Bitcoin (BTC) price prediction 2020-2040
What is Bitcoin (BTC)?
Bitcoin, also known as BTC, was the first-ever cryptocurrency. BTC is valuable, but its market price can fluctuate considerably. Before we can make a Bitcoin price prediction, it's helpful to know how it works.
Bitcoin's key attributes are as follows:
- Bitcoin is a decentralised digital currency.
- Transactions are verified on the blockchain.
- A finite amount of Bitcoin is released into the market through mining.
Bitcoin is a decentralised digital currency outside the control of any central bank or authority. Every Bitcoin is a secure block of data that can be sent from user to user on the peer-to-peer Bitcoin network without passing through an intermediary.
Transactions are verified by network nodes through advanced cryptography and recorded in a public distributed ledger called a blockchain. Solving this cryptography requires computers, which is where mining comes in.
Before a Bitcoin can be spent, it has to be generated through a process called mining, an activity in which people provide processing power from their computers to the distributed network that generates new blocks of data for the blockchain. As a reward, miners receive a number of Bitcoins. The total amount of possible Bitcoins is limited by design, so they are mined from a finite reserve, just like gold.
Bitcoin (BTC) price analysis
Before we can make a Bitcoin prediction or price forecast, it's crucial to bear in mind Bitcoin's finite reserve. After 21 million Bitcoins are generated, no more can be mined.
Analysis of current trends predicts that the last whole Bitcoin will be mined in the 2040s, but fractions of coins will still be awarded to miners. Once all Bitcoins are mined, the value of the cryptocurrency will depend entirely on supply and demand.
BTC's price history
The price of Bitcoin has seen many changes. In 2010, a single Bitcoin was worth less than $0.25. Over time, Bitcoin grew from an obscure tech topic into a mainstream phenomenon as businesses started to take notice.
In November of 2017, Bitcoin's price surged to over $11,000 and reached its all-time high of around $20,000 the following month. People who got into Bitcoin early and held enjoyed a massive return on their investment.
BTC technical analysis
To make Bitcoin future value predictions, we need to understand its past changes. We start with a technical analysis from that 2017 price surge to Bitcoin's price today before moving on to future predictions for Bitcoin. For comparison, this is the status of Bitcoin at the time of writing:
BTC Price in USD Today
Daily Trading Volume
Bitcoin price prediction 2017
Bitcoin had a big year in 2017. On 18 December, it reached its all-time high of around $20,000. Because Bitcoin exchanges recorded different prices, there is some discussion about whether the number was just over or under $20K.
The 2017 Bitcoin price rally is attributed mainly to speculation as the mainstream began to take notice of the cryptocurrency. Investors were rushing to ICOs, which lifted Bitcoin and other cryptocurrencies like Ethereum to record high prices. Bitcoin's cryptocurrency market cap actually dropped to around 33% due to this surge in interest on the broader cryptocurrency market, but the first crypto coin would soon regain its position.
Bitcoin price prediction 2018
After 2017, 2018 was a year of correction. Anyone making a Bitcoin price prediction for December 2018 had to take into account that there would be a backlash after the initial rush to buy Bitcoin.
Cryptocurrency began to attract criticism. There was discussion about regulation or bans by governments. The bear market drove down the price of Bitcoin in 2018 to $3,200 by mid-December.
Bitcoin price prediction 2019
After spending 2018 being mauled by the bears, Bitcoin went through a period of recuperation in 2019. The first cryptocurrency regained over 65% of market share and rose in price until June when it reached its 2019 high of $13,275.
Bitcoin (BTC) price prediction for 2020, 2021, 2025, 2030, 2040
To get an overview of future predictions for Bitcoin, we'll look at the latest views of the most famous traders, business leaders and authors in the crypto space.
Tim Draper's Bitcoin price predictions
Tim Draper is a venture capitalist known for his enthusiasm for blockchain and cryptocurrency. His prediction envisions a future in which Bitcoin occupies a full 5% of the currency market by 2023 and enjoys a price rise up to $250,000.
In an interview on 6 April 2020, Tim Draper criticised the US government's plan for economic recovery post-coronavirus. The venture capitalist thinks that this will drive up the value of Bitcoin:
This is going to be a really interesting time where people say 'well, why don't I just use Bitcoin?' I know there are only 21 million of them, and we don't have to worry about whether a government is diluting their currency by printing tons of it. We can instead just use a currency we all agree on, and it's all a part of the economy, and it's already frictionless and open and transparent and global.
Tom Lee's Bitcoin price predictions
Tom Lee is a crypto trading expert who worked at JP Morgan before co-founding Fundstrat, where he works as head of research. Lee predicts that BTC will have a surge following the Bitcoin halving event in May 2020 and quadruple in price.
Lee is known for his chart analysis of Bitcoin, and in a recent interview with Yahoo Finance, he predicted that BTC would break its 2017 record and hit an all-time high of $27,000 by the summer of 2020. Lee has been wrong before — his 2018 Bitcoin price prediction had to be adjusted down several times. However, his 2019 Bitcoin price prediction did correctly anticipate a recovery.
Willy Woo's Bitcoin price predictions
Author and trader Willy Woo made pessimistic predictions for Bitcoin in 2019 but had an optimistic forecast for 2020. This is because of the scheduled Bitcoin halving event. Halving events have previously resulted in price surges for Bitcoin, and Woo predicts that the 2020 halving could see Bitcoin hit the 5-digit-figure mark.
Max Keiser's Bitcoin price predictions
American broadcaster Max Keiser recently made a Bitcoin price prediction for 2020 in his regular financial analysis show The Keiser Report on RT. Much like Tim Draper's forecast, Keiser's predicts that BTC's value will go up during and after the coronavirus market crisis.
I predict — and this is not only the ultimate use case but the ultimate irony — that once people realise that they cannot get gold, they'll start flocking en masse into Bitcoin.
According to Keiser, a run on gold by the rich will leave Bitcoin as the most viable safe haven for many.
Speaking to Alex Jones on Infowars, Keiser quadrupled his BTC price forecast, claiming that the first cryptocurrency would surge to $400K.
I am officially raising my target for Bitcoin — and I first made this prediction when it was $1, I said this could go to $100,000 — I'm raising my official target for the first time in eight years, I'm raising it to $400,000.
Tone Vays' Bitcoin price predictions
Cryptocurrency trader Tone Vays provides almost daily Bitcoin price predictions on Twitter and isn't afraid to criticise the economic orthodoxy from Forbes and the mainstream media.
Vays has also slammed Tim Draper's predictions as "irresponsible". But Vays' own future Bitcoin price predictions are optimistic. Vays forecasts that Bitcoin will hit $50,000 in 2023.
Mike Novogratz's Bitcoin predictions
In an interview with CNBC on 2 April 2020, former Goldman Sachs partner Mike Novogratz predicted that Bitcoin should retest its $20,000 highs by the end of 2020.
The Bitcoin bull was willing to stake his reputation on this prediction, in his own words:
This is the year of Bitcoin, and if it doesn't go up now by the end of the year, I might just hang my spurs.
John McAfee's Bitcoin price predictions
Antivirus pioneer turned crypto enthusiast John McAfee pledged to eat his own penis if his BTC price prediction of 1 million USD by 2021 didn't come true. McAfee has since walked back his outrageous statement.
McAfee has also been critical of Bitcoin, such as in this Twitter post:
McAfee owns a cryptocurrency exchange for altcoins based on the Ethereum blockchain. On BTC, McAfee noted that "as a store of value and cryptocurrency, it's the standard" and that "it's still going to be worth a fortune".
Smartereum Bitcoin price prediction for 2020, 2021, 2025, 2030, 2040
An author at crypto news site Smartereum noted that, unless Bitcoin bulls could push the price over $7,500 in April, a downtrend would follow and that BTC would likely be stuck under $7,000 for the rest of 2020.
Trading Beasts Bitcoin price prediction for 2020, 2021, 2025, 2030, 2040
TradingBeasts specialises in price predictions for digital coins. TradingBeasts predicts that the average price of Bitcoin will dip in 2020, then make an impressive recovery and double by 2023. Here's what the average Bitcoin price prediction looks like in December each year:
- 2020: $5,963.504
- 2021: $6,950.157
- 2022: $9,946.854
- 2023: $12,240.761
WalletInvestor Bitcoin price prediction for 2020, 2021, 2025, 2030, 2040
WalletInvestor calls BTC a good investment and predicts that Bitcoin will reach $7935.33 in 2021 and hit $12,235.00 in 2025.
LongForecast Bitcoin price prediction for 2020, 2021, 2025, 2030, 2040
The latest end-of-year BTC price predictions from LongForecast predict that Bitcoin will drop in 2021 but rally in the following years:
- 2021: $3838-4543
- 2022: $4,128-5,123
- 2023: $11,128-12,952
DigitalCoinPrice Bitcoin price prediction for 2020, 2021, 2025, 2030, 2040
DigitalCoinPrice's forecast for December 2019 ($17,239.27) clearly missed the mark. But its latest BTC price prediction for the future remains positive:
- 2020: $15,300.08
- 2021: $17,316.07
- 2023: $22,503.92
- 2025: $15,388.04
Bitcoin (BTC) overall future value predictions
How high can Bitcoin go?
Bitcoin's value fluctuates more often than fiat currency and by much larger amounts. Although you can exchange BTC for goods and services just like other currencies, Bitcoin's potential to hugely increase in value means that many buy Bitcoin as an investment to trade on the market for a higher price than it was purchased for.
This means that Bitcoin can behave more like stocks than currency. No government can manipulate Bitcoin; only the market can determine its price. This could mean a rise back to 2017 highs and even more. It all depends on market conditions.
BTC price prediction today
At the time of writing, several factors could prove the bulls right. First, the Bitcoin halving event in May 2020 and the decrease in supply could result in a BTC price rise.
The effect of the coronavirus shouldn't be discounted. Many analysts predict that Bitcoin will become a popular asset as fiat currency becomes devalued in an economic recession.
Increased adoption of digital currencies and blockchain by central banks and financial institutions will no doubt increase interest in Bitcoin, the first cryptocurrency.
The best way to predict Bitcoin's future price is to familiarise yourself with the cryptocurrency market today. StormGain, the crypto trading platform that offers the most generous bonuses for clients, also has an educational program to prepare traders with the best information about the crypto market.
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