How High Will Bitcoin’s Price Climb?
Bitcoin has been the trending topic in the past couple of weeks as it continues breaking records and sky-rocketing in value. Millions of people use this cryptocurrency to make money and become overnight wealthy people, but they also use it as their main payment method because it has tons of advantages over the FIAT currencies.
A certain level of anonymity, instant transactions, low international fees, and no hidden or added fees implied by the banks are just a few of those advantages. By using Bitcoin and escaping these fees, people actually save money when trading with this cryptocurrency.
Recently, Bitcoin managed to smash the 2017 record in value as it topped $20,000 in value, but from what we can see, it doesn’t plan on stopping anytime soon. We wanted to take a look at Bitcoin’s case and see how high can its price go. We are also going to remind everyone of the 2017 record and get familiar with the process of earning Bitcoin. Let’s begin breaking down this topic.
How Do People Earn Bitcoin?
The way to earn Bitcoin is through mining. Mining is a process that requires miners to record and verify every transaction made with this cryptocurrency. Of course, this is not as simple as it seems because miners are required to solve puzzles in order to earn Bitcoins. Each recorded transaction is called a block, while the log that contains all transactions is called a blockchain.
After miners earn Bitcoins, comes the second hard part – selling them. The process of selling may not be as hard as determining when to sell them. As you know, Bitcoin has a very high volatility rate, meaning that its price fluctuates and changes daily, thus making it hard for miners to earn the highest possible profit.
In times like these, many of them turn to the experts which can do the hard work for them and determine when's the best time to sell their Bitcoins. These experts are trading sites which use AI-powered systems that can determine the future price of Bitcoin with huge precision. One of the most reputable sites of this character is the-bitcoinfuture.org/. This platform has thousands of users and has a huge daily profitability rate.
The AI system takes all of the available information about Bitcoin and determines whether you should sell your Bitcoins now or wait a bit and make a bigger profit.
Now, let’s check out how much Bitcoin’s value can climb.
Current State and Potential
At the moment, the price for 1 Bitcoin is a little over $31,000, which is huge and continues to make history. The spike in value is what made this cryptocurrency a global trending topic. Bitcoin’s popularity, stability, recently recorded second-lowest volatility rate, and the stable hash rate led it to rise again and beat the 2017 record value.
But, even though we are witnessing history, many experts believe that Bitcoin climb to the top is far from over. Not only do they believe that the value will keep rising, but they believe that it can go as high as $50,000, which is crazy.
Some of them stated this at the beginning of 2020, but many traders thought that Bitcoin can't climb that high, but from what we can see now, that milestone is in our grasp. To be honest, it was only a matter of time before Bitcoin spiked again. After all, after its price plunged in late-2017, Bitcoin spent the whole of 2018 and most of 2019 trying to stabilize itself. It managed to do so in 2020, and we are very excited to see whether it will achieve the aforementioned historical value.
Since we mentioned 2017 quite a few times in this article, it is only right to give you more insight into the events that year. 2017 was a ground-breaking year for Bitcoin. In this period, Bitcoin's price was climbing with each passing day, recorded its lowest volatility rate ever (the second-lowest was in 2020, several months before reaching $20,000), and peaked on December 27. On this day, Bitcoin reached a value of over $19,000 and made history.
But, thanks to its high volatility and the fact that it wasn’t as stable then as it is now, it plunged in 2 days and spent the next year and a half trying to go back to normal.
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