Will Bitcoin Continue to Rise in 2023
Bitcoin started really slow in 2009 at prices as low as 10 cents for one bitcoin. Today, it is valued at almost $60k per bitcoin. Since its start as a cryptocurrency from a secret founder, Bitcoin has only risen in value from the start. The people who invested in 2009 or 2010 with just a few hundred dollars are millionaires now. With a few unlucky exceptions who had the misfortune of selling their cryptocurrency at the wrong time, immense financial success has graced whoever invested early in Bitcoin and other cryptocurrencies.
That begs the question – is Bitcoin still going to rise in 2023? The answer is most probably yes, it will. A large number of intuitive financial analysts have predicted that by the end of 2023 Bitcoin can very well reach a price evaluation of $100,000 or more! Since the start of the Covid-19 pandemic, the entire stock market has seen its stocks fall dramatically with the stock market even getting on the verge of an economical collapse. The only currency that was left unaffected was digital currency which not only survived the economical fall throughout the pandemic but has managed to rise and give profits to everyone who invested in it.
The truth of the matter is – Bitcoin is here to stay for a long time. If you haven’t already invested in bitcoin, we suggest you click here to get started. With analysts predicting such a monumental rise in bitcoin’s value, you should ensure that you too invest in it so you don’t get left behind when half the world makes profits. In this article, we’ll talk in-depth about how bitcoin will rise, why it’s rising, and will it ever fall again in value.
Will bitcoin really rise in 2023?
As we said earlier, bitcoin has only seen itself rise in recent years. When the Third Halving (a four-year event where all the value from bitcoin mining is effectively halved) occurred in May 2023, bitcoin prices dropped dramatically to as low as $5000. Then as the effects of the halving gradually dispersed and the cryptocurrency market regained its original state, it soared through the skies with its price value.
By the end of October 2023, bitcoin’s price had already doubled. The next month, it doubled again. And again. And again until this April, in 2023, it crossed the $50,000 barrier and even hit $60,000. Bitcoin is currently in its biggest bull market yet seen. Other forms of cryptocurrency have risen along with bitcoin with some even claiming to hold more value potential than bitcoin in the future, like Ethereum. However, that potential is yet to be seen and the only thing we can see right now is Bitcoin’s drastic rise.
BTCC’s own ex-founder quoted that he thinks Bitcoin can even cross $300,000 at its current rate. That is absolutely huge considering bitcoin’s rate, as we type this, is evaluated at $40,000. To put that into perspective, if you invest now, there is a chance of having 7x more returns for your investment in the near future. Yes, it’s just a prediction and yes it’s not guaranteed that you are bound to get that many returns, but every analyst right now in the market predicts a minimum of $100,000 bitcoin pricing which is still a bare minimum of 2x return if you invest right now.
Why is bitcoin rising?
Several factors have been propelling bitcoin’s growth – but many analysts argue that no matter what digital currency was bound to rise in value anyway. The foremost and the most major factor is the pandemic. When the pandemic hit the world, it halted the global economy along with it. The stock market saw a huge crash in its stocks and every currency faced immense inflation, thus decreasing its value.
Bitcoin flourished through this entire ordeal because it’s completely digital, thus not affected by a real-world crisis unless it evolves into a digital movement, and also decentralized, that is, not under the influence and authority of a government or a central institution which makes it immune to inflation. This ensured that throughout the pandemic as the economy crashed, Bitcoin only rose in value. It provided a safe return for all the investors who invested in bitcoin in early 2023. Other people noticed this and decided to instantly grab the opportunity to invest in bitcoin making it rise in value.
Not only people but institutions too are investing heavily in bitcoin after seeing the economical crisis the pandemic brought. Just a few days ago, the bitcoin world was shaken when Tesla bought $1.5 billion worth of bitcoin and stated they will accept cryptocurrency as a form of payment. Many other payment services and banks have started various crypto services that have attracted cryptocurrency users from all over the world. The reason institutions are so heavily investing in bitcoin is to insure their money in case another wave of corona crashes the economy again which we think is a wise choice given the unexpected circumstances in today’s world.
Will bitcoin keep rising forever?
After all is said and done, bitcoin is still a very volatile market. The same BTCC’s ex-founder who said bitcoin can rise to $300,000 in value, also stated that it will crash suddenly after reaching its peak value in a phenomenon referred to as the ‘bitcoin winter’. This bitcoin winter can last several years making bitcoin lose up to 85% of its value from its peak.
It’s crucial to understand that no market is safe from crashing. Take the events of the recent few days, for example. On 8th May 2023, Bitcoin almost reached $60,000 but then crashed to $34,000 till 23rd May. Bitcoin is a very volatile market and all your investments are still prone to considerable risk, with the exception of investing in long-term investments where amazing returns are almost guaranteed. To sum it up, according to several predictions, Bitcoin will keep rising in a volatile way and good returns are almost assured if you invest on time.
Bitcoin is a great investment in today’s date and you should definitely consider investing in it, especially for the long term. We hope this article helped you out, and if it did, please consider following our website for regular updates as it will help us out immensely.