Bitcoin never fails to surprise us as this cryptocurrency reaches new heights with every day that passes. After breaking the 2017 record in value and topping $20,000 in value, many expected Bitcoin to plunge as it did in 2017 and experience another massive drop in value. But that did not happen. Not only did Bitcoin managed to maintain its stability, but it also continued to rise in value.
One historical achievement was reached in February 2021, when Bitcoin finally broke the $50,000 barrier. It received a bit of help from Tesla as the company invested over $1.5 billion in this cryptocurrency. Just a reminder, before the investment was made, Bitcoin was valued at around $47,000.
As we are coming close to the middle of 2021, many experts even believe that this is just the start and Bitcoin is yet to reach its peak. We wanted to take a closer look into this situation and explain why do analysts think that Bitcoin will rise in value more. But first, let’s see what the current state of this cryptocurrency is.
The Current State
At the moment, Bitcoin’s value exceeds $60,000, which is a mesmerizing number. Thousands of new traders are registering in the network with the hopes to make a profit. Speaking of the process of making a profit, it is worth noting that some research has stated that there may be as many as 100,000 Bitcoin millionaires in the world.
Thanks to the advanced services of reputable trading sites, profiting via Bitcoin trading is now easier than ever. Here’s why. The best trading sites use advanced AI systems that are able to collect all the data about Bitcoin from the market.
This data is then analyzed and used to make predictions on the future fluctuations of Bitcoin. As you may know, Bitcoin comes with a very high volatility rate and its value is subject to daily ups and downs. Hence, traders can’t determine what the future price of Bitcoin will be.
But trading sites that utilize this AI system can do that for them. BTC Profit is one of those and if you register and deposit with BTC Profit now, you will gain access to all of these services and thus, increase your chances of maximizing your profits.
Now that we’ve figured what the current state of Bitcoin is, let’s see what the analysts have to say.
When Will It Reach its Peak?
As we stated earlier, many experts believe that Bitcoin is yet to reach its peak value and they have concluded this based on previous halving events. There have been a total of 3 halving events so far. The first one took place in 2012, the second in 2016, and the most recent one was in May 2020.
Per statistics, Bitcoin spiked in value exactly a year and a half after the aforementioned halving events ended. The first peak was in January 2014 and the second was in December 2017. Even though the halving event in May 2020 led to a spike in value much sooner than some expected as Bitcoin topped the 2017 record in mid-December, due to this research, analysts believe that Bitcoin will rise even more.
They expect Bitcoin to peak around autumn of 2021. And as for the maximum value that Bitcoin can reach, not many experts have a specific number in mind due to the fact that everyday events can influence its price a lot. But, one of the numbers that have been circulating is a value upwards of $100,000.
How Did Bitcoin Maintain Its Stability?
After Bitcoin spiked in value in 2014 and 2017, its price plunged very shortly after that. But this was not the case now. The reason for that is because Bitcoin’s infrastructure has become far greater and the network is far more stable.
Not only that, but its acceptance rate has gone up by a milestone. Not only is Bitcoin used by more than 5 million people around the world, but many of the global brands have shown their support by integrating it as an accepted payment method. Some of those companies include Tesla, Microsoft, and Shopify.