Bitcoin Price Prediction in The Next Five Years
Since September 1, 2021, Bitcoin has gone from $48,840 to a high of $52,693. Today, due to liquidations and a subsequent 19-20% crash, the coin sold at a low price of $46,433. Volatility isn’t a new thing in the cryptocurrency industry and it doesn’t mean that the price prediction of Bitcoin is negative. If you’re looking for a long-term price prediction of Bitcoin, this piece is for you.
Bitcoin’s Roller-coaster Ride
Predicting the price of bitcoin isn’t an exact science. This is not surprising as cryptocurrency is one of the most unpredictable assets ever. A tweet from Elon Musk could cause so many ripples in the market that would drive the price of Dogecoin and in extension the rest of the market.
Bitcoin’s value has also been known to rise whenever it’s endorsed or adopted by a famous brand or country. Tesla’s declaration of intent to buy, stock, and trade with Bitcoin in the future caused prices to rise. More recently, liquidations have forced bitcoin to lose about 20% of its value. Experts have noted that this was due to panic sell primarily by owners who have held their coins for no longer than three months.
Expert Opinion on Bitcoin’s Price Prediction
While Bitcoin may have proven to have no growth limit so far, predicting the exact value it would be, especially in the long term, is not an exact science. Yet, investors and enthusiasts alike continuously attempt to do so. Shervin Pishevar, a co-founder of Hyperloop One, predicted that Bitcoin would be worth $100,000 by 2022.
While we cannot bang the gavel yet, it is unlikely that his prediction will hold in a year. Others have made similar predictions. This includes CitiFX’s Global head, Thomas Fitzpatrick. He predicted that Bitcoin will move over $300,000 and Social Capital’s Chamath Palihapitiya said it would reach $1million by 2037. Many others have given definite figures, we will desist from doing so as many algorithms have proven incorrect. If you, however, want one, we can tell you that by 2026, in five years, Bitcoin will trade between $50,000 and $1 million.
As has been pointed out above, several factors determine the rise and fall in the value of Bitcoin. Factors like liquidation, global and national politics, the current rate of increase, and market sentiment contribute to the price prediction of Bitcoin. To stay on the loop, subscribe for regular updates on Osom Insights.
The Future is Bright for Bitcoin
Bitcoin has continued to increase in value since its launch in 2009. Yet, it has seen its most dramatic increase between the years 2019 and 2020. We can safely predict that this value increase will persist even if there are bearish corrections. Factors like the global pandemic, several national disavowals, and outright legislation against it have done nothing to tank its value. Instead, Bitcoin has continued to shine, carrying altcoins along.
El Salvador recently became the first country to use Bitcoin as a recognized legal tender. More countries will likely adopt the coin for official use soon, further solidifying its acceptance on a global scale.