Since its establishment in 2009, Bitcoin has attracted the attention of everyone – from fans to investors. Bitcoin is not merely a form of currency. Still, it has developed into an innovative technology that introduced the broader public to the world of decentralised currencies and acted as a stepping stone for a new type of economy. Some people, on the other hand, are not interested in Bitcoin’s technological revolution. Instead, they see the cryptocurrency market as an excellent way to make quick money.
Whether you invest in Bitcoin because of its unique technological and economic potential or seek to make some quick earnings, a question always looms – is this the right time to invest in BTC? Well, let’s try to give you an answer!
Bitcoin’s Price History
To better understand how Bitcoin works and make better-informed decisions about whether it is worth investing, it doesn’t hurt to know how its price fluctuated over the years.
Bitcoin started trading on online exchange platforms in 2010, and it first crossed over a dollar in its value a year later. Over time, BTC’s popularity rose, with his unique blockchain-based technology gaining the attention of investors worldwide. All that led to Bitcoin reaching $1,000 in value for the first time in 2013, and fast-forward to 2017, its value reached an astonishing $20,000.
One of the main reasons why Bitcoin reached that jaw-dropping sum in 2017 was CME Group’s decision to discharge crypto futures contracts.
Bitcoin’s craze seemed to wane off in 2018 when its price plummeted to less than $4,000.
Then, a couple of years of lockdown followed, when Bitcoin reached another astonishing value — $69,000 in November 2021, following a series of futures contract launches in 2020. However, that didn’t last long as Bitcoin’s prices dropped about 65% that year due to rising interest rates. In addition, some crypto firms went bankrupt, contributing to a massive sell-off.
Shortly after, monetary policy tightening around the world due to global inflation meant that the appetite for Bitcoin returned and by January 2023, BTC’s value reached more than $20,000. What’s most surprising is that Bitcoin’s prices remained resilient even as Silvergate Bank and Signature Bank – two crypto-based banks collapsed during a banking crisis in the USA in early 2023.
Projections for 2024
Several reports by industry experts say that Bitcoin is set to reach a new record of around $88,000 throughout 2024. According to the same reports, the most popular cryptocurrency will eventually settle at $77,000 at the end of the year.
Of course, some experts will be a tad more enthusiastic, predicting that Bitcoin will reach $200,000 in 2024, but that is hard to imagine, given its history.
On the other hand, you must also be aware of the risks of BTC’s volatility. The flip side is that some pessimistic reports say that Bitcoin can fall as low as $20,000 in 2024, but we find it hard to imagine a scenario like that.
The gambling sphere is also greatly influenced by BTC. In such a volatile market, the interest in no deposit bonus codes Australia 2024 might also increase, as players always look for safe havens when they start to play at some website. These offers can help you try out the desired titles without any down payment.
Why Will Bitcoin’s Value Rise in 2024?
Based on the optimistic outlook for Bitcoin in 2024 due to the anticipated effects of the BTC Halving Event and other factors, here’s a consolidated list of reasons supporting the prediction of Bitcoin reaching new heights:
- BTC Halving Event in April 2024: The event reduces the reward for mining Bitcoin from 6.25 to 3.125 bitcoins, effectively decreasing the supply of new bitcoins entering the market.
- Reduced BTC Supply: The halving leads to a reduced pace at which new bitcoins are created, tightening supply, which can lead to price increases if demand remains constant or grows.
- Historical Precedent: Past halving events have often been followed by substantial increases in Bitcoin’s price, suggesting a potential repeat of this pattern after the April 2024 halving.
- Increased Corporate Interest: Major companies and investors are growing in Bitcoin, indicating a rise in institutional demand that could increase prices.
- Approval of Bitcoin ETFs: The US Securities and Exchange Commission’s approval of 11 Bitcoin Exchange-Traded Funds makes it easier for individual investors to trade Bitcoin on stock exchanges, likely boosting demand in the US, a significant market for Bitcoin.
- Accessibility for Individual Investors: The introduction of Bitcoin ETFs simplifies the process of investing in Bitcoin for individual investors, potentially increasing the number of participants in the market.
The Bull Case
Moving on, the bullish future of Bitcoin may depend on the lack of traditional banking frameworks around the globe. It is no secret that the global economy faces serious issues, with several bank failures in 2023.
If the same failures continue in 2024, governments may be forced to provide stimulus or print more money. This would then result in the devaluing of national currencies, plummeting Bitcoin’s popularity for investment.
What Does the Long-Term Future Hold?
Well, even though the short-term BTC future seems promising enough for you to invest right now, there is little we can predict regarding the years ahead of us.
Some experts believe that all cryptocurrencies are just a speculative bubble that can only see temporary price boosts. That is not sustainable in the long term, as the medium to long-term future will collapse the crypto world.
Nonetheless, we sit on the opposite side of the fence. Bitcoin has existed since 2009, and there will always be price fluctuations due to its unregulated nature. Still, this cryptocurrency has endured the test of time, a good indicator for the years ahead.
Bitcoin’s momentum seems to have never been stronger, and it is all good news for all potential investors. The halving event approaches, and seeing Bitcoin’s value double in the next few months is not out of the question.
This means that instead of considering Bitcoin a short-term investment that can secure you some quick bucks, you ought to consider it a long-term investment that can diversify your portfolio.
Bitcoin can potentially climb to more than $120,000 in 2025 and even over $300,000 by 2030, so that should be enough to answer your question about whether now is the right time to invest in Bitcoin!