Bitcoin (BTC) Price Predictions
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Since its inception, Bitcoin has shocked the world with amazing gains — and steep declines. With its latest move, this crypto giant has surprised investors once again.
As the world’s 1st and largest cryptocurrency, Bitcoin (BTC) represents the face of the crypto industry to onboarding participants. And with its sheer dominance, Bitcoin’s movements, up or down, can dictate the direction of the entire altcoin market.
Despite Ethereum (ETH) and competing smart contract platforms stirring a renewed interest in the altcoin market, investors remain laser focused on Bitcoin’s next move. But what is Bitcoin, exactly? And what makes this cryptocurrency so valuable?
With Bitcoin being accepted as payment by a growing number of merchants, traders across the world are asking one increasingly important question: How high can Bitcoin go?
What is Bitcoin?Bitcoin is simply a distributed ledger technology. Created anonymously by an engineer using the pseudonym Satoshi Nakamoto, the technology behind Bitcoin was first described in 2008.
Allowing for the permissionless sending and receiving of its associated coin, Bitcoin establishes the basis for decentralized financial (DeFi) transactions. With a proof-of-work system for mining and a cap at 21 million coins, the Bitcoin whitepaper describes a mechanism to incentivize participation in the network.
But to its millions of users worldwide, Bitcoin is simply electronic cash. And without a centralized institution to authorize transactions between parties, Bitcoin represents a revolution in modern payment systems.
Bitcoin Market PositionBitcoin is currently trading near $46,500. With a market cap over $871 billion, Bitcoin alone represents more than 40% of the crypto market. While down considerably from its highs of early 2021, Bitcoin has made solid gains in the past month. Nevertheless, a recent market drop saw Bitcoin’s price fall 12% overnight, leaving traders questioning if the cryptocurrency is truly the store of value its proponents claim.
When considering how new blockchain technology still is, and how dominant Bitcoin’s position in the market, there should be no doubt that the original cryptocurrency still has room to grow. However, as smart contract platforms like Ethereum continue to develop, Bitcoin runs the risk of being seen as an outdated relic.
Expectations for future growth may depend largely on an influx of new participation. And Bitcoin is well positioned to attract the lion’s share of cryptocurrency investments. Still, to better understand Bitcoin’s potential, the prognostications of top analysts can help shed light into this crypto’s future direction.
Plan B’s Bull Case for BitcoinWith over 25 years of experience in financial markets, strategic analyst Plan B has made a bullish forecast for Bitcoin, seeing potential for the coin to reach $100,000 by the end of 2021. Using a stock-to-flow cross asset (S2FX) forecasting model, Plan B sees Bitcoin experiencing parabolic growth in the near term.
Mr. Whale’s Bear Case for BitcoinPopular Twitter influencer and Bitcoin prognosticator, Mr. Whale has presented an extremely bearish outlook for Bitcoin. Believing that bitcoin has already peaked, Whale predicts a bleak near-term future for the world’s largest cryptocurrency. He sees Bitcoin dropping to $7,000 as early as 2022.
Where to Buy BitcoinIf you’re wondering where to buy Bitcoin, the answer is simple. The best way to purchase Bitcoin is on a trading platform that supports it. But depending on your location, the exchanges available may be limited.
Some of the most trusted trading platforms for U.S consumers include Coinbase, Gemini, Voyager and Crypto.com. Each of these exchanges employ state-of-the-art security, ensuring the safety of your assets.
Commissions
Account Min $0
1 Minute ReviewCoinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
Best ForCommissions . 25% or less
Account Min 0.00001 BTC
1 Minute ReviewGemini is a cryptocurrency exchange and custodian that offers investors access to 26 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader.
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
Best ForBest For
Instant exchanges
1 Minute ReviewChangelly Crypto is a cryptocurrency exchange platform that allows users to swap, buy and sell more than 170 cryptocurrencies.
With an intuitive and straightforward platform, tools that allow you to find the best exchange rate quickly and multiple forms of currencies and payment methods accepted, Changelly offers a wide range of benefits over its competitors.
Though we’d love to see Changelly expand its educational offerings and consider adding phone support to its customer service repertoire, the platform is a solid choice for both new and experienced traders alike.
Best ForDespite a recent downturn, analysts continue to make the case for Bitcoin’s eventual rise to $100,000 and beyond. And if institutional interest continues at its current pace, some say it could happen as early as this year.
More than doubling from its current price, the move to $100,000 would push Bitcoin’s market cap to an almost unbelievable $1.88 trillion. And while betting against Bitcoin is an inherently risky strategy, it may be reasonable to temper our expectations for gains going forward.
Where to Store Bitcoin SafelyWhether you’re looking for connectivity or security, the diversity of wallets found online have expanded with the cryptocurrency market. With hardware and software varieties to choose from, the following wallets represent the most reputable options for crypto consumers.
Best hardware wallet: LedgerThe ultimate option for securing your digital assets, Ledger represents the most trusted name in hardware wallets. Built with state-of-art-security in mind, your private keys are stored on the physical device itself, giving you complete ownership of your cryptocurrencies.
Best software wallet: ZenGoZenGo has gotten rid of private keys altogether. Using facial biometrics to secure your crypto, ZenGo’s software wallet has everything you need — with no extra fees!
Bonus section: With El Salvador officially accepting Bitcoin as legal tender, the original cryptocurrency has reached a significant milestone. Should this experiment in decentralization prove useful to the nation in the coming months, the impact on Bitcoin’s price could be incredible.
Current Crypto PricesThe market took a step back recently, sending Bitcoin and most other cryptocurrencies tumbling over 12% in 1 single day. While prices seem to be stabilizing, the impacts of the latest market shock will likely continue to play out in the near term.
Bitcoin dominance currently stands at 42.1%, trending lower as smart contract platforms continue to take market share from the world’s largest cryptocurrency. And as DeFi applications develop on alternative platforms, Bitcoin’s future as the king of crypto becomes unclear.
So, is Bitcoin a Good Investment?As the undisputed champion of the crypto universe, Bitcoin represents the ultimate store of value for its investors. And with its recent adoption as legal tender by El Salvador, Bitcoin has proven itself a competitor to traditional fiat systems.
Still, the volatility of the cryptocurrency market carries inherent risk for traders. And while many analysts expect the currency to reach new heights, Bitcoin’s future is still far from certain. The decision to hold Bitcoin as a part of your portfolio will depend on your own comfortability with the risks involved.
For many, Bitcoin represents a trusted vehicle for wealth accumulation. As such, stacking the coin during market dips remains a reasonable investment strategy.
Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.
Gemini builds crypto products to help you buy, sell, and store your bitcoin and cryptocurrency. You can buy bitcoin and crypto instantly and access all the tools you need to understand the crypto market and start investing, all through one clear, attractive interface. Gemini Crypto Platform offers excellent account management options. You can manage your account at a glance, view your account balance 24-hour changes and percent changes. Get started with Gemini now.
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