Everyone knows that Bitcoin is the biggest cryptocurrency. However, after its crash, people are wondering whether BTC can still be considered a good investment. Is it necessary to look for ways to learn how to trade Bitcoin in current conditions? We decided to study this question and review its price history and price forecasts. Let’s find out whether it’s too late to buy BTC in 2022.

Price History Overview

The historical performance of any asset is a necessary aspect to overview when predicting asset prices. Bitcoin is the first virtual currency issued by a decentralized network, so it has quite a long history of performance. Let’s examine it step by step.

• The white paper of the first blockchain-based project was released back in 2008. But the monetary value of digital coins is assessed not only after the launch but after the first transaction. In the case of BTC, it happened in 2009. At that time, the transaction of 5,050 BTC coins amounted to $5.02, meaning 1 bitcoin cost around $0.00099405 back in 2009.
• Between 2009 and 2013, the BTC price had been steadily growing. In January 2013, BTC was traded at around $13 per coin.
• 2013 is supposed to be one of the most efficient for Bitcoin. Over the course of that year, the cryptocurrency reached the point of $1,150, meaning the price growth was around 8,700%.
• The period between 2013 and 2017 wasn’t indicated some significant value gains or losses. At the beginning of 2017, BTC was valued at around $1,000.
• 2017 became the second year of huge gains for investors. By the end of the year, the asset gained 1,900% in value. 2017 ended up at the point of $20,000.
• 2018 and 2019 faced great volatility. By the end of 2018, Bitcoin lost $16,000 in value. The partial recovery happened in the first half of 2019 when the coin price spiked to $12,000.
• After a temporary turndown at the beginning of the pandemic, the Bitcoin price started growing rapidly. It entered 2020 at the point of $5,000 and ended it hitting the price of $30,000. It was hard to believe that in just the next 3 months, the BTC price will gain 100% in value and hit $60,000. An all-time high of $69,000 was reported in November 2021.

2022

2022 wasn’t supposed to become profitable for cryptocurrency investors because of the market crash in Spring. For other markets, conditions aren’t the best as well. The world economy had to face lower industry production, increasing interest rates, supply chain disruptions, and many more significant issues. Difficulties in traditional markets led to a bearish run in the digital market.

As of the date of writing this review, Bitcoin is valued at around $16,802.80. Although the coin has lost almost 80% of its cost since November 2021, it remains a popular investment. This is because there are no traditional assets that can perform the same assets as Bitcoin when it’s gaining value. Its performances in 2013 and 2017 are the best proof.

Although today BTC is in the crypto winter, cryptocurrency analysts don’t lose hope that the biggest cryptocurrency will recover. Here is what they say regarding its future.

What are the forecasts?

• Based on the news and the announcements, analysts expect Bitcoin to begin recovering at the beginning of 2023. Thus, according to some analyses, at the end of 2023 BTC will be valued at $50,000.
• The potential price growth will be caused because of the announced halving that is expected to take place in 2024. This has already happened and led to an increase in demand. Naturally, the rising demand can accelerate price growth. That’s why the Bitcoin value is expected to stop at $75,000 by the end of 2024.
• Making predictions for the long run in the digital market is challenging because of the great volatility and very unexpected price fluctuations. Nevertheless, we dare say that if the network adopts more utility throughout the following 2 years, it will reach $100,000 by the end of 2025.
• If Bitcoin doesn’t hit $100,000 by the end of 2025, this is likely to happen in 2030. Why? Because by that time, cryptos are expected to get accepted as payment methods by the majority of merchants. If this happens, the demand for digital coins will increase gradually. Bitcoin, as the biggest virtual coin, will take the biggest advantage of this.

The Bottom Line

The opinions of investors regarding buying BTC are very controversial. Warren Buffett, for instance, suggests that the biggest crypto is too volatile and speculative to buy. Elon Musk, on the contrary, believes that Bitcoin will continue changing the world of finances, which is why it can be considered a good buy. Anyway, we suggest that you should follow the news and, based on the previous price performances, try to determine the best time to buy Bitcoin.