Bitcoin Price To Explode Beyond $100,000
2021 seems like a year where Bitcoin went through mythic heights as it rallied all the way to hit an all-time high of $68k in November.
Bitcoin surged almost 100% from January to the end of 2021. The BTC price is expected to soar higher by the end of 2023. Given the hopes of recovery in the overall market environment and BTC’s price actions in the crypto world, Bitcoin will likely hit an all-time high in 2023 again.
Let’s see what factors drive Bitcoin to go on a bullish ride this year. Is BTC again the golden gateway for investors to secure their wealthy future?
Will Bitcoin Explode $100K This Year?
Bitcoin has had a wild rally over the past few years. Due to a significant leap in its price, Bitcoin almost surpassed $2 trillion last year for the second time. It is still positioned 1st in the CoinMarketCap ranking.
BTC’s demand will continue to increase in the future since it has a limited supply of 21 million coins, of which almost 90% have already been mined. It has a circulating supply of nearly 18,926,575 BTC coins currently.
The value of Bitcoin climbs up the ladder because, apart from being a digital currency, it is now increasingly used as a medium of exchange worldwide. There are almost 500 Bitcoin ATMs across the globe.
Given that almost 20,500 businesses accept Bitcoin as a payment mode shows the worldwide acceptance of cryptocurrency. With all this in-store, it is likely to explode to the $100K mark by the end of 2023.
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Why Bitcoin Will Likely Hit An All-Time High In 2023
Bitcoin has struggled a lot to pass a price of around $10,540 over the past. This digital currency has been stagnant between the price ranges of $10,430 and $10,540 since October 2019. Even after several attempts, it could not break its long-time resistance.
Finally, it is on July 30, 2020, that Bitcoin rallied the limit all the way up to $11,400. Today this cryptocurrency sits at a price of around $47,000, which is almost a 320% increase in less than 2 years. If BTC is capable of such tremendous growth, with its spew of developments this year, Bitcoin will likely hit an all-time high in 2023, creating a significant mark in the crypto space.
The Increase In Bitcoin’s Institutional Adoptions
Along with some speculative interest from traditional investors, another factor that fuels Bitcoin’s growth is its increasing institutional adoptions. Payment giants like PayPal, Square, Tesla, MicroStrategy, Visa and Mastercard are some boldface names that back up Bitcoin’s growth.
Tesla has announced that it had invested $1.5 billion in Bitcoin and has plans to accept Bitcoin as the default payment for its product. Thanks to its price increase, Tesla has netted almost $1 billion from this investment.
Elon Musk has been quite vocal about his interest in Bitcoin through his tweets. When he tweeted, “You can now buy a Tesla with Bitcoin,” there was a 5% increase in Bitcoin’s value within a day. He later announced that this won't be possible, however, he has taken back his words and said it'll be an option for investors again.
Along with Tesla, MicroStrategy also has borrowed almost $650 million worth of Bitcoin for a 5-year bond. It is also branching out all along; as of today, Bitcoin games, payment for private flights like Privatefly’s Bitcoin jet account, etc., have all been successful in the market.
With this array of institutional adoption, increase in price, acceptance worldwide, and various other developments, Bitcoin is likely to soar higher in the long haul in a sustainable way.
The Bottom Line On Bitcoin
Today, there are multiple cryptocurrencies available in the market, but Bitcoin will forever remain as the valuable ‘digital gold’ for most investors.
Since October 2020, BTC has been in a rally of breaking all-time highs very frequently. With a high surge in its market cap, increasing demand from investors as well as institutions, Bitcoin will likely hit yet another all-time high in 2023.
What we see is that crypto assets, including Bitcoin, have positive momentum behind them at this point. It is not possible to know whether Bitcoin will rally all the way to $100,000 as its investors hope. More than likely, its price will go up and down for the time being.
If you’re an investor with ample time in your hand, you might consider investing in Bitcoin with the clear understanding that it is a speculative investment. Price could “go to the moon” or might simply tank, too.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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