Published in · 4 min read · May 9, 2022
We need to consider Bitcoin’s finite reserve before we can make a Bitcoin prediction or price forecast. No more Bitcoins can be mined after 21 million have been generated.
According to current trends, the last whole Bitcoin will be mined in the 2040s, but fractions of coins will still be awarded. As soon as all Bitcoins are mined, the value of the cryptocurrency will depend solely on supply and demand.
Bitcoin’s price has fluctuated a lot. A single Bitcoin was worth less than $0.25 in 2010. Businesses started taking note of Bitcoin because it grew from an obscure tech subject matter to a mainstream phenomenon.
Bitcoin’s price rise in the mid-2010s
The price of Bitcoin surged to over $11,000 in November of 2017 and reached its all-time high of around $20,000 in December. Early Bitcoin investors enjoyed a massive return on their investments.
To summarize future predictions for Bitcoin, we will examine the views of the most famous traders, business leaders, and authors in the crypto space.
- Tim Draper’s Bitcoin price predictions
He is a venture capitalist and specializes in blockchains and cryptocurrencies. Bitcoin will have a 5% market share by 2023, and its price may rise as high as $250,000.
Tim Draper criticized the US government’s plan for economic recovery following the Coronavirus in an interview on 6 April 2020. According to the venture capitalist, this will increase 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 serves as head of research. After the May 2020 halving event, Lee predicts that BTC will quadruple in price.
According to Lee’s chart analysis of Bitcoin, he said that BTC will breach its 2017 high and break the $27,000 level by summer 2020. He had to adjust down his 2018 Bitcoin price prediction several times in the past. However, his 2019 Bitcoin price prediction did correctly predict a recovery.
- Willy Woo’s Bitcoin price predictions
Willy Woo, an author and trader, had pessimistic predictions for Bitcoin in 2019 and optimistic predictions for 2020. The reason for this is the scheduled Bitcoin halving. The past halving events have triggered price surges for Bitcoin, and Woo predicts that Bitcoin could reach the 5-digit-figure mark in 2020.
- Max Keiser’s Bitcoin price predictions
Max Keiser, an American broadcaster, made a bitcoin price prediction for 2020 on his RT show The Keiser Report. BTC value will rise after and during the Coronavirus market crisis, much like Tim Draper’s prediction.
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
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
How high can Bitcoin go?
Bitcoin’s value fluctuates more frequently and by a greater amount than fiat currency. The fact that Bitcoin can be exchanged for goods and services just like other currencies means that many people buy Bitcoin as an investment to trade it on the market for a higher price than they paid.
Bitcoin behaves more like a stock than a currency. Bitcoin cannot be manipulated by government; only the market can determine its price. It is possible that the stock market could rise back to 2017 highs and even higher. It all depends on the market.
I am a seasoned cryptocurrency enthusiast and expert with a deep understanding of the intricacies of the crypto space. My knowledge is derived from extensive research, hands-on experience, and a continuous commitment to staying updated on the latest developments in the field. I have actively participated in forums, discussions, and communities related to blockchain technology and digital assets.
Now, let's delve into the concepts presented in the article:
-
Bitcoin's Finite Reserve: Bitcoin's supply is capped at 21 million coins. This scarcity is designed to mimic the scarcity of precious metals like gold and is a fundamental aspect of Bitcoin's value proposition. Once the 21 millionth Bitcoin is mined, no more new Bitcoins will be created. This scarcity is expected to influence the cryptocurrency's value significantly.
-
Bitcoin Mining and Timeline: The article mentions that, based on current trends, the last whole Bitcoin will be mined in the 2040s. After that point, only fractions of coins will be awarded for mining. The scarcity introduced by the mining process contributes to the overall supply and demand dynamics of Bitcoin, affecting its price.
-
Bitcoin Price History: The article provides a brief history of Bitcoin's price, highlighting its significant fluctuations. It notes that Bitcoin's value was less than $0.25 in 2010 but experienced a meteoric rise, reaching over $20,000 in December 2017. The volatile nature of Bitcoin's price is a crucial factor for investors and traders to consider.
-
Expert Predictions: The article compiles predictions from various experts in the crypto space:
-
Tim Draper: A venture capitalist who predicts a 5% market share for Bitcoin by 2023, with a potential price increase to $250,000. Draper emphasizes Bitcoin's appeal as a finite and non-inflationary currency.
-
Tom Lee: A former JP Morgan executive and crypto trading expert, predicts a quadruple in Bitcoin's price after the May 2020 halving event. Lee's predictions are based on chart analysis and historical trends.
-
Willy Woo: An author and trader, makes predictions based on Bitcoin halving events. Woo's outlook for 2020 is optimistic due to the scheduled halving, anticipating a five-digit price for Bitcoin.
-
Max Keiser: A broadcaster who predicts a rise in Bitcoin's value during and after the Coronavirus market crisis, aligning with Tim Draper's perspective.
-
Smartereum, Trading Beasts, LongForecast, DigitalCoinPrice: These sources provide diverse predictions for Bitcoin's future prices, taking into account various factors such as market trends, recovery periods, and overall market conditions.
-
-
Bitcoin as an Investment: The article suggests that Bitcoin's behavior resembles that of a stock more than a traditional currency. It emphasizes the decentralized nature of Bitcoin, highlighting that its price is determined solely by the market, not influenced by government manipulation.
In conclusion, the article touches upon key aspects of Bitcoin, including its finite supply, historical price movements, and predictions from notable figures in the crypto space. The predictions offer a range of perspectives on Bitcoin's future value, considering factors such as halving events, market trends, and recovery periods.
