{"id":352811,"date":"2022-10-22T08:28:17","date_gmt":"2022-10-22T12:28:17","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=352811"},"modified":"2023-07-06T11:48:11","modified_gmt":"2023-07-06T11:48:11","slug":"bitcoin-price-prediction-will-it-dip-or-will-it-skyrocket","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-will-it-dip-or-will-it-skyrocket","title":{"rendered":"Bitcoin Price Prediction: Will It Dip or Will It Skyrocket?"},"content":{"rendered":"

This lesson, that nothing is stable, seems to be the overarching theme of all of 2022. What this means for your job, finances, and way of life, and for everything else, is completely unpredictable. Then why single out cryptocurrency for its sensitivity to market forces???<\/p>\n

Bitcoin, the first decentralized digital money, has proven itself to be the world’s savior by redefining efficiency, openness, and trustworthiness in financial transactions. We owe a debt of gratitude to the innovation known as Blockchain.<\/p>\n

What does the future hold for Bitcoin<\/a>, the cryptocurrency industry’s standard bearer, despite the fact that it has withstood turbulent market conditions?<\/p>\n

Looking At Bitcoins Price from a Technical Lens<\/b><\/h2>\n

With a current price of $19,086.98, a market size of $366,203,862,174, and a 24-hour trading volume of $27,097,274,450, Bitcoin is clearly one of the most popular cryptocurrencies out there. While there are a maximum of 21,000,000 tokens available, currently only 19,176,800 are in circulation.<\/p>\n

\"Bitcoin<\/p>\n

Bitcoin, a digital currency, has seen a precipitous decline during the past several months. When considering the cryptocurrency market, traders and investors face a challenging scenario. On June 19, 2022, Bitcoin’s price hit $17,770, its lowest point since December 2020. Since November 2021-22, the crypto market has seen a decline of almost two-thirds in its proportion of the overall market. The price of bitcoin (BTC) has been below $24,890 ever since.<\/p>\n

The continued decline in Bitcoin’s price has led many cryptocurrency experts to speculate that Ethereum might soon overtake Bitcoin as the market leader. The ETH 2.0 merging has already begun, and it will likely increase the network’s scalability and transaction throughput.<\/p>\n

Even crypto specialists are pondering BTC’s future dominance. If whales continue to retain large amounts of BTC, however, the cryptocurrency as a whole may not be as lucrative as it once was.<\/p>\n

What Factors Have Influenced Bitcoin’s Price?<\/b><\/h2>\n

The value of Bitcoin fluctuates based on a number of market forces, including supply and demand. The extreme price swings of bitcoin (BTC) set the pace for several other cryptocurrencies. Let’s make a list of the potential influences on Bitcoin’s value!<\/p>\n