Home Finance How Reliable are Bitcoin Price Prediction Forecast – 2024 Guide

How Reliable are Bitcoin Price Prediction Forecast – 2024 Guide

by Nina Smith

How difficult it is to predict the value of any crypto coin was visible within the course of the last 4 years. One coin, in particular, managed to shock the world by falling extremely low and rising to obscene amounts in just three years. The one that caused the crypto frenzy in the beginning, the bitcoin.

Let’s take a walk down the memory lane, to see how the value moved and how reliable were the value predictions when it comes to bitcoin.

We all remember 2019 and how positive it started, reaching a value of 8.000 dollars. As it usually happens with these currencies, the increase was overnight, picking up the rising pace of all other coins.

It was the time crypto enthusiasts began speculating it will reach $ 25,000 or even $ 50,000, which is more or less happening now. Many famous analytics said that in 2 years period it will be everywhere and fiat currencies will become archaic. By 2024, some even said that everyone will buy their coffee by paying in Bitcoin. Can you connect what was written to what is happening now? It seems that many were able to see how the price movement will go and predict what may become true in the future.

Source: pexels.com

For the first time readers, here is a short introduction about this famous coin, before we continue further.

Bitcoin is the most popular cryptocurrency that dominates the crypto space and its blockchain technology. It was created back in 2009 by a person under the pseudonym Satoshi Nakamoto. The identity of its founder is still debatable since no one is sure if it is an individual or a group of people. A decentralized system, where intermediaries are not involved. It is a digital currency that aims to exclude the intervention of any third party when conducting transactions.

In the beginning, people mined like crazy for it, while now most choose to invest and trade. Comparing to how it was earlier, the situation with analyzing the market for successful trade has become a lot easier, because of all the information available on the internet and software for automatic analyzing and trading. Click here to find out more about how automatic analyzing tools can help you gain the advantage in trading.

2020 was the year many great predictions about the rise in the value were given, and came out to be true in the second half, as well. We’re witnessing its rise and reaching all time high, as we speak. Here’s a short preview of what experts in the field have to say about this phenomenon. And about what 2024 is going to bring.

After breaking the $ 20,000 level for the first time in 2017, it lost around 80 percent of its value during 2018, and the start of 2024 marked a rise in the value of above $ 30,000.

Source: pexels.com

Last year was a real rollercoaster for many things in life, as well as for anyone who invested in the crypto market or simply followed it. At the start of the pandemic, specifically in March, the value was below $ 4,000. Just 8 months later, in December 2024, the world’s most valuable digital currency was trading at a price of more than $ 23,000. Investors were absolutely shocked and in for another shock. As we entered the New Year, the price went above $ 30,000.

We kept going back and forth, between the past and the present in this article just to show you how predictions were true. However, true does not mean they are reliable. To prove to you they are quite reliable, there was a survey conducted in November last year, collecting opinions and predictions about expectations in the rise of the value for the beginning of 2024. Majority of professionals in the field said the average value would be around $ 36.000. We leave it to you to decide how true were their price predictions… It is rather obvious.

What is kind of logical, to ask now, what will be the future trends of bitcoin? Here are a couple of hints…

Digital assets, in general, haven’t been used as much as they should be, after being available on the financial market for more than a decade. At least not until the pandemic started. As the value of many started rising last year, more and more companies began to see their value and practicality, therefore have decided to introduce them as a means of payment. PayPal was the first one, casinos and some famous shops followed. It is only logical to expect a further rise in the application of digital currency.

Source: pexels.com

Banks have also taken digital currencies very seriously. According to what can be read on portals, most of them are thinking about creating their own digital currencies. To help people get used to digital currencies, China was very inventive. Recently, a lottery was held in the eastern Chinese city of Suzhou, west of Shanghai, in which about 100,000 residents received 200 renminbi (about $ 30) each through a digital wallet. Residents have been encouraged to link their digital money to their bank accounts, and if they don’t spend it within a few weeks, the digital money will disappear. This sound great for digital assets, but not so great for bitcoin as a currency. Why? Because these countries strive towards converting their own currency digital, which could decrease the interest of those who own crypto just for payments. On the other hand, it could happen that it won’t have any influence at all since this coin’s value is compared to gold. It’s becoming a long-term investment for many people.

However, given the volatility and the fact that it is not connected to any monetary policy, it is still hard to predict what is the future like for this coin, how will the value move. That’s also one of the reasons why suggesting the investment to someone else might be a tough responsibility to handle.

So far, predictions were obviously quite reliable. Some say its value may rise up to $ 50.000 this year. The time will tell.