Bitcoin Price Prediction: Can BTC Coin Reach $1,000,000?

January 10, 2024

Price Prediction

Sean Korbett

Bitcoin has always been the main cryptocurrency, whose price has been changing over the years. Let’s paint a multifaceted picture of token changes and understand what factors influence BTC to get a comprehensive Bitcoin price prediction.

Bitcoin Overview

Bitcoin, once a novel concept within tech circles, has earned its place among both retail and institutional investment portfolios, marking its burgeoning legitimacy and disruptive potential in finance.

Its trading profile is marked by stark volatility — a magnet for those chasing significant returns but a red flag for the risk-wary. This unpredictability is influenced by diverse elements, from tech innovation to regulatory changes and broader economic indicators.

Investment perspectives on Bitcoin are polarized. It’s a vehicle for short-term speculation as well as a long-term asset, bolstered by its limited supply and growing demand.

Today’s Bitcoin milieu is tinged with careful optimism. While global economic shifts impact it, Bitcoin’s consistent rebound from downturns reveals its grit and evolution. The “halving” events, periodically reducing miner rewards, inject a deflationary aspect to its allure for long-haul investors.

BTC Price History 

Throughout 2010, Bitcoin’s value lingered below $1, but in 2011, it finally hit that mark. Coverage by niche publications like Slashdot and Hacker News boosted its profile, which correlated with a significant increase in network hash rate from 401 to 628 gigahashes per second between February 25 and 27, 2011, though it soon fell to 392 and then climbed back up to 774 gigahashes per second.

In April 2011, TIME magazine spotlighted Bitcoin, which helped propel its value to $32 by June — only to fall back to $10 shortly after. WikiLeaks also started accepting Bitcoin donations that month. However, after a security breach at Mt.Gox, Bitcoin’s value plummeted from $17 to a mere $0.01. The following year, it recovered to $4.6 and closed at $13.44, marking the year of Bitcoin’s first halving.

By 2013, Bitcoin hit the $1,000 milestone, peaking at $1,153 on November 30. It wouldn’t surpass this level until January 5, 2017. In 2014, Mt.Gox suffered another hack, with 744,000 Bitcoins stolen. 2016 saw another halving and the Bitfinex hack, resulting in a loss of 120,000 Bitcoins.

The onset of 2017 saw Bitcoin at $960, but by December, it had soared to an all-time high of $19,483, pushing its market capitalization beyond $330 billion. However, 2018 was tumultuous, with the value dropping from $13,800 at the start to just $3,800 by year’s end, including a significant dip to $9,800 on January 17.

BTC Price Chart

BTC Price History. Source: CoinMarketCap, 10 January 2024

In June 2019, Bitcoin briefly reached $13,785, coinciding with the anticipated launch of Bakkt. Despite this, the platform’s underwhelming appeal to institutional investors saw Bitcoin’s value slide from $10,036 to $6,657 within months.

2020’s volatility was no less dramatic, with Bitcoin fluctuating from $7.2 thousand in January to $10.5 thousand in February and then plummeting to $3.8 thousand. By December, it had rallied to $19,000. In 2021, Bitcoin continually reached new heights, from $40,700 in January to a staggering $61,100 by March, peaking at $63,600 in April before declining and rebounding in a turbulent pattern throughout the year.

The end of September 2021 marked another bullish trend, with Bitcoin jumping to $50 thousand and eventually reaching a peak of $66.4 thousand on October 20. Early November saw a slight retreat to $65.8 thousand.

2022 brought further shifts influenced by geopolitical and economic factors. Unrest in Kazakhstan, a hub for Bitcoin mining, triggered a drop in value. Decisions by the US Federal Reserve to hike interest rates and reduce the central bank’s balance contributed to the decline, aligning with predictions of a tougher monetary stance by Goldman Sachs.

The year continued with fluctuating values, from a high of $48,000 in March to a low of $33.4 thousand, the weakest since the previous summer. In May, a stark drop to $28 thousand was followed by a plunge to $19 thousand. On June 18, the coin’s value sank to $17 thousand, marking an $800 billion decline in crypto capitalization, further compounded by the collapse of LUNA and TerraUSD and the bankruptcy of the FTX exchange, culminating in a trading value of $29,000 for Bitcoin.

The price started slightly declining in August 2023 and reached the $26,000 mark. It stayed on the same level until the middle of October. Then it began reaching new heights quite quickly. As of now, 10 January 2024, it’s over $45,500.

Bitcoin Price Predictions 

Bitcoin Price Prediction 2024

Most experts suppose that this rise will continue in 2024. PricePrediction believes BTC will cost $79,676.7 (+74.7%), and the lowest price will be $65,341.95 (+43.3%).

WalletInvestor isn’t so sure about the future of BTC. According to the analysis, its price will be around $25,712.14 (-44%) in September 2024. The end of the year will be less pessimistic, as the maximum cost per coin will rise to $49,600.23 (+8.7%).

Bitcoin Price Prediction 2025

As per PricePrediction’s forecast, in 2025, Bitcoin’s price is forecasted to attain a minimum threshold of $91,230.52 (+100%). It may peak at a maximum of $116,184.41(+155%), with an expected average price hovering around $94,615.23(+107%) for the year.

CoinCodex is less positive about Bitcoin. It says that BTC coin’s yearly low will be just $ 29,022 (-36%), but it also believes Bitcoin can reach a maximum price of $148,893 (+226.5%).

PricePredictions has an even more optimistic outlook on BTC. In January 2025, its minimum price will be over $116,987.54 (+157%), and it’ll reach $154,917.1 thousand (+240%) in July. Bitcoin will grow to $173,653.38 (+281%) in December, according to the most optimistic scenario.

Yet, WalletInvestor still supposes the Bitcoin won’t reach new heights in 2025. BTC will start the year at the 39-thousand-dollar mark (-14%). Then the price will slightly rise, bringing Bitcoin to $45,668.32 (+0.15%) in December.

Bitcoin Price Prediction 2026

Most predictions for 2026 are still optimistic. CoinCodex expects BTC to cost at least $109,858 (+141%). As for their positive scenario, the token will get to $ 179,158 (+293%) that year.

PricePredictions agrees with this opinion. It considers that the lowest price of BTC in 2026 will be $162,594.63 (+257%) in January. It will reach its highest point in December, costing from $191,825.13 (+320%) to $219,228.72 (+380%).

Bitcoin Price Prediction 2030

According to PricePrediction’s comprehensive technical analysis of past BTC data suggests that in 2030, the minimum expected price of Bitcoin could be approximately $615,153.03 (+1250%). The maximum price is projected to reach around $722,021.52 (+1483%), with an average trading value estimated at $636,859.15 (+1296%).

CoinCodex isn’t so optimistic, but it still believes that the coin will cost from $ 248,991 (+446%) to $ 308,078 (+575%) in 2030.

DigitalCoinPrice is considered the one of most positive scenarios. As its experts say, the lowest price will be $308,832.39 (+577%), and its highest point will be $343,249.41 (+653%).

 BTC USDT Price Technical Analysis

Source: Tradingview, 10 January 2024

BTC Price Predictions: Experts’ Opinions

Many experts harbor a bullish outlook for Bitcoin as we approach April 2024, a period that’s slated to mark the next Bitcoin halving event. It’s a significant occurrence that unfolds every four years, where the rewards granted to Bitcoin miners are slashed by half — this time, reducing from 6.25 to 3.125 BTC. 

The potential approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the end of 2024 is a topic of consensus among approximately 80% of analysts. Should such an approval come to fruition, it’s expected to further fuel Bitcoin’s price growth into 2025. Opinions vary, though; while 60% of experts agree that the approval of a spot Bitcoin ETF would likely propel the cryptocurrency’s value upward, 47% are even more optimistic. Those experts project that, should the ETF be greenlighted, Bitcoin could surpass its previous all-time high before the close of 2024.

Echoing this sentiment from a corporate perspective is Andrew Kang, the Chief Financial Officer of MicroStrategy. He articulates the company’s unwavering resolve to continue acquiring and holding Bitcoin. This stance is buttressed by what he refers to as the “promising backdrop of increased institutional adoption,” signaling a robust confidence in the cryptocurrency’s growth.

Factors Affecting BTC Price

Market demand is a primary driver. This demand is shaped by public perception of the intrinsic value of Bitcoin, which can be swayed by media coverage, investor sentiment, and the adoption of cryptocurrency by mainstream finance.

Regulatory developments are crucial. As governments grapple with how to approach cryptocurrency regulation, their policies can encourage a thriving market or instigate volatility. 

Also, halving events introduce new scarcity to Bitcoin’s supply dynamics, leading to price increases as supply tightens and demand grows.

Summary

Overall, while the predictions are varied, with some anticipating substantial growth and others advocating caution, one thing is certain: Bitcoin’s role in the financial sector is transformative, and if it meets expert expectations, it will keep reaching new highs annually.

FAQ — Is It Still Good to Invest in Bitcoin?

BTC has potential for growth, making it a profitable investment for the next few years.

Will Bitcoin Price Fall in 2024?

According to most analysts, it will rise and even reach $79,676 in some forecasts.

How Much Will Bitcoin Be Worth in 2025?

Predictions vary widely, with some optimistic scenarios suggesting it could surpass $150,000.

How Much Will 1 Bitcoin Be Worth in 2026?

Estimates for Bitcoin in 2026 suggest a range from a continued bullish trend above $220,000 to more conservative estimates of around $110,000.

What Will Be the Price of Bitcoin in the Next 5 Years?

In the next five years, Bitcoin’s price could see significant growth, potentially reaching six figures.

How Much Bitcoin Is Worth in 2050?

If the positive trend continues, it will reach the $1,000,000 mark per coin. 

Where to Buy Bitcoin (BTC)?

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How to Buy BTC Coin?

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.