Bitcoin Price Prediction, will BTC’s price hit $46158.33?
Bitcoin’s price at the same time last week was $37489.30. It has moved by 1.58 % in the past week and is currently at $37,707. Infact, in the past 24 hours, BTC has pumped by 2.19 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and BTC could hit $34898.25 in 2024.
The total circulating supply of Bitcoin as of writing this article was $19,555,475 and the marketcap of BTC remains at $735,227,611,862
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
Bitcoin (BTC): An overview
The rationale behind Bitcoin (BTC) sprung from the need for an electronic payment system based on cryptographic proof instead of trust. This transition would allow any two willing parties to transact directly with each other without the need for a trusted third party.
Unlike traditional currencies, BTC is neither issued by a central bank nor backed by any government. Thus making the king coin independent and away from plausible manipulations from the authorities.
In essence, it's a virtual currency developed to act as money and a form of payment outside the control of any one person, group, or entity.
How does Bitcoin work?
At its core, Bitcoin uses a decentralized ledger called a blockchain to record all transactions. Let's break down how it works:
A blockchain is basically a chain of blocks, where each block contains or holds a list of transactions. Once a block is added to the blockchain, it's nearly impossible to change. This ensures that once a transaction is confirmed, it can't easily be reversed or altered.
Bitcoin uses the SHA-256 hashing algorithm to encrypt the data stored in the blocks on the blockchain. Simply put, transaction data stored in a block is encrypted into a 256-bit hexadecimal number. That number contains all of the transaction data and information linked to the blocks before that block.
Consensus algorithm (Proof-of-Work)
For transactions to be added to the blockchain, they need to be confirmed by the network. This is done by miners through a process called mining.
PoW requires participants, called miners, to solve intricate mathematical challenges to confirm and log transactions on the blockchain. These problems require significant computational power to solve but are easy for others to verify.
When a miner successfully solves the problem, they present the solution to the rest of the network. If accepted, a new block is added to the blockchain.
PoW ensures security and prevents double-spending by making it computationally costly to attack the network. Over time, the difficulty of these problems adjusts, ensuring consistent block generation times.
Supply and block rewards
To incentivize mining, miners receive a reward in the form of newly generated ("minted") bitcoins whenever they successfully append a block to the blockchain. This compensation is known as the block reward. When Bitcoin was introduced in the year 2009, the reward was set at 50 BTC.
However, Bitcoin has a fixed supply cap of 21 million coins. To ensure that these coins aren't all minted too quickly, the block reward is periodically reduced. As of September 2023, 19.49 million Bitcoins are in circulation.
The mechanism that reduces the block reward is called "halving." Every 210,000 blocks, or roughly every four years, the block reward is cut in half.
- 1st halving (2012): 50 BTC -> 25 BTC
- 2nd halving (2016): 25 BTC -> 12.5 BTC
- 3rd halving (2020): 12.5 BTC -> 6.25 BTC
... and so on, until the block reward approaches zero. The next halving is expected to happen between March and May 2024, around block 840,000.
Once all 21 million bitcoins have been mined (expected around the year 2140), miners will no longer receive block rewards and will only earn from transaction fees.
The halving events are significant because they reduce the rate at which new BTCs are introduced into the economy. This built-in scarcity mechanism is one of the reasons why many people consider Bitcoin to be a store of value, similar to gold.
Bitcoin's divisibility is one of its key features, enabling its use in microtransactions and ensuring its usability even if its value rises dramatically. A single Bitcoin can be subdivided into 100,000,000 smaller units, referred to as "satoshis," named after its creator, Satoshi Nakamoto.
Here's a breakdown of Bitcoin's divisibility:
- 1 Bitcoin (BTC) = 100,000,000 satoshis
- 1 mBTC (milliBitcoin) = 100,000 satoshis = 0.001 BTC
- 1 μBTC (microBitcoin or "bit") = 100 satoshis = 0.000001 BTC
- 1 satoshi = 0.00000001 BTC
Bitcoin's journey is a fascinating tale of technological innovation, financial disruption, and societal evolution. Since its inception, it has experienced meteoric rises, notable declines, regulatory challenges, and significant technological developments.
It has become the most well-known cryptocurrency in the world. Even so, the coin's characteristics had set the foundation for the development of many other cryptos. Today, BTC's benefits are well-regarded in some countries, so much so that they've declared it as the official currency.
Here's a brief overview of Bitcoin's journey:
2008: The story begins with the release of a whitepaper named "Bitcoin: A Peer-to-Peer Electronic Cash System" by an entity or individuals going by the alias Satoshi Nakamoto. This paper introduced the concept of a decentralized digital currency that doesn't require a central authority or intermediaries.
2009: On January 3, Satoshi Nakamoto mined the inaugural block of the Bitcoin blockchain, termed the "genesis block." By January 12, the first-ever Bitcoin transaction occurred when Satoshi transferred 10 BTC to Hal Finney.
2010: The first recorded purchase using Bitcoin was made by Laszlo Hanyecz, who bought two pizzas for 10,000 BTC. This event is commemorated annually as "Bitcoin Pizza Day." Later this year, Bitcoin exchanges started to emerge.
2011: As Bitcoin's popularity grew, the first alternative cryptocurrencies (often termed "altcoins") began to emerge, with Litecoin (LTC) being one of the most notable.
2013: Bitcoin surpassed the $1,000 mark for the first time. However, this was also a period of volatility, partly because of regulatory concerns and high-profile incidents like the Mt. Gox exchange hack.
2014: Formerly the world's leading Bitcoin exchange, Mt. Gox, declared bankruptcy following multiple security breaches and purported misappropriation of funds. This event caused a significant drop in Bitcoin's price.
2017: Bitcoin began the year under $1,000 and finished around $20,000, drawing significant mainstream attention. This year also saw the rise of Initial Coin Offerings (ICOs) as a fundraising mechanism. By the end of the year, the CME Group and the CBOE started offering Bitcoin futures.
2018: After the exhilarating highs of 2017, Bitcoin faced a stark downturn, ushering in the "crypto winter" of 2018-2019. During this phase, BTC's value dipped by approximately 84%.
This decline, shaped by regulatory challenges and shifts in market sentiment, wiped out substantial gains. It sowed widespread skepticism, testing the previously buoyant optimism about the future of cryptocurrencies.
2020: Companies like MicroStrategy began investing significant portions of their treasuries in Bitcoin. The currency again began to garner attention and regained its 2017 highs by December.
2021: Bitcoin reached new all-time highs in 2021, crossing $60,000. However, with increased attention came increased regulatory scrutiny.
2022: In 2022, the cryptocurrency market faced another pronounced bear market, marked by steep declines in Bitcoin's value from its record highs. This downturn was precipitated by growing environmental apprehensions about Bitcoin's energy use, notably amplified by influencers like Elon Musk.
Bitcoin (BTC) Price Analysis
Throughout the span from September 2022 to September 2023, the BTC weekly chart exhibited characteristics that gave investors and traders a roller-coaster experience. Initially beginning its journey under bearish influence, the digital currency showed resilience, with bullish elements making a possible comeback. At the time of writing, BTC was trading at $27,143.53.
BTC Weekly Chart
From September to November 2022, the cryptocurrency endeavored to challenge a resistance level of $21,761.35. Its inability to do so led to a downward spiral, culminating in a drop to its annual lowest support at $16,298.45 by the close of 2022.
This descent, however, was not a permanent setback. The year 2023 ushered in renewed bullish vigor. BTC started posting higher highs and higher lows, breaking past its prior resistance levels of $21,761.35 and $25,761.75, transforming them into support levels.
However, around March 2023, the momentum eased, resulting in a consolidation phase where the coin oscillated primarily within the $25,000 to $30,000 range. This phase culminated in the establishment of a new peak resistance at $30,708.48, which BTC has yet to surpass.
An intriguing observation was the volume trend. It remained substantially elevated up to March 2023. After that, a marked decline was evident, maintaining a reduced state towards the end of the studied period. Several contributing factors can be attributed to this volume shift:
- The proactive measures taken by the U.S. Federal Reserve to counter inflation led to a heightened demand for USD, inflating the DXY index. This incentivized Bitcoin investors to liquidate their positions into USD-backed stablecoins.
- A waning interest among day traders was discernible. Numerous retail traders vacated exchanges, and some market participants even truncated their trading durations.
Despite volume declines, BTC's adoption showcased a positive trajectory. The increasing number of BTC addresses was a testament to its growing global acceptance.
The Exponential Moving Averages (EMAs) depicted significant crossovers. The BTC price breached the 20 EMA in January 2023, yet it couldn't surpass the 50 EMA until March of the same year. A bullish signal was evident in May 2023 when the 20 EMA crossed above the 50 EMA. However, a reversal was witnessed in mid-August, with the price dipping below both EMAs.
The Relative Strength Index (RSI) exhibited a strong correlation with the price action. As BTC soared, the RSI climbed, peaking at 69.42 in April 2023. A subsequent decline was observed, with the RSI dropping to 51.63 in June and further plummeting below the midpoint in August to 44.87 by September. Nonetheless, a mild recovery is currently underway, with the RSI hovering around 50.08.
Should you consider buying BTC?
Drawing insights from the above indicators, BTC has displayed resilience and potential for growth. The EMAs indicate a temporary bearish phase, but the RSI suggests a neutral stance with the potential for an upward swing.
For traders eyeing an entry point, the buying range between $19,500 to $22,600 is likely to offer an attractive proposition, considering the coin's historical performance and current support levels.
Bitcoin Price Prediction
Bitcoin has had an eventful 2021. To simplify the latest BTC price prediction, we have divided up the prediction by short term Bitcoin price prediction and long term Bitcoin price prediction. As of writing this article, BTC had a trading volume of 16,382,481,882. Bitcoin has gone up by 9.34% in the past 30 days.
According to our analysis in the short term, Bitcoin price prediction for January 2024 shows the average price of BTC at 29081.87 and the highest possible price for January 2024 would be $31117.60.
Further, according to our analysis in the long term, Bitcoin price prediction for May 2024 shows the average price of BTC at 32217.30 and the highest possible price for May 2024 would be $34472.51.
Bitcoin's Short Term Price Prediction
|Date||Avg Price||Lowest Price||Highest Price|
|29 November 2023||$37728.68||$35087.67||$40369.69|
|30 November 2023||$37866.32||$35215.67||$40516.96|
|1 December 2023||$37815.82||$35168.71||$40462.93|
|2 December 2023||$37792.58||$35147.10||$40438.06|
|7 December 2023||$38029.70||$35367.62||$40691.77|
|12 December 2023||$38187.87||$35514.72||$40861.02|
|22 December 2023||$38383.34||$35696.51||$41070.18|
Bitcoin price prediction 29 November 2023: Bitcoin's price for 29 November 2023 according to our analysis should range between $35087.67 to $40369.69 and the average price of BTC should be around $37728.68.
Bitcoin price prediction 30 November 2023: Bitcoin's price for 30 November 2023 according to our analysis should range between $35215.67 to $40516.96 and the average price of BTC should be around $37866.32.
Bitcoin price prediction 1 December 2023: Bitcoin's price for 1 December 2023 according to our analysis should range between $35168.71 to $40462.93 and the average price of BTC should be around $37815.82.
Bitcoin price prediction 2 December 2023: Bitcoin's price for 2 December 2023 according to our analysis should range between $35147.10 to $40438.06 and the average price of BTC should be around $37792.58.
Bitcoin price prediction 7 December 2023: Bitcoin's price for 7 December 2023 according to our analysis should range between $35367.62 to $40691.77 and the average price of BTC should be around $38029.70.
Bitcoin price prediction 12 December 2023: Bitcoin's price for 12 December 2023 according to our analysis should range between $35514.72 to $40861.02 and the average price of BTC should be around $38187.87.
Bitcoin price prediction 22 December 2023: Bitcoin's price for 22 December 2023 according to our analysis should range between $35696.51 to $41070.18 and the average price of BTC should be around $38383.34.
Bitcoin's Long Term Price Prediction
Bitcoin’s long term Price Prediction below is a look at BTC’s future prospect with regards to price. Bitcoin was last seen at $37,707, with a market cap of $735,227,611,862 and trading volumes of $16,382,481,882. BTC’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
Bitcoin price prediction 2023: Bitcoin's price for 2023 according to our analysis should range between $30772.22 to $46158.33 and the average price of BTC should be around $38465.27.
Bitcoin price prediction 2024: Bitcoin's price for 2024 according to our analysis should range between $23265.50 to $34898.25 and the average price of BTC should be around $29081.87.
Bitcoin price prediction 2025: Bitcoin's price for 2025 according to our analysis should range between $30790.51 to $46185.77 and the average price of BTC should be around $38488.14.
Bitcoin price prediction 2026: Bitcoin's price for 2026 according to our analysis should range between $40749.42 to $61124.14 and the average price of BTC should be around $50936.78.
Bitcoin price prediction 2027: Bitcoin's price for 2027 according to our analysis should range between $53929.45 to $80894.18 and the average price of BTC should be around $67411.82.
Bitcoin price prediction 2028: Bitcoin's price for 2028 according to our analysis should range between $71372.45 to $107058.67 and the average price of BTC should be around $89215.56.
Bitcoin price prediction 2029: Bitcoin's price for 2029 according to our analysis should range between $94457.22 to $141685.82 and the average price of BTC should be around $118071.52.
Bitcoin price prediction 2030: Bitcoin's price for 2030 according to our analysis should range between $125008.54 to $187512.82 and the average price of BTC should be around $156260.68.
Bitcoin price prediction 2031: Bitcoin's price for 2031 according to our analysis should range between $165441.42 to $248162.13 and the average price of BTC should be around $206801.78.
Bitcoin price prediction 2032: Bitcoin's price for 2032 according to our analysis should range between $218951.94 to $328427.92 and the average price of BTC should be around $273689.93.
Bitcoin price prediction 2033: Bitcoin's price for 2033 according to our analysis should range between $289769.96 to $434654.94 and the average price of BTC should be around $362212.45.
Top Coins Price Predictions
A Historical look at Bitcoin, BTC’s price
FAQs about Bitcoin
Bitcoin’s current price is $37,707 and witnessed a 2.19% increase in the past 24 hours. BTC/BTC pair saw a 0% increase in the past 24 hours
Investing in Bitcoin, BTC will purely depend on your personal risk appetite. As you can see over the past 24 hours Bitcoin’s price has witnessed a 2.19% increase and over the past 30 days Bitcoin has increase by 9.34%. So it all depends on if this investment will hit your trading goals.
According to our latest Bitcoin Price prediction for 2023, BTC should vary between $46158.33 and $30772.22. Please keep in mind that the crypto market is very volatile and this Bitcoin price prediction does not account for extreme wild swings in price.
As per the Bitcoin price prediction 2023 model above, BTC’s price for November 2023 should range between $30772.22 to $46158.33 with the average price for November being $38465.27
According to the Bitcoin Price Prediction model above, BTC’s price in 2024 would be $29081.87. This price would however would range from $34898.25 and $23265.50.
According to the Bitcoin Price Prediction model above, BTC’s price in 2025 would be $38488.14. This price would however would range from $46185.77 and $30790.51.
According to the Bitcoin Price Prediction model above, BTC’s price in 2026 would be $50936.78. This price would however would range from $61124.14 and $40749.42.
According to the Bitcoin Price Prediction model above, BTC’s price in 2027 would be $67411.82. This price would however would range from $80894.18 and $53929.45.
According to the Bitcoin Price Prediction model above, BTC’s price in 2028 would be $89215.56. This price would however would range from $107058.67 and $71372.45.
According to the Bitcoin Price Prediction model above, BTC’s price in 2029 would be $118071.52. This price would however would range from $141685.82 and $94457.22.
According to the Bitcoin Price Prediction model above, BTC’s price in 2030 would be $156260.68. This price would however would range from $187512.82 and $125008.54.
According to the Bitcoin Price Prediction model above, BTC’s price in 2031 would be $206801.78. This price would however would range from $248162.13 and $165441.42.
According to the Bitcoin Price Prediction model above, BTC’s price in 2032 would be $273689.93. This price would however would range from $328427.92 and $218951.94.
According to the Bitcoin Price Prediction model above, BTC’s price in 2033 would be $362212.45. This price would however would range from $434654.94 and $289769.96.
The highest price for Bitcoin was recorded in 10 November 2021 during which BTC hit an All Time High of $69,045
The price of 1 Bitcoin according to current market rate is $37,707