Bitcoin is the most popular cryptocurrency in the world and the first coin that surged on the digital market in 2009, revolutionizing web3 and offering incredible opportunities to investors all over the world. The leader of the crypto world was invented with the purpose of being a store of value, but the pressure of the latest tech advancements led to a strong desire for evolution, which brought BTC to expand its use cases and become a multi-functional network that serves a wide audience’ needs. Bitcoin’s blockchain has become more programmable, enabling users to benefit from a broad range of decentralized services. These tech innovations are constantly increasing the demand for the coin, pushing Bitcoin to a bullish market, and, according to experts, 2024 could be the year BTC goes past its all-time high:
Image source: https://unsplash.com/s/photos/bitcoin
Price history of Bitcoin
Bitcoin is well-known for its volatility, and throughout history, it has experienced multiple ups and downs. BTC was introduced to the public in 2009, with a price of $0.10 in the pre-sale phase and jumping up to $1 in 2011. It took the world by storm with a peak of $29.60 in the same year, but then it dropped to $5 at the end of the year. However, this sudden price change didn’t make investors lose hope; in fact, in 2013, after various fluctuations, it reached $13, and then hit $100, and a few months later, Bitcoin was surprised with a value of $200. Three years later, in 2016, Bitcoin reached $900 and then skyrocketed to $19000, closing the year with glory. Another highly volatile area comes into the game, dropping the prices to $10000 and then closing 2019 with $6000. During the pandemic, interest in the crypto world rose, but the governmental policies made investors fearful about the global economy and the accelerated growth of cryptocurrency. 2023 was a new milestone, as the coin hit $43.000, and, nowadays, the Bitcoin price makes investors hope for further opportunities.
Bear and Bull cases
Predicting the future of Bitcoin is not easy, as there are multiple internal and external factors influencing the price fluctuations, like the interconnection between supply and demand, innovations, policies, and the media news. Still, there are two kinds of scenarios to consider:
- The bull case: A bullish market represents a positive outlook of the future of bitcoin, seeing the potential of growth of the coin and forecasting a positive outcome for investors. Experts consider that, by increasing the utility of Bitcoin with new use cases and the integration of innovative technologies, the currency may attract a broader audience, including organizations and businesses worldwide, which would push the coin to a consistent growth. Furthermore, we should point to the latest events that brought new opportunities in the market, like the approval of spot ETFs that make investing an easier game, halving that raises the demand, and the layer-2 solutions that enable users to benefit from decentralized services.
- The bear case: On the other hand, the worst-case scenario is considered to be the bull case. Investing has some downsides, and the pressure of the dynamics of the market could lead to a significant price drop. For instance, environmental concerns are one of the main factors that put pressure on Bitcoin. The digital coin relies on a proof of work mechanism, which requires incredible amounts for the mining process, and multiple countries point to the unsustainable practices of the Bitcoin network, which also makes eco-conscious investors rethink their choices. Another worry is represented by the impact of inscriptions on the Bitcoin network, as many people consider the attached files, images, videos, and texts to be blockchain spam.
The role of ETFs in trading
Exchange-traded funds (ETFs) are instruments that expose investors to the prices of bitcoin, providing them with a close look at the movements of the market so users can develop efficient trading strategies. The approval of spot ETF this year was a mainstream event that makes trading an easier game, enabling investors to make informed decisions and see the best entry points in the BTC network. Moreover, the clear regulatory framework of ETFs, since they were approved by the SEC, raised the demand for BTC, as people hoped for a more stable ecosystem in the near future. Of course, investors seek stability and liquidity, so spot ETFs could be the tech innovation that pushes the creation of a secure, stable, and liquid financial landscape in the crypto world.
The $100.000 milestone
This year could be the all-time high of Bitcoin, exceeding the expectations of investors, skyrocketing to $100.000. However, considering the historical path of bitcoin, the following year after halving is when the effect materializes, so many experts think that if this new milestone will not be reached in 2024, the next year will be highly promising. This strong bullish scenario does not seem so far away, as Bitcoin is currently getting closer to $70.000, and considering the market situation and effects of the successful innovations on the blockchain, private organizations, and traditional financial institutions are shifting their activity into the digital market, which gives extra points to the trustworthiness of Bitcoin’s blockchain. Hence, it attracts more individuals who want to let go of centralized services, strengthening the interconnection of supply and demand that impacts BTC prices. Besides the need for innovation, users also seek decentralization to address inflationary concerns and embrace Bitcoin to win financial freedom.
The bottom line
One thing is for sure: Bitcoin is here to stay. Despite the current volatility of the currency, Bitcoin aims for stability in the near future, and by improving its blockchain with the integration of new technologies, BTC covers a wider audience’ needs and addresses the main concerns of the crypto world, which are all aspects that ensure a new high for the currency this year.
