Bitcoin Price Prediction, will BTC’s price hit $38702.89?
Bitcoin’s price at the same time last week was $27222.94. It has moved by 2.46% in the past week and is currently at $27,055. Infact, in the past 24 hours, BTC has dumped by -2.50%. There is a slight bearish sentiment in the crypto market. The long term sentiment, however, remains bullish and BTC could hit $34856.17 in 2024.
The total circulating supply of Bitcoin as of writing this article was $19,389,400 and the marketcap of BTC remains at $524,581,594,063.
Disclaimer
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.
About Bitcoin
Bitcoin: 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, Bitcoin 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. It is rewarded to blockchain miners for their computing work to verify transactions.
Bitcoin was brought to the public eye in 2009 by an anonymous developer (or group of developers) using the name 'Satoshi Nakamoto.'
It has since 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.
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.
BTC's journey
Given the macroeconomic turmoil across the world, a ton of specialists are expecting an aggravated recession. Since mid-June, Bitcoin has rallied near its December 2020 lows.
After its August 2017 launch on Binance, BTC rallied toward the $18.8K-mark in the next three months. Then, the coin failed to initiate momentum above this resistance (now support) until December 2020. The resultant rally propelled BTC to attain its ATH on 10 November.
Since then, it has marked a consistent decline in value rally as it kept flipping its support levels to resistance over the last 11 months. Owing to a strong correlation with S&P 500 on average, BTC declined alongside most cryptos in the market.
This decline induced a retest of its two-year support in the $18.K zone. Keeping in mind the broader macroeconomic conditions, the sellers could aim to constrict the buying rallies by preventing a trend-altering rally.
Let's dive deeper into some other developments to gauge its potential to lift off in the coming times.
Can BTC find reliable rebounding grounds?
UNDERLYING SENTIMENT
Asset managers showed signs of accumulating shorts. This reading entailed a flattening of net long positions. On the other hand, hedge funds are closing their short positions. These readings hinted that they're taking profit after BTC's drop over the last few months.
In either case, the underlying sentiment tilted toward the bears.
EXCHANGE OUTFLOWS AND SOCIAL DOMINANCE
An analysis of the exchange outflow revealed a significant spike, especially in September 2022. Historically, such spikes have been supported by a corresponding increase in the price. But in this case, the price was yet to witness a substantial uptick on its peaks and troughs. Should the price action follow, the buyers could find near-term rebounding grounds at the immediate support level.
To top it up, the Social Dominance for the coin has been on a consistent decline over the last few months. With the broader conditions not favoring risky assets, especially Bitcoin, the king coin has been struggling to stimulate and sustain a strong Social Dominance.
CORRELATION WITH S&P500
The post-Covid era has visibly exhibited a strong correlation between Bitcoin and the S&P 500. Moreover, it has highlighted the highest correlation over the last few weeks.
The wider impact of increased inflation propelling the Federal Reserve to increase the interest rates should be considered by the buyers before taking an immediate long position.
Bitcoin (BTC) Price Analysis
The world's largest crypto registered solid growth on its charts during its 2020-21 bull run. The buyers induced a rally above 20 EMA (blue), 50 EMA (yellow), and 200 EMA (green). In the meantime, they flipped these moving averages to support. As a result, the coin touched its All-time high on 10 November.
BTC Weekly Chart
The market meltdown pulled BTC by over 72% from its these highs as it fell toward the $18.8K support level. The coin curtailed its volatility as it plateaued at this support level.
Also, the bearish rally entailed a descending channel (white) on the weekly chart. BTC is yet to prove its bullish edge as it strives to breach above the upper trendline of the down channel.
An eventual break above this trendline resistance could open doorways for near-term growth. In this case, BTC could attain the high of $24K in the coming times before a trend-commital move.
However, the 20 EMA jumped below the 200 EMA to affirm a death cross in September. Consequently, a break below the $18.8K support level would reignite the bearish fire while pulling BTC to retest the lower trendline of the down channel. In these circumstances, the sellers would look for testing the $12.1K-$13.4K range.
The Relative Strength Index (RSI) displayed a one-sided selling edge after hovering near the oversold mark in June 2022. An eventual break above the 37-mark resistance toward the midline would hint at an ease in selling pressure.
Should you consider buying BTC?
We can conclude that most assets reacted to the macro conditions turning more hostile. Assets reacting to the federal reserve's monetary policy is probably a sign that we are only one step away, one policy mistake away from a meltdown or a robust revival. It becomes vital to take note of what the Federal Reserve is doing.
In fact, the worst is not necessarily guaranteed, but buyers should position their portfolio to take the brunt of any further losses and be ready for potentially great buying prospects in the coming months.
From a near-term perspective, the altcoin still needs to find renewed buying pressure to jump above the constraints of its descending channel and the 20/50 EMA. The buyers could look for the entry triggers and targets as discussed above.
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 $15,731,422,353. Bitcoin has gone down by -2.47% in the past 30 days.
According to our analysis in the short term, Bitcoin price prediction for July 2023 shows the average price of BTC at $29300.07 and the highest possible price for July 2023 would be $31351.07.
Further, according to our analysis in the long term, Bitcoin price prediction for November 2023 shows the average price of BTC at $31661.94 and the highest possible price for November 2023 would be $33878.28.
Bitcoin's Short Term Price Prediction
| Date | Avg Price | Lowest Price | Highest Price |
| 1 Jun 2023 | $27007.74 | $25117.20 | $28898.29 |
| 2 Jun 2023 | $27352.94 | $25438.24 | $29267.65 |
| 3 Jun 2023 | $27819.17 | $25871.82 | $29766.51 |
| 4 Jun 2023 | $27611.40 | $25678.61 | $29544.20 |
| 9 Jun 2023 | $27707.11 | $25767.61 | $29646.61 |
| 14 Jun 2023 | $27909.13 | $25955.49 | $29862.77 |
| 24 Jun 2023 | $28397.77 | $26409.93 | $30385.62 |
| July 2023 | $29300.07 | $27249.06 | $31351.07 |
| August 2023 | $29890.54 | $27798.20 | $31982.87 |
| September 2023 | $30481.00 | $28347.33 | $32614.67 |
| October 2023 | $31071.47 | $28896.47 | $33246.48 |
| November 2023 | $31661.94 | $29445.60 | $33878.28 |
| December 2023 | $32252.41 | $29994.74 | $34510.08 |
Bitcoin price prediction 1 Jun 2023: Bitcoin’s price for 1 Jun 2023 according to our analysis should range between $25117.20 to $28898.29 and the average price of BTC should be around $27007.74.
Bitcoin price prediction 2 Jun 2023: Bitcoin’s price for 2 Jun 2023 according to our analysis should range between $25438.24 to $29267.65 and the average price of BTC should be around $27352.94.
Bitcoin price prediction 3 Jun 2023: Bitcoin’s price for 3 Jun 2023 according to our analysis should range between $25871.82 to $29766.51 and the average price of BTC should be around $27819.17.
Bitcoin price prediction 4 Jun 2023: Bitcoin’s price for 4 Jun 2023 according to our analysis should range between $25678.61 to $29544.20 and the average price of BTC should be around $27611.40.
Bitcoin price prediction 9 Jun 2023: Bitcoin’s price for 9 Jun 2023 according to our analysis should range between $25767.61 to $29646.61 and the average price of BTC should be around $27707.11.
Bitcoin price prediction 14 Jun 2023: Bitcoin’s price for 14 Jun 2023 according to our analysis should range between $25955.49 to $29862.77 and the average price of BTC should be around $27909.13.
Bitcoin price prediction 24 Jun 2023: Bitcoin’s price for 24 Jun 2023 according to our analysis should range between $26409.93 to $30385.62 and the average price of BTC should be around $28397.77.
Bitcoin price prediction July 2023: Bitcoin’s price for July 2023 according to our analysis should range between $27249.06 to $31351.07 and the average price of BTC should be around $29300.07.
Bitcoin price prediction August 2023: Bitcoin’s price for August 2023 according to our analysis should range between $27798.20 to $31982.87 and the average price of BTC should be around $29890.54.
Bitcoin price prediction September 2023: Bitcoin’s price for September 2023 according to our analysis should range between $28347.33 to $32614.67 and the average price of BTC should be around $30481.00.
Bitcoin price prediction October 2023: Bitcoin’s price for October 2023 according to our analysis should range between $28896.47 to $33246.48 and the average price of BTC should be around $31071.47.
Bitcoin price prediction November 2023: Bitcoin’s price for November 2023 according to our analysis should range between $29445.60 to $33878.28 and the average price of BTC should be around $31661.94.
Bitcoin price prediction December 2023: Bitcoin’s price for December 2023 according to our analysis should range between $29994.74 to $34510.08 and the average price of BTC should be around $32252.41.
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 $27,055, with a market cap of $524,581,594,063 and trading volumes of $15,731,422,353. 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 |
| 2023 | $32252.41 | $25801.93 | $38702.89 |
| 2024 | $29046.80 | $23237.44 | $34856.17 |
| 2025 | $38418.55 | $30734.84 | $46102.26 |
| 2026 | $50814.01 | $40651.21 | $60976.81 |
| 2027 | $67208.78 | $53767.03 | $80650.54 |
| 2028 | $88893.21 | $71114.57 | $106671.85 |
| 2029 | $117573.96 | $94059.17 | $141088.75 |
| 2030 | $155508.34 | $124406.67 | $186610.01 |
| 2031 | $205681.98 | $164545.58 | $246818.38 |
| 2032 | $272043.78 | $217635.02 | $326452.53 |
| 2033 | $359816.73 | $287853.38 | $431780.08 |
| 2034 | $475908.99 | $380727.19 | $571090.78 |
Bitcoin price prediction 2023: Bitcoin’s price for 2023 according to our analysis should range between $25801.93 to $38702.89 and the average price of BTC should be around $32252.41.
Bitcoin price prediction 2024: Bitcoin’s price for 2024 according to our analysis should range between $23237.44 to $34856.17 and the average price of BTC should be around $29046.80.
Bitcoin price prediction 2025: Bitcoin’s price for 2025 according to our analysis should range between $30734.84 to $46102.26 and the average price of BTC should be around $38418.55.
Bitcoin price prediction 2026: Bitcoin’s price for 2026 according to our analysis should range between $40651.21 to $60976.81 and the average price of BTC should be around $50814.01.
Bitcoin price prediction 2027: Bitcoin’s price for 2027 according to our analysis should range between $53767.03 to $80650.54 and the average price of BTC should be around $67208.78.
Bitcoin price prediction 2028: Bitcoin’s price for 2028 according to our analysis should range between $71114.57 to $106671.85 and the average price of BTC should be around $88893.21.
Bitcoin price prediction 2029: Bitcoin’s price for 2029 according to our analysis should range between $94059.17 to $141088.75 and the average price of BTC should be around $117573.96.
Bitcoin price prediction 2030: Bitcoin’s price for 2030 according to our analysis should range between $124406.67 to $186610.01 and the average price of BTC should be around $155508.34.
Bitcoin price prediction 2031: Bitcoin’s price for 2031 according to our analysis should range between $164545.58 to $246818.38 and the average price of BTC should be around $205681.98.
Bitcoin price prediction 2032: Bitcoin’s price for 2032 according to our analysis should range between $217635.02 to $326452.53 and the average price of BTC should be around $272043.78.
Bitcoin price prediction 2033: Bitcoin’s price for 2033 according to our analysis should range between $287853.38 to $431780.08 and the average price of BTC should be around $359816.73.
Bitcoin price prediction 2034: Bitcoin’s price for 2034 according to our analysis should range between $380727.19 to $571090.78 and the average price of BTC should be around $475908.99.
A Historical look at Bitcoin, BTC’s price:
BTC/USD Pair
BTC/EUR Pair
FAQs about Bitcoin
Bitcoin’s current price is $27,055 and witnessed a -2.50% decrease 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 -2.50% decrease and over the past 30 days Bitcoin has decreased by -2.47%. 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 $38702.89 and $25801.93 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.
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According to the Bitcoin Price Prediction model above, BTC’s price in 2024 would be $29046.80. This price would however would range from $34856.17 and $23237.44.
According to the Bitcoin Price Prediction model above, BTC’s price in 2025 would be $38418.55. This price would however would range from $46102.26 and $30734.84.
According to the Bitcoin Price Prediction model above, BTC’s price in 2026 would be $50814.01. This price would however would range from $60976.81 and $40651.21.
According to the Bitcoin Price Prediction model above, BTC’s price in 2027 would be $67208.78. This price would however would range from $80650.54 and $53767.03.
According to the Bitcoin Price Prediction model above, BTC’s price in 2028 would be $88893.21. This price would however would range from $106671.85 and $71114.57.
According to the Bitcoin Price Prediction model above, BTC’s price in 2029 would be $117573.96. This price would however would range from $141088.75 and $94059.17.
According to the Bitcoin Price Prediction model above, BTC’s price in 2030 would be $155508.34. This price would however would range from $186610.01 and $124406.67.
According to the Bitcoin Price Prediction model above, BTC’s price in 2031 would be $205681.98. This price would however would range from $246818.38 and $164545.58.
According to the Bitcoin Price Prediction model above, BTC’s price in 2032 would be $272043.78. This price would however would range from $326452.53 and $217635.02.
According to the Bitcoin Price Prediction model above, BTC’s price in 2033 would be $359816.73. This price would however would range from $431780.08 and $287853.38.
According to the Bitcoin Price Prediction model above, BTC’s price in 2034 would be $475908.99. This price would however would range from $571090.78 and $380727.19.
The highest price for Bitcoin was recorded in 10th November 2021 during which BTC hit an All Time High of $69,045
The price of 1 Bitcoin according to current market rate is $27,055
