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Bitcoin (BTC) price predictions • Bull & Bear • Benzinga


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Since its creation, Bitcoin shocked the world with incredible gains – and steep drops. With its latest move, this crypto giant once again surprised investors.

As the world’s first and largest cryptocurrency, Bitcoin (BTC) represents the face of the crypto industry, and it has by far racked up the most institutional investments of any cryptocurrency. With its influence across the entire market, Bitcoin’s price movements can dictate the direction of the overall altcoin market.

Despite Ethereum (ETH) and competing smart contract platforms sparking renewed interest in the altcoin market, investors remain focused on Bitcoin’s next move. But what exactly is Bitcoin? And what is it that makes this cryptocurrency so valuable?

With Bitcoin being accepted as a means of payment by a growing number of traders, traders around the world are asking an increasingly important question: how far can Bitcoin go?

What is Bitcoin?

Bitcoin is simply a distributed ledger technology that acts as a store of value. Created anonymously by an engineer using the pseudonym Satoshi Nakamoto, the technology behind Bitcoin was first described in 2008.

Allowing the unauthorized sending and receiving of its associated coin, Bitcoin lays the foundation for decentralized financial transactions (DeFi). With a proof-of-work system for mining and a cap of 21 million coins, the Bitcoin whitepaper describes a mechanism to incentivize participation in the network.

While Bitcoin was originally intended to be a peer-to-peer payment system, most investors use cryptocurrency as a store of value. While Bitcoin is still a great option for global remittances and for sending large payments, its relatively high transaction fees don’t make it ideal for daily payments.

Consensus between proof of work and proof of participation

Depending on who you ask, Bitcoin’s proof of work consensus may be cryptocurrency’s biggest downfall. Essentially, Proof of Work uses huge amounts of electricity and expensive hardware to secure its network. Conversely, proof of stake uses the financial stake to verify transactions, reducing energy consumption by over 99%.

Not only that, but some analysts go so far as to characterize the proof-of-work as archaic technology. Proof of work can only handle a few transactions per second, making it difficult to scale PoW blockchains. This contrasts with the PoS consensus, which can often handle more than 1,000 transactions per second. Ethereum, the 2nd largest cryptocurrency by market cap, is migrating its blockchain from PoW consensus to PoS consensus.

Position on the Bitcoin market

Bitcoin is currently trading at almost $ 50,000. With a market capitalization of over $ 850 billion, Bitcoin alone accounts for over 40% of the crypto market. Although it has fallen significantly from its October 2021 highs, Bitcoin made strong gains in 2021. Nonetheless, a recent market decline saw the price of Bitcoin drop 12% overnight, leaving the traders wonder if cryptocurrency is really the store of value according to its proponents.

When you consider how much new blockchain technology still exists and how dominant Bitcoin has been in the market, there is no doubt that the original cryptocurrency still has room to grow. However, as smart contract platforms like Ethereum continue to grow, Bitcoin runs the risk of being seen as an obsolete relic.

Expectations for future growth may depend in large part on an influx of new holdings. And Bitcoin is well positioned to attract the lion’s share of cryptocurrency investments. Yet to better understand the potential of Bitcoin, the prognoses of top analysts can help shed light on the future direction of this crypto.

Plan B’s Bull case for Bitcoin

With over 25 years of experience in financial markets, strategic analyst Plan B made a bullish forecast for Bitcoin, seeing that the coin could reach $ 100,000 by the end of 2021. Using a forecasting model stock-flow cross-asset (S2FX), Plan B predicts that Bitcoin will experience parabolic growth in the near term.

Mr. Whale’s Bear case for Bitcoin

Popular Twitter influencer and Bitcoin tipster Mr Whale presented an extremely bearish situation outlook for bitcoin. Believing bitcoin has already peaked, Whale predicts a bleak near-term future for the world’s largest cryptocurrency. He sees Bitcoin drop to $ 7,000 as early as 2022.

Where to buy Bitcoin

If you are wondering where to buy Bitcoin, the answer is simple. The best way to buy Bitcoin is on a trading platform that supports it. But depending on your location, the available exchanges may be limited.

Some of the most trusted trading platforms for US consumers include Coinbase, Gemini, Voyager, and Crypto.com. Each of these exchanges uses state-of-the-art security, ensuring the safety of your assets.

How long will it take for Bitcoin to reach $ 100,000?

Despite a recent slowdown, analysts continue to argue for a possible rise in Bitcoin to $ 100,000 and beyond. And if institutional interest continues at its current rate, some say it could happen as early as this year. However, being already in December, this is an unlikely scenario. If Bitcoin were to hit $ 100,000 anytime soon, it will likely be in early 2022.

More than doubled from its current price, the move to $ 100,000 would push Bitcoin’s market cap to an almost unbelievable $ 1.88 trillion. And while betting against Bitcoin is an inherently risky strategy, it may be reasonable to temper our expectations for earnings going forward.

Where to store Bitcoin safely

Whether you are looking for connectivity or security, the variety of wallets available online has grown with the cryptocurrency market. With varieties of hardware and software to choose from, the following wallets represent the most reputable options for crypto consumers.