Bitcoin Price Prediction: BTC to Remain Below $20,000 By the End of 2022
Bitcoin Price Prediction: The current momentum of Bitcoin is Bearish. BTC is predicted to remain below $20,000 by the end of 2022.
Read on for more detailed information on Bitcoin and its future price analysis.
Bitcoin Live Price
Bitcoin is a cryptocurrency designed to serve the purpose of the fiat currency but by eliminating the centralized control known as banks. Bitcoin was introduced to the public in 2009 by an anonymous developer, Satoshi Nakamoto.
Here are a few facts about Bitcoin:
- Bitcoin was initially released as a peer-to-peer payment method and does not have any central authority.
- It uses the concept of proof of work to reward its members. The lifespan of Bitcoin (BTC) has been the longest of any cryptocurrency.
- The Bitcoin ledger is public and any person can store it on their computer. Anyone can create a Bitcoin token and can be transferred to any of the wallets however, the owners of bitcoin addresses cannot be identified, but any Bitcoin transaction made can be accessed by anyone, anywhere.
- No approval is required for the completion of a Bitcoin transaction. It is done by the network itself without the interference of any third-party system.
- It is a limited resource of 21 Million Coins of which 19.1 Million are in supply.
- Since its creation, Bitcoin has held the top rank in terms of market capitalization.
How Does Bitcoin Work?
Bitcoin is the world’s first blockchian which serves as a virtual currency and can serve the purpose of the Fiat Currency in many cases.
Unlike the traditional transaction involving a fiat currency where a centralized banking system plays the role of keeping the records of each transaction, Bitcoin transactions are recorded in a public ledger which can be accessed by anyone in any part of the world.
The working of Bitcoin depends on two factors, Nodes, and Miners.
Nodes is the term used for Bitcoin servers which can be set up by anyone with a spare computer. For any transaction to be completed a consensus mechanism is involved which takes place cryptographically across these nodes. The nodes eliminate the centralized source like a bank.
Once the transaction is completed and shared publicly from node to node, the role of Miners is then realized. The miners collect these publicly shared transactions into a group called a block and add them to the blockchain network. Once added the transaction is completely completed.
Bitcoin Price Prediction: Adoption of Bitcoin
Bitcoin has delivered positive returns for most of the last 10 years. Due to this reason, the adoption of Bitcoin as an alternative medium of payment has been very high. Many well-known companies have adopted Bitcoin as one of their payment medium, few countries have even adopted Bitcoin as a legal tender.
A few the well-known companies accepting Bitcoin payments are:
- Home Depot
- Gyft, etc.
Apart from these companies, Visa uses bitcoin for transactions. The larger banks have started incorporating bitcoin transactions into their services as well. Countries like El Salvador have legalized Bitcoin as a legal tender. due to its growing adoption, Bitcoin is the most valuable cryptocurrency.
What are the Factors Influencing the Price of Bitcoin?
- Bitcoin Adoption
- Inclusion in mainstream ETFs
- Supply of BTC from Miners (Lower)
- Cost of producing a Bitcoin
- BTC Domination (Higher)
- Cryptocurrency related news
Crypto news from around the world has affected the price of Bitcoin widely. Any good news about crypto like their adoption, or increased interest of the investors has led to a surge in the price of Bitcoin. At the same time any news regarding the ban of crypto in any country, and regulation against cryptocurrencies have led to a Bitcoin price crash.
Non-crypto news has also played a very important role in the price movement of Bitcoin. In early this year, Russia attacked Ukraine, this event turned out to be a Waterloo for Cryptocurrencies. Along with it recently US Fed hiked the interest rate, and this hike in interest rate led to the crash of the crypto market. Bitcoin price tumbled after the rate hike.
Bitcoin Price Prediction 2022, 2023, 2025, and 2030
Bitcoin Price Prediction 2022 is $19,480.
Bitcoin Price Prediction 2023 is $22,431.
Bitcoin Price Prediction 2025 is $33,500.
Bitcoin Price Prediction 2030 is $59,000.
Bitcoin Price Prediction: How to Buy?
- The first step to buy Bitcoin is Finding the Exchange where Bitcoin is listed
- In the second step, an account with the Exchange should be created
- Next, Verify your identity with the exchange
- The final step is to Fund the Wallet and Make the Purchase.
Bitcoin is available for purchase on almost all exchanges. Here are a few notable exchanges offering Bitcoin for trade: