My Take on Bitcoin’s Timeline and Trajectory
- June 28, 2022
- Will Turner
Some of the predictions and analysts mentioned in this article predicted Bitcoin might go over $100,000 on Nov. 29. In 2023, Bitcoin prices may experience sharp fluctuations, leading to Bitcoin prices falling: The main cryptocurrencys value may likely range between $13,530 to $26,136.
The price of bitcoin dropped under $500 for short periods, then, up to late October, BTCs rate hovered around $600-ish. Then, with news that the big U.S. exchanges are starting to offer bitcoin futures, the nearly re-inflationary fast rise begins, with the currency trading at $16,500 as of Dec. 7. After years of fluctuating prices ranging from $100 to $900, Bitcoin finally breaks $1,000 again in January 2017.
This November, price fluctuations led users to believe Bitcoin might reach a record-breaking rate (the previous historic high was December 17, 2017, at $20,089 USD per 1 BTC). Bitcoin started trading the following year at $13.40, and experienced two price bubbles that same year. Then, bitcoin was mentioned in Slashdot, a popular news source, triggering a 10x price rise over the following five days, going from $0.088 to $0.08 per 1 BTC.
Bitcoins price continued to fluctuate in the tight brackets since then, until getting a substantial boost, regaining the levels of above Rs 24,00,000. The price of bitcoin rose from $1 in April of the same year to peak at $32 in June, an increase of 3,200% within a span of three short months. This dramatic rise was followed by a steep downturn in the cryptocurrency markets, with Bitcoins price bottoming at $2 in November 2011.
The rise and fall of crypto exchanges, which controlled significant Bitcoin holdings, has also affected the trajectory of Bitcoins price. Gox, an early global crypto-exchange, particularly contributed to mercurial changes in the Bitcoin price during 2014. For instance, the announcements about Bitcoin futures trading on the Chicago Mercantile Exchange (CME) and the Cboe Options Exchange (Cboe) were met with price spikes on the crypto exchanges, and helped drive the Bitcoin price close to the $20,000 threshold in 2015.
Institutional investors were likely the primary reason behind positive price movements for both Bitcoin (BTC) and Ethereum (ETH) during the last weeks of May. Bitcoin (BTC) prices are now down over 32% year-to-date, but BTC has held its own against most of its top altcoin peers.
Bitcoin is showing signs of recovery following the latest bout of volatility that saw prices drop from an all-time high of over $68,000 this month to about $53,500 late last week. Bitcoin has been falling alongside other risk assets like technology stocks since the Federal Reserve increased interest rates last week, sending them on a trajectory expected to top 3% by early next year. Cryptocurrency prices have been under significant pressure since the start of 2022, as investors rotated away from risk assets like technology stocks. Cryptocurrency prices peaked at the end of last year, then fell off since then due to rising concerns about the economy.
Bitcoin fell below $26,000 for the first time in 16 months, triggered by the widespread cryptocurrency sell-off which wiped out over $200bn of the markets total value in one day. Bitcoin has been on a downward trajectory since reaching its last record high, of $68,789.63, on Nov. 10.