to sell at its current price of $50,528.

There are predictions from notable Bitcoin enthusiasts that it will hit an all-time high of $250,000 before the end of 2021. Will Bitcoin grow past the $100,000 benchmark for 2021?

A BACKGROUND OF BITCOIN’S PRICE MOVEMENT

Similar to the Netherlands’ Tulipmania of the 17th century which saw the price of a single Tulip flower selling for 4000 florins (above the average annual income of a skilled worker) and collapsing suddenly, sending many into bankruptcy, Bitcoin has had a similar historic roller coaster price movement.

Bitcoin held no value between Jan 2009 to March 2010; by 2011, Bitcoin was $1. However, on November 29, 2013, Bitcoin price reached an unprecedented $1,242 and suffered its first crash to $340 in April 2014.

Afterward, following a repeated halving pattern, Bitcoin rose to approximately $20,000 in December 2017 before dropping below $7,000 in February 2018. Unlike the 17th century Tulipmania, Bitcoin has experienced repeated recovery from price crashes setting new records with each recovery, with Bitcoin reaching $60,000 on April 10, 2021.

BITCOIN’S FORECASTED PRICE MOVEMENT IN 2022

According to the Stock-to-Flow (S2F) price prediction system, Bitcoin may likely start the 2022 year at a price mark of $100,000. Likewise, a Bloomberg report predicted that it could rise to an all-time high of $400,000 based on the tendency for Bitcoin to continue an exponential growth pattern. Hence the call for more people to invest in Bitcoin. However, institutional investors and bitcoin whales cashing out could likely trigger major dips in Bitcoin prices for the year 2022.

2023 AND 2024 PRICE SPECULATIONS

Winter seasons don’t last forever, but based on speculations, Bitcoin price would maintain a bearish price movement with occasional surges in 2023 and 2024. However, the silver lining will appear in the sky as Bitcoin enthusiasts prepare for Bitcoin’s next halving. This could be a potential price trigger for Bitcoin, ushering in the Institutional investors, whalers, and retailers. In a recent interview with Raoul Pal, the former Goldman Sachs hedge-fund manager revealed that Bitcoin might eventually hit a new all-time high of $1m in 2024 and beyond.

TECHNICAL ANALYSIS

In a recent interview with Yahoo Finance, David Grider, Fundstrat’s Lead Digital Asset Strategist said that there is a target for Bitcoin to hit the $100,000 mark before the end of the year. So, it is expected that BTC will rise above its present bearish price action.

FUNDAMENTALS

Institutional Investors, Bitcoin whalers, retailers, Bitcoin halving events, cryptocurrency enthusiasts, and government policies will continue to play a significant factor in controlling Bitcoin’s positive price movement.

CONCLUSION ON BITCOIN PREDICTIONS

Bitcoin is experiencing worldwide adoption as more nations continue to adopt Bitcoin and the blockchain technology as a significant development. Hopefully, Bitcoin will replace the US dollar as the world’s reserve currency. Based on this article, it is advisable to buy and hodl Bitcoin as a store of value only with spare cash since predictions do not guarantee the certainty of an occurrence.

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