Bitcoin Price Prediction: for 2021 and beyond
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Bitcoin Price Prediction: for 2021 and beyond
Bitcoin breaks price records again! The coin set a new all-time high of $66,930.39 on October 20, 2021. How did this progress come about? BTC broke above $60,000 in March 2021, and after a short-term decline, continues to move upwards. It has been a turbulent year, both on and off the Bitcoin scene. It's time to take a quick look back: what were the big things that happened in the Bitcoin world, and how did this record market price come about? And what can we expect from the next crypto king? Bitcoin analysis goes up even more? Let's find out in our Bitcoin coin review!
Bitcoin in Brief
We're sure you know, but Bitcoin is the most famous digital currency (also known as cryptocurrency). It was the first decentralized currency to work via blockchain technology. The original token was launched in 2009, amidst the global financial crisis. Because many people were suspicious of banks, Bitcoin immediately attracted the interest of a large group of people.
This system allows you to send "money" to other people without the intervention of a third party. Data is not managed by one person but by all network users. This makes it one large decentralized transaction database.
Bitcoin Price History Before 2021
First of all, let's discuss the development of Bitcoin price since its inception. In the image below, you can clearly see major events and price increases.
BTCUSD Graphic Real Time on Forex:
But let's take a closer look at Bitcoin in 2020.
Bitcoin crash in March 2020
2020 started off with bad news. From February to March, Bitcoin fell from over $10,000 to under $4,000. However, the downfall is not just happening in the crypto market. It was a full-blown economic recession due to the COVID pandemic. For example, the AEX (stock market index) closed with its biggest drop since 1987, a drop of more than 10%.
Bitcoin Halving in May 2020
The halving event occurred on May 11. The new reward per block is set at 6.25 BTC, which is a new era for Bitcoin. So, the number of bitcoins in circulation is getting scarcer, which also coincides with people receiving their stimulus and money packages. Due to higher demand and lower supply, prices rise.
Bitcoin Core Update in June 2020
The next Bitcoin news is a change in the network. Since an increase usually leads to a price increase, that is important news. Bitcoin Core is responsible for everything in the ecosystem, the update of which was released on June 28 by 119 developers. OpenSSL has been removed from the code to improve protocol security and reduce vulnerability to attacks.
BTC Banking in July 2020
The Currency Comptroller (OCC), which oversees national banks, allows US banks to offer Bitcoin services. The first companies to follow this news were Avanti, Kraken, BitPay, and Paxos. All of them applied for bank licenses and charters.
MicroStrategy in August 2020
The most bullish news of 2020 came in August when the business intelligence company MicroStrategy purchased bitcoins worth about $250 million. The reason was the Inflation Ghost.
BitMEX and PayPal October 2020
The most shocking news in October came from the BitMEX derivative platform. The exchange has been sued by the US Commodity Futures Trading Commission (CFTC). According to the CFTC, BitMEX operates without a proper license. It was also accused of manipulating the market, which doesn't look good for the Bitcoin price.
On the plus side, PayPal opened its doors to Bitcoin that same month. Every time a billion dollar company starts accepting cryptocurrency, it pushes the market forward and causes the price to rise. It is also important to note that PayPal buys about 70% of the newly mined Bitcoins.
Institutional Money in December 2020
MicroStrategy made its first institutional cash flow in late 2020, followed by Square, Stone Ridge, MassMutual, Guggenheim Partners, Grayscale, and Ruffer Investment. In total, the investments reach hundreds of millions of USD. MicroStrategy raised $650 million in notes and, since then, has managed to convert that money into Bitcoin. This pushed the price up, with BTC rising above $24,000 during that period.
Why is Bitcoin going up? Jeff Dorman, Chief Investment Officer at digital asset investment giant Arca, stated, “Bitcoin has graduated from a digital asset playground to become a mainstream global investment. Investors now have the knowledge and means to buy Bitcoin themselves, and we're seeing it in real-time, which is happening faster than we thought."
But if you want more insight into what is driving Bitcoin's value in 2021, below is a further description of Bitcoin's historical price chart.
Fall Requested by FCA in January 2021
The BTC/USD pair fell in early 2021 due to regulatory issues. The UK's Financial Conduct Authority warns people who invest in crypto assets "should be prepared to lose all their money." As a result, approximately $175 billion of market value was erased from the market.
FCA Chairman Mr. Bailey believes that “Bitcoin days [were] counted.” He also added that there is a small chance the cryptocurrency will remain in its current form. Further, US Treasury Secretary Janet Yellen claimed to be "cooperating with the Federal Reserve Board and other federal banks and securities regulators." Such comments signal more difficult conditions for cryptocurrencies in general.
Upgrade From Tesla in February 2021
The question of whether Bitcoin will rise again has investors worried. Luckily, Elon Musk mentioned Bitcoin on Twitter, and within a day, the price skyrocketed by 11%. Also, Tesla mentions that they bought $1.5 billion worth of Bitcoin in an SEC filing, pushing the price over $48,000.
Coinbase List in April 2021
Bitcoin hit a new record of over $63,000 in April, the day before Coinbase's listing in the United States. Coinbase is a cryptocurrency exchange in the US, and its listing on the Nasdaq is an important win for crypto advocates. This news also has a positive impact on other cryptocurrencies, including Ethereum.
Mining Ban in China in May 2021
The Chinese cabinet promised to crack down on Bitcoin mining, try to reduce financial risks and make Bitcoin crash. During the few weeks of May, BTC fell from over $58,000 to around $32,000. At this point, China's share of global BTC mining has dropped to effectively zero.
New Narrative in July 2021
In July, the price of Bitcoin fell below $30,000. This is the time when the ESG narrative (environmental, social and governance factors) is dragging the market mood down. Bitcoin is also suffering from the Financial Action Task Force's negative regulatory tone. These stories began to affect the global economy - sentiment dropped to single digit levels at the time.
Full Cryptocurrency Ban in China in September 2021
Cryptocurrency trading has been illegal in China since 2019, but continues through foreign currency exchanges. This time, the official declared a full ban. The People's Bank of China said: "Business activities related to virtual currencies are illegal financial activities." Within a few days, the price of Bitcoin fell by more than $4,000.
Regulatory Recognition in October 2021
US Bank, the fifth largest retail bank in the US, launched a Bitcoin storage service for fund managers. Additionally, the Biden administration may issue an executive order directing federal agencies. If this holds true, they will be ready to study and offer recommendations on the crypto market, which is great news for traders.
“This is a validating moment,” said Jesse Proudman, co-founder and CEO at Makara. "I think that's a very meaningful sign in the history of the broader digital asset class."
Bitcoin price on 17 December 2021 is $45 607.40.
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