Bitcoin Price Prediction 2023: Will BTC Price Rise Above $30K?
Bitcoin, the largest crypto by market cap, witnessed dire days in the past visiting the lows below $16,000. While many speculated that the price would fall to $10,000, the star crypto showed an amazing recovery, rising by almost 100%. Volume has also increased significantly due to the platform remaining very active, which affected the volatility of the asset.
The price rally was driven in the early days of 2023 as sentiment reversed after experiencing an extended bearish action. Moreover, the recent turmoil in the US banking system also fueled the rally to a large extent. The BTC price recorded its biggest single day jump of more than $1500 and is currently holding above the achieved levels.
While the current conditions suggest the possibility of a bearish breakout, the BTC price may tend to renew the bullish trend soon. With a rebound, the price is expected to rise above $30,000 and close the quarter trading on a bullish note.
Bitcoin – A dive into history
- Bitcoin, the very first crypto in the market, was first introduced by an anonymous person or group of people called ‘Satoshi Nakamoto’ who published the white paper on October 31, 2008.
- Furthermore, in 2011, the Bitcoin price rose above $1 for the first time and also reached $10. The price of MT. Gox exchange hit $30 and rose more than 100 times throughout the year
- In 2012, Bitcoin underwent the first halving event where rewards were cut from 50 to 25 BTC
- In 2013, EFF started accepting BTC which increased the price by 6600% to reach $250 which further rose high and reached first ATH of $1100. The market cap also exceeded $1 billion for the first time.
- The token underwent the second halving in 2016 and the rewards were further cut to 12.5 BTC. Furthermore, in 2017, the price set off a remarkable bull run, rising close to $20,000, a 20x increase in less than 12 months.
- The BTC price further maintained a narrow trend throughout 2018-19 and marked the bottom in the Q1 2020 record where a remarkable upswing was highlighted.
- The price kick-started the rally since Q4 2020 and rose extremely high to mark a new ATH of around $69,000.
- After staying within a bearish trend throughout 2022, the price has started a slight upswing since the beginning of 2023. It is therefore expected to maintain a noticeable upswing going forward
Bitcoin Price Prediction 2023
Bitcoin price has ignited a solid rally since the beginning of the year and has maintained an upward trend despite bearish interference. Therefore, the price is expected to close Q1 trading around $28,800 and rise above $29,000 during the first days of Q2. However, the bears are expected to hinder the progress of the rally and thus the price is expected to close the annual trade between $34,500 to $35,300, which can also be extended to $38,000.
Bitcoin Price Prediction 2024
The price is expected to sustain a noticeable rally in the second half of 2023 and trigger a noticeable rally thereafter. The rally can further be transformed into a bull run as the bulls that have gathered strength for over a couple of years can start to use their strength. The price could rise above $50,000 initially and mark new highs in the first half of the year. However, by the end of 2024, the price is expected to rise sharply beyond today’s highs to form a new ATH of around $78,000 to $82,000
Bitcoin Price Prediction 2025 to 2030
The BTC price is expected to rise above $90,000 in the first weeks of 2025, and before it reaches $100K it could fall hard and ignite a bearish market. The downtrend is believed to cut the price by more than 50% to 60% and mark the bottom around the current levels. However, the price may lead to a noticeable rise in 2026 which can be carried over into 2027.
The price could further strengthen the recovery in 2028, which could flash the possibility of another bull run sometime in late 2028 or early 2029. The bull run could achieve the milestone of the star crypt to reach $100,000 beyond which the bears could take over until the end of 2030.
Final thought
Bitcoin has been largely bullish since its inception and recently registered as the highest returning asset relatively speaking. The token has withstood several bearish markets and is therefore believed to have significant strength even if the price maintains a steep downward trend. Therefore, one can consider Bitcoin as a better investment option provided he has done extensive research on the crypto markets, their workings and the risks involved.
