2022 has been a challenging year for crypto enthusiasts and keeps getting bearish every week. However, if there’s one token to have been immensely affected by the harsh crypto winter, it’d be Bitcoin (BTC). The crypto industry’s ‘gold’ has fallen through a spiral, reaching a new low every other week.
The rough start, the latest events surrounding FTX, and market volatility have dropped the token to the $16,000 range. However, despite the current problems circling the industry, experts, analysts, and long-term HODLers continue to stick to Bitcoin’s prognosis.
Many Bitcoin price predictions suggest that the token will cross the $50,000 mark by 2023. But how far does the statement holds? Let’s find out as we explore the insights, past events, and the forecast for the token in the following sections.
Bitcoin Price Movements: Analyzing The Token’s History
Sneak Peak Into BTCs Past Movement
While the token was launched in 2009, it wasn’t until 2017 that Bitcoin enjoyed immense popularity. The token started its initial bullish run this year, pushing its price from below $900 to around $17,800 within a year.
The 200x growth of the token had caught the attention of the investors, securing its future in the big league. However, BTC couldn’t hold its position initially and moved down to $3,700 by the end of 2018. Enter 2019, and the token seemed settled for a long-term bullish run.
Interestingly, the analysis came true as Bitcoin continued a positive bullish run throughout the year. Besides, this was the year when Bitcoin’s price doubled its value, reaching $7,200 in December 2019.
Enter The Phase Of Growth For Bitcoin
Enter 2020, and Bitcoin started gaining mainstream attention. The token’s fundamentals and strong market movement had the attention of investors and business owners. Everybody wanted to join the ongoing trend and multiply their investment.
2020 also became a year of global acceptance of crypto tokens. With more investors and traders, BTC started showing strong bullish patterns, going up to its then-all-time high around the $27,000 mark by the end of the year.
Moving ahead, 2021 was another crucial year for BTC as it witnessed its all-time high and extreme volatility in the same year. The token started the year with a yearly low of $28,803.59, going up to $68,789.63 on November 10. The token highlighted a 138.8% difference in a matter of 11 months.
However, several factors, like an omicron variant, SEC rejecting EFT, and China eliminating crypto mining, among other factors, led to a market meltdown. As a result, the token’s average price plunged by nearly 20% in a month, following down to $47,000 by the end of 2021.
2022 In A Synopsis
The current year has been a downward spiral for Bitcoin enthusiasts. The token began its journey around $47,780 in the first week of January. However, there were no significant corrections in the price, which was a downfall as the token had already reached the $37,000 mark by the end of January 2022.
Following January, some Bitcoin predictions came true as the token regained momentum, reaching its initial $47,000 mark by the end of March. However, things have been different for the token since then. Following the yearly high in March, the token fell, crashing to $16,500 in November, losing 1/3rd of its value in the last four months.
Cause Behind Bitcoin’s Latest Price Dump
There are not one but several reasons behind the current fluctuations in the price of Bitcoin. However, some of the primary reasons behind the dump are:
- FTX, one of the leading crypto exchanges, has filed for insolvency.
- Genesis Global Trading (the lending arm of Gemini) has paused new loan processing and redemptions.
- BlockFi, another major crypto exchange, and the lender is preparing to file for bankruptcy.
All of these commotions have given a rocky year-end to BTC and the entire market. Bitcoin’s steep fall is also a result of a string of bad news over the last few months. The latest events have been turning the market’s sentiments to the downside.
The continuing Russia-Ukraine war, inflation, shifting monetary policy, and U.S. dollar strength have slumped the crypto markets. Unfortunately, all these events have continued to affect Bitcoin, pushing it by -70% of its all-time high last year.
Bitcoin Price Prediction 2023: Analysis Into Its Movements
BTC appears to be in a falling trend for the medium-long term. Furthermore, the token’s latest price movements suggest that investors have been selling their token holdings over time, indicating a negative price movement and development.
However, if the token can begin 2023 with a bullish start and the token breaks its strong resistance at 18,500 points, there are better chances of a bullish pattern. Overall, our Bitcoin price forecast suggests that the token has a strong bullish movement in the long term.
Bitcoin has witnessed a massive price drop, taking it back to the levels it was in the second half of 2020. However, considering the fundamentals that back the token, we expect a positive uptrend from the token soon.
Therefore, even though the market is bearish and the sentiments have resulted in extreme volatility, BTC is said to enter its bullish phase soon. The recent downturn of the token from its $46,000 mark has put the token in a high-demand zone. Increased demand and a community push of cryptocurrencies are expected to pump Bitcoin to the 50,000 range by 2023.
The crypto market is known for its volatility. Considering the random market movements, it becomes challenging to determine the precise movement for any token. Therefore, all our analyses are based on past movements and estimations and have an equal chance of failing if the market repels them. Therefore, investing once you’ve done an in-depth analysis of a given project is always advisable.
2023 Could Push BTC To Its Potential
Bitcoin is a reliable option for long-term holders. Our price prediction suggests that Bitcoin will reach the $50,000 mark by the end of 2023. However, if you’re a future investor looking for Bitcoin price prediction in 2025, it might move to the $90,000 range, marking an increase of 300% in three years.
However, aside from analyzing BTC’s historical prices, we must also analyze the current price movements and the factors affecting them. Like any limited commodity, BTC’s demand and supply will also affect the token’s price in the long term.