Bitcoin started its journey in 2009 when Nakamoto mined the first block of the chain. Many investors were initially optimistic about Bitcoin (BTC), and the token has since gained considerable attention. The majority of them have generated huge profits, given that their original price was $135. At present, the token is worth over $41,000.
Simply put, Bitcoin has come a long way in generating profits for those who have been bullish or understood the long-term trajectory of the cryptocurrency. Therefore, it is only safe to conclude that understanding where the graph may move after some years is the best way to sustain crypto-economics.
Historical performance of Bitcoin
Volatility never really left the crypto sphere. This is evident from the fact that the market keeps dancing to its own tunes. However, BTC was comparatively stagnant in the first five years. There were ups and downs, but they were largely in the range of $100-$300.
Tables turned in the middle of 2017. That is when BTC started noticing an upward trend, with the graphical point inching to $14,839.59 in the last month of that year. The first milestone that it achieved was in March 2021, when it got closer to the $60k mark. BTC remains dominant, with holders optimistic that it will soon bounce back to the ATH value of ~$65k.
Moon Mission: Bullish Perspectives
Two catalysts could fuel bullish sentiments for Bitcoin. These are Spot Bitcoin ETF application approval by the SEC and Bitcoin halving. Additionally, the Fed keeping the rate unchanged or bringing it down could further help pull the token upward.
Spot Bitcoin ETF applications are expected to be approved by the US Securities and Exchange Commission by January 10, 2024. That will legitimize Bitcoin as a potential investment product. Bitcoin halving could happen in the middle of 2024, cutting the supply rate and making the token more scarce. A reduction in the rate will free up the capital, enabling investors to direct it to the digital space. Bitcoin price predictions have estimated that the token will touch $100k by the end of 2025 if every factor weighs in favorably.
Fund managers such as BlackRock and Fidelity have filed their applications with optimism that the filing will be approved. MicroStrategy has even accumulated the tokens per its strategy to now have 174,530 tokens with them.
Market crash: Bearish perspectives
Bitcoin can only be prevented from ascending the designated mountain by an environment where none of the aforementioned factors occur. For example, the SEC’s denial of Spot Bitcoin ETF applications and the Bitcoin halving transpired without much fanfare. The effect they will have on the token is minimal.
That does not go on to state that the market will crash; however, a downward trend could be inevitable if unfavorable circumstances begin to roll out. Needless to say, the only thing under a person’s control is to lock the capital in BTC, or any other crypto, for that matter, to an extent to which they can bear the loss. A rate hike is less likely. But the possibility still exists.
Fewer investors are dubious; their expectations are against the wall that is backed by crypto firms that still see BTC rising to its ATH. If estimated predictions are to be believed, then the token has fewer chances to slip any further. The basic resistance level is currently at $38k; a further downward movement will begin to scare the market.
Conclusion
Based on the assumption that the momentum carries forward, Bitcoin is expected to rise in the years to come. The token is currently at $41,886.91, with a slip of 0.56%. The market cap is down by 0.57%, and the 24-hour volume is up by 25.29%. This means a lot is happening for the dominating token, and no possibility can be eliminated until the time has actually come.
With a long-term outlook, maintain a balanced perspective, secure capital based on risk management, and consider Bitcoin a literal store of value.
