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To put it simply, Bitcoin is digital money that aspires to compete with FIAT currencies worldwide. And it gives people more power by being decentralized and using peer-to-peer technology for instantaneous financial transactions. Bitcoin, in contrast to the conventional monetary system, is neither regulated by any central authority nor managed by a group of persons. Demand and supply are the only two factors influencing Bitcoin’s price.
Since its conception in 2008 by an unknown developer or founder who since been known as “Satoshi Nakamoto,” the cryptocurrency has been in use worldwide. Bitcoin is not only the most widely used digital money but also the oldest and biggest cryptocurrency in existence. Bitcoin’s open-source protocol and decentralized structure are essential to the cryptocurrency’s operation. Thus, it runs squarely into FIAT’s shortcomings.
If the leading cryptocurrency’s third-quarter rally continues, it will be cause for celebration. As much as $25,000 may be in reach for the star cryptocurrency. Which may occur following fluctuations at critical thresholds. However, if the market does start to recover from its recent lows, the key level of $19,200 may still be in reach. However, if demand and supply are equal, the price may settle at $21,800.
The price of bitcoin (BTC) might reach $31,400 if the upward trend seen in the third quarter continues. But if bears are more numerous than bulls, the price may level out around $23,200 However, the typical forces of demand and supply may cause the price to level out around $26,800
Glassnode reports that the maximum number of addresses with 1+ coins has just reached 896,735. On the other side, there are now 10,433.285 addresses that possess 0.01 coins or more, which is a record high. Thus, it is reasonable to expect retail investments to rise gradually. A spike in volume might lead to a rise in price to $56,000. The star cryptocurrency, on the other hand, may reach lows of $28,500 or even lower. With enough equilibrium in commercial actions, the price might be fixed at $40,000
With improvements to the taproot, we will see significant alterations in scalability. In addition, when the halving event draws nearer, the supply bottleneck will become more obvious. Due to this, the price may go as high as $92,000 by 2024’s end.
On the other hand, factors like an extended bear run may send prices as low as $47,000 BTC might reach a steady $66,000 if this is the average price.
If during the next three years Bitcoin can increase its liquidity and diversify its sources of funding. If additional investors were interested, that would boost its profile internationally. Investments driven by fear of missing out would thus be more likely. It’s possible that by the year 2025, the price will have increased to a whopping $145,000
When looking at it from the other side, if the leading cryptocurrency is attacked by bears. Given the many voices raising issues about mining, power use, and government oversight. It’s not completely out of the question that the Bitcoin price will close the year’s trading at $79,000. When both bullish and bearish price goals are considered, an average of $100,000 is possible.
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