Bitcoin, the first cryptocurrency ever created, has reached several milestones. At its peak, it reached a value of more than 65,000 USD, making it the only cryptocurrency to reach a value of five figures. Many Bitcoin holders became millionaires due to this vast and massive hike in the price of Bitcoin. However, since the peak of Bitcoin and other digital currencies, there have been declines in the value of these assets. There has been a long struggle for the price of Bitcoin, and it is currently trying to rise again. The outcome of this struggle, however, is still a matter of speculation at this point.
There are a lot of individuals who are intrigued by and enthusiastic about cryptocurrencies and are closely monitoring these digital assets. Bitcoin is anticipated to achieve success, and rise again. Even with much enthusiasm, though, many questions are being raised. How is Bitcoin doing right now? Is it alive or dead? What is the cause of the struggle? How likely is it that Bitcoin will bounce back up again? You'll find all your questions answered in this guide by the Traders Union, so keep reading!
Start investing in BTC now with ByBit!| Bitcoin Price 1y Return | 50.06% |
| Bitcoin Price 1m Return | 11.71% |
Despite the massive rise in the price of Bitcoin in 2021, the price of Bitcoin, as well as other cryptocurrencies, experienced a major downfall in 2023. Market analysts and influential experts are paying close attention to Bitcoin. As far as they are concerned, Bitcoin is far from dead, and they believe it still has a lot of investment potential.
The following are the possible reasons why Bitcoin is down.
In the crypto market, the experts expect a period where all the currencies will undergo correction, thus the term crypto winter. In light of this ominous time, it is necessary to maintain awareness and be prepared for sudden chaos in the market, which could erupt at any moment.
In the opinion of Igor Zakharov, CEO of DBX Digital Ecosystem, high inflation in the United States has contributed significantly to the crypto crash. He believes that the crypto winter began with the collapse of TerraUSD and Luna, resulting in a domino effect throughout the market.
On September 21st, the US Federal Reserve announced another significant rate increase, which caused the cryptocurrency market to react. Just after the Fed’s announcement, Bitcoin fell below $19,000. Notably, this is the fifth increase in US interest rates this year, which has resulted in the decline of several major cryptocurrencies. The FED plans to continue raising the rate until inflation starts to decline. Some experts believe rates could negatively impact all markets until the first half of 2023 or even beyond.
We are experiencing a volatile global economy at the moment. There is a steady rise in inflation daily, bringing it to the highest level in decades. Currently, cryptocurrency and stock markets are having a tough time due to the Fed's announcement of an increase in interest rates. As a result of this uncertain economic environment, investors are uncertain about the future.
As a result of the Federal Reserve's announcement, it is easy to say that earning with easy methods is not so easy anymore. Therefore, especially if you are thinking about investing in meme coins, now is not the appropriate time to put money into them. Furthermore, investing at this point is very risky as the market is tumbling, and you must be cautious and consider every angle before making a decision.
In the ongoing conflict between Russia and Ukraine, the future of the world's economy is at risk. The function of the economy was already problematic due to the pandemic. Cryptocurrencies have been put in the spotlight because of this warring conflict.
The negative impact of the war is the rise in oil, gas and food prices and disruptions in supply chains around the world. However, this war is putting pressure on the inflation rates.
Bitcoin (BTC) price prediction for 1 day and 1 weekSince the beginning of the year, Bitcoin's price has been low, but it has remained steady for the most part. Even though it dips periodically into the high $17,000s, it generally has remained around $19,000 throughout the year. Bitcoin's level of stability coincides with the decline in the value of gold, other currencies, and equities. Moreover, due to the Federal Reserve's decision to repeatedly raise interest rates, monetary conditions have been further tightened.
Cryptocurrencies have declined in value due to the possibility that holders have been holding the assets for long-term investment and have remained resilient in the face of the crippling U.S. economy. Bitcoin is facing several issues, including high inflation in the US, high-interest rates globally, the war in Ukraine, and even its popularity.
Powell's fight against inflation is causing a slowdown in the economy, and risky assets are suffering, explains Edward Moya, senior market analyst at Oanda brokerage.
Humphrey Yang is an expert in the area of personal finance. He was among the people who suffered a significant crypto crash in 2017, in which Bitcoin and other currencies lost a lot of their value. As he explained, this particular asset is highly volatile and could lose up to 80% of its value in a matter of seconds.
As for Bitcoin's long-term viability, it cannot be easy to predict. In the past, currencies have lost much of their value and bounced back, making things even more complicated when you look at history. On the other hand, Bitcoin might be able to survive and come back even stronger if today’s market situation is compared to previous events.
Should I Buy Bitcoin (BTC) 2024? Top Pros and ConsThe Traders Union has gathered price predictions by analysts regarding the price of Bitcoin. Remember that these are just predictions based on charts and an analytical point of view. Therefore, these predictions may prove to be wrong.
The table below shows the forecasts as of the end of each month in 2023, according to TU analysts price prediction.
| Month | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| August 2023 | 38 185,38 | 42 428,2 | 46 671,02 |
| September 2023 | 40 041,62 | 44 490,69 | 48 939,76 |
| October 2023 | 42 163,03 | 46 847,81 | 51 532,59 |
| November 2023 | 43 488,91 | 48 321,01 | 53 153,11 |
| December 2023 | 46 405,84 | 51 562,05 | 56 718,26 |
| Month | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| January 2025 | $66 294,07 | $73 660,08 | $81 026,09 |
| February 2025 | $68 680,66 | $76 311,84 | $83 943,02 |
| March 2025 | $70 802,06 | $78 668,96 | $86 535,86 |
| April 2025 | $72 923,47 | $81 026,08 | $89 128,69 |
| May 2025 | $75 575,24 | $83 972,49 | $92 369,74 |
| June 2025 | $76 901,12 | $85 445,69 | $93 990,26 |
| July 2025 | $79 022,53 | $87 802,81 | $96 583,09 |
| August 2025 | $79 552,88 | $88 392,09 | $97 231,3 |
| September 2025 | $80 878,76 | $89 865,29 | $98 851,82 |
| October 2025 | $83 000,17 | $92 222,41 | $101 444,65 |
| November 2025 | $85 121,59 | $94 579,54 | $104 037,49 |
| December 2025 | $87 508,17 | $97 231,3 | $106 954,43 |
The idea that Bitcoin is dead would be incorrect. Even though investors are looking for some profits, the market is amid a correction. Undoubtedly, such market corrections can be deep and last longer than you think. It is also critical to remember that these digital assets are highly volatile. Their prices can change drastically over a short period. In addition to the pros of Bitcoin, there are also some cons. Bitcoin can make you a huge profit, or it may ditch you permanently.
On the other hand, the Fed's interest rate policies have alarmed many currency holders. As of right now, the entire crypto market is speculative. There are a lot of Bitcoin holders who are selling off this asset for fear of a total loss. A crypto winter and inflation are also factors contributing to the situation.
In some cases, it can be seen as an opportunity to buy coins cheaply in the long run at a better price. It is common for such investments to be seen as wise investments that pay a lot of money later. However, you should make sure not to put all your money into Bitcoin. Instead, you should ensure it is part of a broader portfolio if you want to invest in Bitcoin.
The Traders Union has prepared a rating of the best cryptocurrencies to buy now.
| Current Price | Market Cap | 1 m return | 1 y return | ||
|---|---|---|---|---|---|
1889.11$ |
228.4B |
3.95% |
79.88% |
||
29993.89$ |
587.0B |
11.71% |
50.06% |
||
17.23$ |
6.8B |
-11.78% |
-49.50% |
||
0.29$ |
10.3B |
-22.21% |
-37.70% |
||
0.00$ |
0.0B |
NaN% |
NaN% |
||
12.90$ |
0.0B |
-12.13% |
-19.83% |
||
0.50$ |
0.0B |
8.25% |
55.10% |
||
0.67$ |
6.3B |
-23.34% |
46.88% |
||
0.00$ |
0.0B |
NaN% |
NaN% |
||
0.00$ |
4.7B |
-14.11% |
-22.00% |
The following tools and instruments were used for making the prediction:
Basic instruments of technical analysis. The forecast relies on basic technical indicators. The analysis was performed mostly on medium and long-term time frames for more accurate results.
Statistical tools that allow experts to evaluate the probability of an event that may influence the prices of cryptocurrencies.
Individual features of a cryptocurrency startup and its competitiveness: number of tokens in free circulation, restriction of emission, potential usefulness of the startup for the society, roadmap and development plans of the startup, potential vulnerability of the startup’s blockchain, examples of hacks, failures in the entire history of cryptocurrency existence, capitalization dynamics compared to key competitors, share of major coin holders and other subjective factors.
Note:
This price prediction is based on current information and historical data. Strong fundamental factors capable of radically changing the overall situation in the cryptocurrency markets, impacting the prices of certain cryptocurrencies and subsequently changing the price trend, may appear in the future. The price predictions are updated regularly based on the latest data.
This article is created for informational purposes only and does not constitute investment advice. Be aware of the high volatility of cryptocurrencies and consider these risks when making investment decisions.
High inflation, increasing interest rates, and a falling economy play significant roles in the movement of cryptocurrency markets. As a result, some people may feel more comfortable investing their money where they can expect a steady return when interest rates rise.
Cryptocurrency traders who have been involved in the industry for a long time know that trading cryptocurrencies can result in dramatic profits and losses at any time. For example, Bitcoin soared to one of its highest points in December 2017 with a value of about $20,000 but was only worth $3,500 by December 2018.
An accurate prediction of when a crypto winter will begin or end is impossible. However, you can follow cryptocurrency news on Twitter, Reddit, and Discord to get a sense of investor sentiment.
The decision to liquidate your entire crypto portfolio at once might not be the right idea based on the goals you have for investing. Instead, take a little bit of profit on a particular cryptocurrency and only sell the growth if you have made decent profits from the investment.
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.
His motto is: I can dream or I can do—I choose action.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.
