The first cryptocurrency ever introduced is Bitcoin. Just because it is a digital currency, it doesn’t require a third party for controlling it, such as a government or a bank. Bitcoin today is equal to almost 10,000 USD, but the first thing that investors ask is “will bitcoin crash?” and this article will answer you that.
In 2017, bitcoin reached its absolute high of almost 20,000 USD per bitcoin. This fact took the world by storm and the investors became rich in a way that they didn’t think of even in their wildest dreams. This fact made the media restless and they started sharing each story of bitcoin causing more investors to invest in it.
However, in 2018, the scenario changed. The price of the Bitcoin started going down and it went down almost 80% in value. This made the investors at that time wonder if the prices will ever go up again. While some people who were sure that Bitcoin will rise again took the advantage of the situation and invested in Bitcoin at its lowest.
In present times, the pandemic has had the whole world on its knees. This included Bitcoin too. The prices of Bitcoin reduced from 10,000 USD to almost 3,800 USD. However, Bitcoin has risen once again and the prices have reached 12,000 USD per bitcoin. However, the one question that has bothered the investors from the beginning is “Will bitcoin crash?”
Past Bitcoin Predictions that proved to be Right
The bitcoin predictions aren’t that easy to make, however, in the past, some leading experts made some predictions related to Bitcoin which proved to be true. Here are the predictions are given below
- The Legendary Commodities Trader named Peter Brandt gave negative price predictions. He predicted that the Bitcoin will drop to almost 80% in 2018. Bitcoin reached almost 3200, USD at the end of the year proving the prediction right. Some people think the crash has a correlation to the introduction of Bitcoin Futures
- A Billionaire Venture Capitalist named Tim Draper has a positive record of predicting the next big thing right. He predicted in 2014 that Bitcoin will reach almost 10,000 USD in 2018 or later. The prediction was right and the asset almost doubled this projection.
- The CEO of Civic named Vinny Lingham made a prediction claiming that the Bitcoin will reach almost 2,000 to 3,000 USD in 2017. Bitcoin reached this price in 2017, however, it then raised high to almost 20,000 USD.
Experts’ thoughts on Bitcoin crashing in 2020
At the time of writing this article, Bitcoin has blasted past its all time high of $19000 in 2017. Now, it rests around 24,000 USD per bitcoin. And according to experts, this current rally is here for the long term. People are also eagerly waiting for Bitcoin to consolidate to see an Altcoin run just like in end of 2017 and beginning of 2018, before the crash. Even if the prices go down, they won’t be as severe as the last time in 2018.
The predictions are made with last Bitcoin all time high in mind. Bitcoin is famous for its price volatility. The prices do decrease but the reduction is always less than the last time it happened. Even if the reduction happens this time, the next crash will be Bitcoin reducing to 8000 USD and not to 2000 USD.
However, Ryan Selkis, the founder of the crypto research firm is 90% confident about Bitcoin prices increasing this year. He thinks that we will see an increase of almost 2000 USD per bitcoin by the end of this year.
Based on all the predictions that experts have made, it is easy to consider that the Bitcoin prices will increase with time. Bitcoin growth can be enormous because it is almost 12,000 USD at present. However, when will the prices hit a new high or low are still not clear.
Experts’ thoughts on Bitcoin’s future
The top crypto industry experts have shared some of the most popular thoughts related to Bitcoin forecasts. The predictions are given below.
- For Bitcoin as an investment, Bloomberg research has provided a new report. Their finance terminal has predicted that Bitcoin will reach almost 20,000 USD by the end of this year, 2020.
- The financial analyst and the host of the Kieser report, named Max Kieser have made short term and long term reports. According to his short term analysis, the new Bitcoin target is around 100,000 USD by the end of 2020. For the long term analysis, the Bitcoin may reach 400,000 USD due to its comparison to gold and the pandemic situation.
Max Kieser has always been one of the most outspoken bulls for bitcoin. He made the 100,000 USD predictions when bitcoin was only 1 USD in price.
- The CEO at Blockstream and Bitcoin Developer named Adam Back has predicted that in several years the Bitcoin will reach as high as almost 300,000 USD per bitcoin. He thinks that the current situation and environment have made individuals think about retaining and hedging value which is easier with Bitcoins.
- The Bitcoin expert Plan B created the famous Stock-to-flow model. This model has also answered your question of “will bitcoin crash?” as a no. The model shows that Bitcoin will reach as high as 288,000 USD in the coming years.
Analysis of Bitcoin Prediction
Based on all the experts’ opinions and predictions, it is very much easy to understand and see that there is no such crashing expected in the coming years. The Bitcoin growth is predicted to be huge in coming years because of the price it presently possesses, i.e. 23,000 USD. No one expected it to suddenly blast past its previous all time highs. Now, no one should be in loss if they bought Bitcoin and held it, even from the 2019 peak Bitcoin bull run.
The technical analysis and predictions have also proved that in 2020, the Bitcoin prices could reach almost 20,000 USD per bitcoin. Or at least it will reach almost 16,000 USD if not to 20,000 USD.
Looking at all the predictions from the experts it is sensible to say that investing in Bitcoins even in present times can be very much profitable because of the increasing prices. There are no such chances of Bitcoin crashing in the coming years so the investment can be a huge profit for the investors.
The table given below is for you to easily understand the highs and lows that are predicted for Bitcoin in the coming years.
|YEAR||HIGH PREDICTED PRICES FOR BITCOINS||LOW PREDICTED PRICES FOR BITCOINS|
|2020||17k USD||3.8k USD|
|2021||35k USD||10k USD|
|2022||75k USD||19k USD|
|2023 to 2025||400k USD||35k USD|
Final Verdict – “Will Bitcoin Crash”
Concluding, it is easier to predict that the coming years are expecting a huge rise in Bitcoin prices. “Will Bitcoin crash?” is what you ask? My opinion is no and Bitcoin will be redefining the future of finance. Also, according to the experts’ opinions and predictions, the answer is no.
The main reason is that the Bitcoin market in 2020 is built on more firm foundations. Additionally, most people now own bitcoins adding to the firm foundation. There are companies like Grayscale that are relating bitcoin to gold, or even better, as an alternative to gold, making its foundation even firmer. Bitcoin is staking the claim to Digital Gold and hope with the next bull run, it reaches the market capitalization of Gold.
Additionally, the experts have predicted that in coming years the Bitcoin will replace all other currencies making it easier to understand why Bitcoin prices are expected to reach such heights. There is no doubt about the fact that cryptocurrencies are on their way to be used normally by the public.
Looking at all of this it can easily be predicted that cryptocurrency is here to stay. The major reason for cryptocurrency staying is the fact that most of the places are now accepting bitcoins. Also, it can easily be purchased wherever coin-star machines are available, even at grocery stores.
Note: This article in no way emphasizes buying or selling cryptocurrencies. All comments and predictions have depicted the views of various experts and analysts which may change at any given time depending on the circumstances.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates