Bitcoin Price Prediction

After the successful crypto rally in spring 2021, when Bitcoin gained a lot of value it went for a massive price correction during the bearish season of summer 2021. It was trading for around $32 000 – $33 000 during the first two months of the summer, but at the end of July, the BTC price started to rise again. Bitcoin kept gaining value until the beginning of September when its price reached $52000. It was followed by 3 weeks of price correction when the value of BTC dropped to around $42000 and even dipped to $40600 on September 21. 

That period was highly successful for the price of the main cryptocurrency. Massive crypto adoption and a lot of interest from institutional investors made the token price skyrocket again in the autumn of 2021. It was the rise of crypto and a lot of people bought cryptocurrencies for the first time in their lives. According to a survey by TurboTax, 51% of Americans owning crypto bought them in 2020-2021. 

By the end of October, the price of Bitcoin reached almost $66000 then went to a plateau at a level of $60000 and struck again, hitting an all-time high of $68789 on November 10, causing the crypto market cap to reach $2 trillion. 

But from that point, the Bitcoin price chart started to decline. Even though there were periods of price stabilization: in the middle of December Bitcoin was trading at around $46, in the beginning of January it stayed at the level of $42000 for almost 2 weeks, and the overall tendency was downward. 

At the end of January 2022, Bitcoin dipped to $35000, losing almost all the gains of the previous 6 months. The biggest cryptocurrency then recovered its price and went to a plateau, but stayed very volatile. Until the beginning of May, it was bouncing between $37000 and $47000. And from May 6 it started to drop more significantly, reaching $30000 by May 9. On May 11 it was already trading for $28000. That was a new BTC price level for the next month. 

At the beginning of June, the massive sell-off of the cryptocurrencies continued and the price of Bitcoin dropped to a level of 2 years back. Since then it has been trading at around $19000, dipping as low as $17000. Experts see the reason for such a big drop in a short time in a high level of inflation and liquidity concerns. The volatile price of the main cryptocurrency made many investors that entered the market in the last 2 years get rid of the risky assets. 

Many market analysts believe that the Bitcoin price still has a place to drop, but in a bigger perspective, it will gain back its value.