Tech

Will Bitcoin Hit 20,000?

Bitcoin

Will Bitcoin bounce back after falling below 2000 in June 2022? Bitcoin has been experiencing one of its lowest performances in the crypto market for nearly two years. The price is falling at an alarming rate. Bitcoin is one of the oldest crypto coins dating back to 2008. Bitcoin has been vital worldwide in online transactions, and its falling is of enormous concern. 

The crypto coin is free of government control or banks though that is changing as governments and banks adopt it. Since Bitcoin was adopted into the open crypto market in 2009, it has traded with currencies, services, or products on open markets like Binance. BTC allows people to transact online and be an alternative to flat currency banks or governments’ control. Various crypto experts and forecast sites have their say on whether Bitcoin will Hit 2000.

The Rise of Bitcoin

Though Bitcoin is experiencing one of its worst performances, it is good to acknowledge that the Crypto coin has had quite a journey since it was introduced to the market. BTC holds the most significant portion of the crypto market. The gains BTC has undergone down the years are evident; as of 20th June 2022, it was trading at a minimum price of $ 17,238.2 US Dollars. It is the lowest it has ever traded since December 2020. It is surprising how things have turned around for the giant crypto coin. 

Recently, BTC hit a record high by surpassing the $60,000 mark in 20221, closing the year at $ 46.306.45 US dollars. The amount of Bitcoin is capped at 21 million, which will be a vital determination if Bitcoin will rise again, will halving it save Bitcoin and raise its value? As of June 2022, 19 million Bitcoins were available for circulation. The drastic fall of BTC has left many concerned if it will sustain the challenges and rise again. The rise of Bitcoin might be an indicator that Bitcoin will rise again and hit 20,000.

Fall of Bitcoin Below 20,000

The significant gains Bitcoin made in 2021 were forecast to be even more prominent in 2022, hitting its highest at$ 60,000. It has not been the case as the coin is crashing. Bitcoin investors and users are divided between sticking with the troubled coin or cash before all goes back. Experts and forecasts have unpopular opinions indicating BTC will rise again. Bitcoin was in a similar situation in 2017; it fell from over $ 20,000 US dollars to around $ 3,000 US dollars. BTC rose again and proved to be a world-beater. That indicates that the coin might be at crossroads now due to different actors at play, but it is eventually expected to rise again. Forecasts like safe trade have given predictions on what the future holds for BTC in 2022 and beyond and if it falls below $ 20000 or will hit $ 20000 and above soon.

Predictions: Will BTC fall further below $ 20,000 or hit above $ 20,000?

The fall of BTC started at the beginning of June. The coin was trading at $ 31,782.16 US dollars before it started collapsing on the crypto market all over the world. The coin falls drastically to hit a low of $ 20,372 by mid-June, and it doesn’t seem to be slowing down despite optimistic predictions starting next July 2022. As of 20th June 2022, the coin has hit a low of $ 17,238 US dollars. The forecast has indicated that BTC will rise to a minimum price of $ 18,418.7 US dollars. If these predictions come to pass, it will be the first significant gain the coin is making since the price started falling at an alarming rate at the beginning of June 2022. 

oJune 2022 predictions

The forecast indicates the coin won’t be hitting the $ 20,000 mark soon. However, forecasts are optimistic that the coin won’t be falling further than what it is trading currently. There are predictions that the price of Bitcoin will go up. BTC will make gradual gains until 28th June, when it will hit a high of $ 19,318.9 US dollars but close the month at a minimum price of $ 18.226.28 US dollars. That same day the predicted average price will be $ 27,671.5 US dollars, a maximum price of $ 36,659.8 US dollars. June will be a critical month to determine whether BTC will hit $ 20,000 or it will fall further?

oJuly 2022 predictions

July will also be vital for the future of BTC and the price at which it will trade. Forecasts are predicting Bitcoin to continue rising and hit new figures compared to a troubled previous month of June. BTC will be selling at a minimum price of $ 19,619.71 US dollars; this will be short of the $ 20,000 mark. Bitcoin will trade at an average price of $ 29 00.62 US dollars and a maximum price of $ 38,376.44 US dollars in July.

oAugust 2022 predictions

According to forecasts, Bitcoin will be back at over $20,000 by August. If all factors at play work in favor of BTC and the crypto market, then August will be a turning point for the rise of BTC. The minimum price will be at $ 22,557.39 US dollars. It will be the highest rise since mid-June. 

oRest of 2022

The price of Bitcoin will not be anywhere near its highest price in 2022 despite the optimism of its rising. The price of BTC is forecast to rise with September at $ 23,386.7, October at $ 26,165.22, November at $ 28,483, and December at $ 29,186.5 US dollars. 

oBeyond 2022 predictions

The value of BTC is expected to make gains and hit a new high above $ 20,000 in the next few years; in the next five years, BTC is predicted to trade at over $100,000. The value of BTC growing will depend on various conditions affecting the crypto market and if they favor it or are obstacles. 

Conclusion

According to several forecasts, Bitcoin will hit $ 20,000 soon, in July. Bitcoin’s fall has been influenced by the global conditions such as the high inflation rate and the war in Ukraine that led to the collapse of the world economy that was already battling with the post-COVID19 recovery. It is important to note that machine learning generates these predictions, and you are cautioned not to make financial decisions depending on them entirely. They act as a guide to what BTC/USD forecast and prognosis may be at a particular stage of a week, a month, and a year.

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