The value of the first cryptocurrency fell repeatedly, but it always rose, surpassing previous records. We remembered the brightest moments and made based on them our forecast of the asset rate
In 2009, the New Liberty Standard set the Bitcoin exchange rate at 1309 BTC for $ 1, that is, the price of one coin was approximately $ 0.000764. In the summer, the cost of the cryptocurrency was almost a hundred times higher: at the level of $ 0.080, and by the middle of autumn – at the level of $ 0.50. The 2017 rally doesn't seem so cool and meaningful anymore, does it?
Further, the turnover became much more serious: by November 2013, the price of the first cryptocurrency reached a maximum of $ 1200. Simple calculations show that the coin has risen in price 1,570,800 times in just four years – this is dust on the scale of history.
We carefully studied the chart of the first cryptocurrency since 2013 in order to understand what the future of this asset could be, because there is a theory that everything in the world is cyclical.
Bitcoin began its first ascent to the top in May 2013. Its price began to rise from the $ 90 mark. In about three weeks, the rate increased to $ 134, followed by a pullback. As a result, by July 6, the first cryptocurrency almost doubled in price: to $ 69. But this was only preparation for a real rally, because in the next six months the asset grew by 1571%: the local maximum of $ 1153 was set on December 5, 2013. The bull market lasted five months.
After that, in two weeks, the cryptocurrency fell in price more than twice: to $ 552, by January 7, Bitcoin again rose to the $ 1000 mark, but then bears seized power. In the next year, the price of the cryptocurrency fell, sometimes rising for a short period. The result is a minimum of $ 173 by January 17, 2015 and a drop of 85% in 12 months.
Until October of that year, the exchange rate could not recover from such a sharp decline: it did not exceed $ 300, but did not fall below $ 200 either. It was from this point that a new impressive rise in the price of the first cryptocurrency began. On August 25, 2015, it traded at $ 205, and two and a half months later, on November 4, at $ 488.
In June 2016, the value of Bitcoin exceeded $ 761, in March 2017, it updated the previous historical maximum and for the first time rose to $ 1274. On December 17, 2017, the first cryptocurrency traded at $ 19,974. This record is still being held.
As a result, according to rough estimates, the bull market this time lasted 28 months: from August 2015 to December 2017. During this time, the price of the cryptocurrency has grown by 9884%.
Then, difficult times came again for the entire digital money market: the Bitcoin rate began to fall sharply, by February it was below $ 7200, and on December 16, 2018, it set a minimum at $ 3200. The fall in 12 months was 84%, the same as four years earlier.
Experts believe that in December 2018, the bear market ended, and cryptocurrencies will rise in price again. For example, Andy Chung, the operating director of the OKEx exchange, is sure of this, according to whose forecast, by the end of this year, the cost of bitcoin will rise to $ 20,000. According to the co-founder of the Hong Kong investment company Kenetic Capital, Jihan Chu, in the next six months the coin will cost $ 30,000.
But there are also those who are sure that the fall of digital money is not over yet. TradingView analyst with the nickname MagicPoopCannon claims that the bear market continues, and on October 9, Bitcoin will update the low of December last year and fall in price to $ 3,000. Last time, this trader correctly predicted the fall in the price of the main digital coin from $ 10,000 to $ 3000. But this opinion is rather unpopular, because most experts believe that bulls are back in the digital money market.
If we assume that the movement of the cryptocurrency rate is cyclical, and the bear market ended in December 2018, when Bitcoin cost $ 3,200, and now its price will rise at least the same as it did in 2013 – by 1571% in 5 months, then in long term, it could reach $ 50,272 . If the coin can repeat the last success of 2015-2017. in 9884% – then in the future its rate will reach $ 316,288 .
Interest in cryptocurrencies is constantly growing, infrastructure is developing, and governments are beginning to regulate this area, so such predictions no longer seem unrealistic. In the most favorable scenario, the demand for Bitcoin will grow exponentially in the coming years, while the supply will decline.
And it's not just halving, many coins have already been lost forever on broken or lost media, some of them have lost access due to the death of the owner. Whales are actively increasing their share in cryptocurrency, so fewer and fewer coins remain in the public domain, which makes the multiple increase in their value quite justified and logical.