Bitcoin has been experiencing price surges since its inception in 2009, and the current question of whether it is too late to invest in Bitcoin has been concurrent since Bitcoin gained mainstream attention around 2010. Now is definitely an exciting time to revisit the question as Bitcoin begins to gain some momentum again since the FTX saga in 2022. And here is the good news, it is not too late to buy or invest in cryptocurrency. But this statement needs some clarification.
Please read this article to gain a proper insight into the market behavior of Bitcoin over the years and why it is still ideal to buy Bitcoin in 2023.
What Is Bitcoin?
Bitcoin is a decentralized digital currency that operates on a peer-to-peer network called the blockchain. It was created in 2009 and is not controlled by any central authority. Bitcoin allows for secure and transparent transactions, and its limited supply and cryptographic security contribute to its value. It has gained attention for its potential as a store of value, medium of exchange, and investment asset.
Bitcoin Price History
Bitcoin is a highly volatile cryptocurrency, and significant fluctuations since its inception have characterized its price history. Analysts use the price movement over the years to predict what the price could be in the future.
1. 2009-2010: Bitcoin’s Initial Years
– Bitcoin was introduced in January 2009 but had no significant value then.
– The first recorded price of Bitcoin was in October 2009, when it was traded at a fraction of a cent.
– By mid-2010, Bitcoin had gained some attention, and its price reached around $0.08.
2. 2011-2013: Early Volatility and First Bull Run
– In February 2011, Bitcoin achieved parity with the US dollar for the first time, reaching $1 per BTC.
– The price experienced several fluctuations over the next year, including a notable drop to $2 in November 2011.
– By early 2013, Bitcoin’s price started to rise significantly, reaching $30 in February and surpassing $100 in April.
– In November 2013, Bitcoin saw its first major price rally, reaching an all-time high of around $1,150 before experiencing a significant correction.
3. 2014-2016: Recovery and Consolidation
– Following the 2013 peak, Bitcoin underwent a period of consolidation and price correction.
– Throughout 2014, the price gradually declined, reaching around $200 by the end of the year.
– 2015 was a relatively stable year for Bitcoin, with prices ranging between $200 and $500.
– In 2016, Bitcoin’s price started to recover, gradually increasing to around $800 by the end of the year.
4. 2017: The Historic Bull Run
– 2017 was a landmark year for Bitcoin, as it experienced an unprecedented bull run.
– The price surged from around $1,000 at the beginning of the year to nearly $20,000 in December.
– This astonishing growth captured global attention and sparked public interest in cryptocurrencies.
5. 2018-2019: The Bear Market
– The euphoria of 2017 was short-lived, and the subsequent year saw a prolonged bear market.
– Bitcoin’s price experienced a significant decline throughout 2018, dropping to around $3,000 by the end of the year.
– The bear market continued into 2019, with prices fluctuating between $3,000 and $6,000 for most of the year.
6. 2020-2021: The Resurgence and New Highs
– Bitcoin started 2020 at around $7,000 and experienced considerable volatility throughout the year.
– In October 2020, Bitcoin surpassed its previous all-time high and reached around $20,000 again.
– The rally continued into 2021, with Bitcoin’s price skyrocketing.
– BTC saw an all-time-high of $69,044.77 on November 10, 2021.
7. 2022 A Turbulent Year for Crypto
– Bitcoin experienced a major fall in price in 2022 because of various turbulence in the market, from the Ronin network hack in March to the Terra/Luna crash in May.
– In October, $718 million was stolen from various DeFi sites in 11 different hacks, and November saw the great FTX collapse.
-By the 1st of January 2022, Bitcoin price has fallen to $46,319.65.
– Bitcoin’s price has since tumbled 64% from New Year’s Day in 2022 to $16,540.69 as of January 1, 2023.
Major Event In Crypto Space
- 2009 – Bitcoin creation
- 20011 – Satoshi Nakamoto (Creator of Bitcoin) disappear
- 2013 – Silk Road termination
- 2014 – MT. Gox close down
- 2015 – Creation of Ethereum
- 2017 – ICO boom and BTC at $20k
- 2020 – Bitcoin halving and rally
- 2021 – Tesla buys Bitcoin for reserve/El Salvador accepted Bitcoin as a legal tender
- 2022 – $3 trillion market cap/FTX crash
Future Prediction Of Bitcoin Price.
It is impossible to predict the price of Bitcoin in the future correctly. However, cryptocurrency analysts have been able to forecast what the market will probably look like.
- Various forecast platforms like Bitnation expect Bitcoin to maintain a $40,000 average in 2023, with prices expected to go as high as $48,000.
- And prices are expected to increase steadily and continue to rise through the next Bitcoin halving.
- The supply limitation (21 million) of Bitcoin is also expected to contribute to positive market trends in the future.
Note: this forecast might not be accurate as this doesn’t factor in all factors that could influence market trends in the future.
Also Read: How To Convert Cryptocurrency To Cash
There are still lots of technological innovations to be unveiled in the world of cryptocurrency and Bitcoin, and this is expected to contribute to further mainstream acceptance in the future, which will drive the price up.
There most likely won’t be a huge jump in price like that of 2021 in the foreseeable future. Still, Bitcoin price is expected to gain value continuously and maintain its relevance over the years. So it is not too late to invest in Bitcoin in 2023, but do not expect any huge price jump any time soon.
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