You can buy a whole bitcoin right now for just over $17,000. The value of the digital cryptocurrency has fallen dramatically. Because in November 2021, investors still had to pay up to $69,000 for a full BTC token.
Is $17,000 bitcoin cheap?
Whether Bitcoin at $17,000 is extremely cheap or still too expensive is a matter of perspective. All investors who entered the cryptocurrency market before the end of 2017 will probably find the price quite high.
Because the early investors could still give bitcoin for much less money. Investors from the first few hours paid only a few dollars or even cents for their Bitcoin, as kryptoszene.de recently showed in this analysis of Bitcoin’s chances of becoming a millionaire.
Tesla and MicroStrategy are sitting on Bitcoin losses
On the other hand, there are many investors who only bought their first Bitcoins in the 2020/2021 bull market. Many will have bought at prices much higher than $17,000 and may now be worried about the opportunity to buy cheap BTC. This also includes big investors such as Michael Saylor and his former company MicroStrategy, who bought Bitcoin for several billion dollars at an average price of about $30,000.
Not even the car manufacturer Tesla has done a good business with its bitcoins so far. Much of the original $1.5 billion investment has already been disbursed. The remaining stock of BTC will also be in the red.
A short-term Bitcoin Bull Run is unlikely
But all this is just an insight. Many investors look at buying Bitcoin as a long-term buying decision and hope over the years to increase their profits or get out of the red again. This is also supported by the current record in the number of Bitcoin hodlers who hold at least 1 BTC, as reported by bitcoincasinos.com.
Staying power may be required. Even bullish analysts consider it quite optimistic that Bitcoin will see a huge price explosion in the short term and reach new all-time highs. Because the mixed situation for assets like shares and cryptocurrencies is still very difficult given the rising interest rates from the central banks, high inflation and political instability such as the war between Russia and Ukraine.
Bloomberg: Bitcoin May Outperform Other Assets in 2023
Estimates of how the crypto market will develop this year vary greatly. Bloomberg analysts are more on the bullish side, believing that Bitcoin could outperform other asset classes in 2023. For example, this year Bitcoin could be seen more as a digital version of gold and free itself from its dependence on stock prices.
Trader Alistair Milne, founder of the Altana Digital Currency Fund, has a price target of at least $45,000 for this year and believes that high inflation will favor Bitcoin as a deflationary asset in its price development.
Are Bears Preparing For Bitcoin’s Next Correction To $12,000?
Other analysts, on the other hand, believe that Bitcoin will correct to $10,000-$12,000 levels in the short term. So does a well-known cryptanalyst with the pseudonym Capo. He sees no sign of a sustained recovery at the current breakout of $17,000. Rather, he expects another correction in the market.
Even with a possible increase in the resistance level of almost $20,000, Capo feels a bear trap that will attract many participants into the market with buy orders, only then to start the next correction.
“You might think this is the floor. However, there is not a single bullish confirmation yet…The bearish trend is intact. Bitcoin and most of the market are testing broken supports as resistance. We have seen that time and time again. I’m not buying,” Capo wrote on Twitter.
Bitcoin expects $182,000
However, long-term investors should not overestimate these short-term price forecasts. Even if the prices fall again, this does not change the fact that most analysts expect the value of Bitcoin to increase significantly over the next few years.
This is shown by looking at analysts’ forecasts for the price of Bitcoin in 2030. Digital Coin Price, for example, estimates that BTC can rise in price up to $182,000 per token in the next eight years. That would be an increase of almost 950 percent compared to the current price and therefore would offer a very good opportunity to buy Bitcoin before the prices rise.
The forecast of the financial blog changelly.com is even more bullish. Analysts estimate that Bitcoin will be worth about $407,000 per token in 2030. If this forecast is correct, buying Bitcoin at the current price would yield about 2,240 percent. With an investment of $45,000 today, you would be a millionaire by 2030 if the estimate is correct.
Avoid the pessimism: will Bitcoin fall to $400?
But there are also more cautious forecasts for the price of Bitcoin in 2030. For example, the analysts at Bonn Price Forecast expect the price of BTC to be only $49,000 for that year. Bitcoin would not reach a new all-time high and some investors who bought in the 2021 bull market would still be in the red in eight years. Still worth the buy at the current price. After all, Digital Coin Price assumes that the current level will almost triple.
Wallet Investor’s forecast, on the other hand, is extremely bearish for Bitcoin. The analysts expect the course to lose more than 98 percent of its value by 2028. This could drop Bitcoin to prices of $300 to $400. In this worst case scenario, all investors who bought Bitcoin around 2016 or later would be in the red. However, the Wallet Investor forecast does not go ahead to 2030, but only analyzes the trend of the next 5 years.
However, it should be noted that there is a big difference between the bullish and bearish price forecasts for Bitcoin in 2030. Ultimately, each investor has to decide for themselves what the fair price of Bitcoin can be in the future.
Buy fight tokens out in the presale
Some altcoins could also offer huge potential for high returns in the coming years. This includes new projects like Fightout. He is dedicated to the mega topic of the Metaverse and wants to establish wellness services in virtual space. The new platform’s native token pre-sale is currently underway. When you buy FGHT, you get a 50 percent bonus.
Cryptocurrency with potential 2023
An offer that matches your criteria…
Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.