It goes without saying that Bitcoin changed the way we look at currencies and online payment. Thanks to this currency that is fully optimized for online use, people got to experience numerous benefits that they did not have with all of the other available methods (credit/debit cards, PayPal, etc.).

Some of those benefits/advantages include anonymity, instant transactions, no hidden charges, and no added fees. Since Bitcoin is not regulated by any authority, traders skip the middlemen who charge added fees for transactions and thus, save money in the process. A fee is only used on international transactions, but it is far lower than the one of the other payment methods.

One of the topics that have been popular in the past couple of months is whether Bitcoin’s value will peak again. Some indicators have popped up recently and they got experts believing that we may see another uprising in this cryptocurrency’s value. With that thought in mind, we decided to analyze the situation a bit and take a look at all the details. Let’s start from the beginning.

The Rise of Bitcoin

To this day, Bitcoin’s creator is unknown to the public. We only know him as Satoshi Nakamoto. He created this cryptocurrency back in 2008. During its first year, the new payment method was unknown to the public.

The first transaction with it was made in 2009 when the cyberpunk Hal Finney received the first-ever Bitcoin. After early proof-of-concept transactions, Bitcoin was primarily used on the black market. After all, the cryptocurrency was deemed illegal in all parts of the world. In 2012, Bitcoin started noticing a rise in its value.

In the period between 2013-2014, the cryptocurrency gained a massive spike in value, after it raised from $13.30 in 2013 to $770 in 2014. This is when traders from all around the world became wildly interested in this new type of payment.

Bitcoin’s Peak

After Bitcoin gained global attention, things started going up. Each day, many people around the world started using this cryptocurrency and were looking for ways to mine it and make a profit out of it. Many trustworthy sites where people can trade their Bitcoins started operating. One of those sites is Bitcoin Champion, a site that is well-known and reputable to this day. Thanks to these platforms, many traders were able to earn insane amounts of money.

2017 was the year when Bitcoin made history. After gaining mass popularity, millions of people saw an opportunity to make an insane profit in the shortest of time. The market was overflown and the price for 1 Bitcoin started going up and it didn’t slow down.

On December 27, 2017, Bitcoin reached its peak after it hit a value of over $19,000, but only to plunge in a matter of days. After the wild uprising, Bitcoin’s price started to go down and turbulent times were on the way.

Turbulent Times

The cryptocurrency spent the whole of 2018 trying to go back to normal. After the market plunged, Bitcoin’s value kept going down, which is logical. After a thing or a product reaches its peak in a matter of days, it is only natural that it will fall with the same speed as it was brought to the top.

After having a wild 2018, the price for 1 Bitcoin was less than $6,000 which is more than 3 times less than its peak. But, after spending more than a year and a half in the shadows, Bitcoin finally started to stabilize in 2019. 2020 was the year when its price started going up again.

What do the Experts Say?

Many experts believe that not only will Bitcoin have another spike in value, but it will also top the record from 2017. Several indicators have led them to believe this claim. First of all, the institutional interest in this cryptocurrency is far greater than before. Not only did some countries legalized Bitcoin, but they are already trading with it. The institutional interest combined with its popularity and knowledge from past mistakes makes Bitcoin the most stable cryptocurrency on the market.

Furthermore, a couple of months ago, Bitcoin recorded its second-lowest volatility rate in history. If you are guessing what is the first one, it was in 2017, shortly before reaching its peak. Bitcoin typically experiences low volatility just before its value starts to go up. The hash rate also deserves a mention. It measures Bitcoin's computing power. After plunging in 2018, Bitcoin's hash rate has had a rather stable hash rate in the past period, which is proof of its stability. Bitcoin is also getting scarcer.

All of these factors combined lead the experts to believe that Bitcoin will reach another peak, very soon. Most of them believe that the value of 1 Bitcoin will probably top $20,000 and set a new record.

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