In 2023 so far, Bitcoin seems to be doing surprisingly well, given the climate in the crypto and stock markets. Every other week, it scores a double-digit percent gain, and many seem to believe that this is a sign of a bull market. Does it mean that it can score a new ATH this year? Let’s get to the bottom of this and review expert opinions, including our own Bitcoin price prediction for 2023, as well as the years to follow.
Bitcoin Price Predictions: 2023 to 2033
| Year | Minimum price, USD | Maximum price, USD |
| 2023 | $12,000 | $1,000,000 |
| 2024 | $27,214.69 | $74,967.47 |
| 2025 | $56,555.59 | $500,000 |
| 2028 | $140,308.21 | $288,420.94 |
| 2030 | $188,451 | |
| 2033 | $93,396 | $97,380 |
- When will Bitcoin reach a new all-time high? Various sources claim it can happen as soon as 2024 or even this year. More moderate price predictions say it is likely to happen by 2025 at the earliest;
- With the exception of short-term predictions, most Bitcoin forecasts are bullish. BTC is expected to hit $100 thousand by 2025;
- It is important to remember that algorithmic predictions can appear more precise than human forecasts but they fail to account for macroeconomic factors and rely on technical or historical data alone.
Bitcoin: An Overview
Bitcoin has been the largest cryptocurrency on the market from the very start and arguably served as its cornerstone.
The whitepaper for Bitcoin was published in 2008, though it had been in the works for quite some time by then. In this document, it is described as a peer-to-peer digital currency and envisioned as an alternative to cash fiat money.
Genesis (#0) block was mined by the Bitcoin creator(s?), Satoshi Nakamoto, on January 3, 2009. Since then, it has grown into a massive movement and a diverse community and inspired the many altcoins that now form the crypto market.
For more information, check out our Beginner’s Guide to Bitcoin.
Bitcoin (BTC) Price History
Bitcoin’s worth is determined by the market, not by any central authority, by design. In its earliest days, for example, when there was no market, its users determined its worth.
At one point it was around 0.00005 in Papa John’s pizzas. (This is, of course, in reference to the post on bitcointalk.com, published on May 18, 2010. User laszlo has offered 10,000 BTC to a stranger kind enough to buy him a couple of pizzas.) May 18 is now known as Bitcoin Pizza Day, and Bitcoin Pizzas are sometimes used to illustrate the growth in Bitcoin’s price.
Bitcoin Price in 2009–2013
Until 2010, when BitcoinMarket.com was created, there was no market to trade cryptocurrencies and all trades were peer-to-peer. Since then, slowly but surely, Bitcoin was setting a framework for the crypto market.
The first miner reward halving happened on November 28, 2012. At that time, Bitcoin was traded at $12.22 USD. The halving event itself had no immediate effect, neither on the price nor the network. However, a year later at the highest point of the bull market, Bitcoin cost $1,178. That is an almost 10,000% growth!
Its value was increasing, and by 2013 BTC was already being accepted by some real-world merchants. The interest in Internet technologies, such as digital payments, was on the rise. Cypriot financial and Greek government-debt crises have also been connected with rising interest in Bitcoin.
BTC Price in 2013–2016
In perspective, throughout 2013 Bitcoin seems relatively stable. That is, until late 2013: in October an unprecedented rally began, taking it to parity with gold at $1,250 USD. The market was still extremely volatile and, obviously, the corrections followed suit.
The downtrend was exacerbated by the Mt. Gox shutdown and false reports of the ban on BTC in China. It reversed only in mid-2014. The year closed with the Bitcoin price sitting at $300 USD.
But this was only the beginning of Bitcoin’s rise. During the following two years, it was steadily gaining value, with a few spikes in November 2015 or June 2016. The late 2016 rally was connected with the Chinese Renminbi depreciating against USD. However, it’s even more likely that the rally in 2016 was not under the influence of external economic factors. As the market matured, internal factors like the July reward halving for BTC started having more effect. Between 2015 and 2016, Bitcoin’s price almost tripled, from $315 USD in January 2015 to $973.99 in December 2016.
BTC Price in 2017–2020
In August 2017, the Bitcoin Cash fork occurred. It was a result of a long-standing scaling debacle. The part of the community which was in favor of increasing the block size to help scale the network decided to split off.
However, this was little in comparison with what happened next. The rally gained the attention of more investors, and over the following six months, it only accelerated.
There were setbacks, like a crackdown on ICOs and exchanges in China in September 2017. This caused a sharp dip to $2,900. Regardless, the trend persisted, and on December 17, 2017, Bitcoin reached $20,089. The correction, expectedly, followed suit, fuelled by the network congestion and rising fees, exchanges being overloaded and investors terrified by a bubble burst.
This brought regulators in, and fears of intervention and manipulation accelerated the onset of the bear market. Some have called 2018 the worst year for Bitcoin at the time: it lost 70% of its value, closing at $3,747, in comparison to opening at $13,062 USD.
But obviously, the “crypto winter” (the depression of 2018 and the bear market of 2019) was not the end. The entire market entered a stage of recovery, and the once-lost interest of the public was returning. News on digital national currencies, most notably, digital yuan, launch plans for TON and Libra created price fluctuations. In the long term, returning interest has contributed to the bullish trend.
In 2020, other outside factors stepped into the game. The COVID-19 global pandemic caused a stock market crash, which culminated on March 12. Bitcoin’s price dropped by almost half (open: $7,913.62 vs. close: $4,970.79). After that, on May 11, 2020 mining rewards halved yet again.
Investors were getting ready for history to repeat, and even institutional investors came in with the capital. This is said to be one of the driving factors of the next Bitcoin bull run.
Bitcoin Price in 2021–2023
And repeat it did! After reaching the $60,000 milestone in May, Bitcoin price took a nosedive but over the course of summer recovered and consolidated. The current ATH was reached on Nov 10, 2021: $68,789.63.
Analysts were confident that the next goal for BTC price would be the coveted target of $100,000. Unfortunately for them, this would be the farthest the bulls would go. 2022 turned out to be another bad year for Bitcoin investors and the crypto market at large.
To make the ongoing correction worse, there were a few major events that took the BTC price down even further along the way. First, one of the major altcoins at the time, a stablecoin of Terra (LUNA) lost its peg and triggered a bank run that drove the whole blockchain platform down to almost zero. Then, the crypto companies that had exposure to Terra’s tokens and DeFi products started to suffer, namely the lender Celsius and Voyager. When things seemed to have calmed down, the truth about FTX surfaced and caused it to collapse, making the crypto landscape even more precarious to outsiders and regulators. After all of these events, at the end of 2022, BTC was worth $16,600.
In 2023 so far, looks like it has been the bottom for the price of Bitcoin. With a few rare exceptions, it has mostly been going up. At the moment of writing, the market cap of Bitcoin is $540,513,180,477. With 19,338,593 BTC (92%) in circulation, that makes the current price of 1 BTC $27,955.40 (data from CoinMarketCap).
What influences the Bitcoin price?
Miner reward halving
In brief, “halving” is a preprogrammed event that reduces the block rewards in half, hence the name. It does not affect the existing supply but slows down the rate at which the new bitcoins are minted. Historical price analysis claims that there are observable market cycles tied to the procedure of Bitcoin halving. The supply rate slowing down made the demand and price skyrocket.
The previous two halvings have triggered a long-term bull run for BTC and the entire cryptocurrency market. More can be read in our article on Bitcoin halving.
There are a couple of contradicting theories on the bullish nature of halvings. On the one hand, halvings significantly reduce issuance and inflation rate. Miners actively sell off freshly minted Bitcoins, so when the supply is cut down, the price rises. On the other hand, halvings don’t have a lasting effect on the network, meaning these events are priced in.
Effects of Adoption
Before the retail boom, Bitcoin was mostly owned by those who would come into the game knowing the rules. Once the hype kicked in, retail investors flooded in but unprepared for the shakiness of the market, suffered losses. That was before any comprehensive regulation was in place. Setting rules for the game and making sure the participants respect them is the key to adoption.
In 2021, Bitcoin received a legal tender currency status in El Salvador, massively boosting its scope of real-world adoption.
But in reality, as history shows, it’s not always this fine and dandy. Despite the claims that Bitcoin does not need a trusted authority to work, prohibitive regulations can damage its standing. For example, in May 2021, China finalized a complete ban on cryptocurrency trading and completed the crackdown on miners. As a result, Bitcoin price sank from $60,000 to below $34,000 but as the miners moved out, the hash rate and the price recovered.
Bitcoin vs. Fiat
The “safe haven” and “hyperbitcoinization” narratives are back. In addition to the previously existing concerns about the fiat currencies’ inflation rate and the US Federal Reserve-imposed rising interest in particular, this time around, the banks do not seem to be doing well.
In March, three crypto-friendly American banks closed their doors or ceased the provision of crypto-related services. Some experts take this as a sign of an impending banking crisis, and consider Bitcoin a solution. Skeptics in opposition to this narrative bring up other points for the BTC price rising: a short squeeze, correlation to the stock market, and disillusionment with stablecoins.
Some Additional Factors
As of 2023, these factors have less influence on Bitcoin’s price but at the time, they caused significant price fluctuations.
In May 2021, when the first pullback in the Bitcoin bull run happened, the CEO of Tesla Elon Musk announced on Twitter that the car manufacturer will not accept BTC for payments citing mining’s impact on the environment. Since then, efforts to bring awareness to the use of sustainable energy in Bitcoin mining have been made. El Salvador is building facilities that will utilize geothermal energy. American miners, who now account for the majority of the hash rate in the network, run the Bitcoin Mining Council to provide transparency to the operations and educate responsible regulators on the nature of Bitcoin and crypto.
Updates to Bitcoin’s protocol also have the ability to shift the sentiment. The latest major upgrade in BTC occurred in November 2021 — the so-called Taproot upgrade. On release, Lightning Network also made waves and was thought to be a major driving force behind the mass adoption of BTC payments. It was cited as a factor that would drive Bitcoin prices to $250,000 in 2023 but as we see today, it is rather far-fetched.
Bitcoin on Twitter
History Repeating#Bitcoin $BTC pic.twitter.com/1ScmqYYFqp
— King La Crypto (@kinglacrypto) March 4, 2023
Crypto influencer King La Crypto shared an idea about the near future of Bitcoin’s price: if we are indeed in a cycle, then the following price movement could repeat the 2019 one.
The next #Bitcoin supply halving is about 1 year away (est. April 2024).
— Mark Harvey (@thepowerfulHRV) April 5, 2023
After the supply halving, $BTC will have a stock-to-flow ratio that is lower than even Gold.
Bitcoin's market cap is currently less than 10% of Gold's market cap. If the Bitcoin market cap was to match… pic.twitter.com/WSme0yOrgx
Mark Harvey reminded Twitter that the next halving is in a year and expressed a thought that this event is not priced in. Meaning, the next bull run after that will see BTC multiply its value again — the benchmark is gold’s market cap.
#Bitcoin #BTC $BTC narrative potential outcomes!
— CryptoBusy (@CryptoBusy) April 5, 2023
These are the catalysts! 👇 pic.twitter.com/djRvunTtrN
Another influencer, CryptoBusy posted an insightful chart of BTC with two possible scenarios and the conditions for them to happen. Which is more likely? Keep an eye on the news.
Here are the remaining references, as Twitter has a limit on the number of links in one post.
— Balaji (@balajis) March 17, 2023
I am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point. See my next tweet. Everyone else should https://t.co/R3lQp7Ffdt… pic.twitter.com/ABxBmYmv9i
Ex-CTO of Coinbase Balaji Srinivasan shocked the Crypto Twitter with his wager: $1 million in 90 days. Depending on the price of Bitcoin on July 17, someone is going to get $1M in USDC. Srinivasan seems to be confident enough in his bet because the interest rates keep rising, and he deems it a sign of the start of hyperinflation.
Our Bitcoin price prediction and analysis
In the years to come, Bitcoin might finally reach a global audience, with all the ongoing regulatory proceedings. We have to keep in mind, though, that all the predictions showing to-the-moon projections exist mostly in theory. Some older Bitcoin price predictions happened to come true, and some missed the mark.
The global pandemic in 2020 has shown that we cannot retract real-world economic influences. It can be a stock market crash or an influx of users disillusioned with government-run finance.
Let’s analyze the monthly BTC–USD chart to estimate the chances of BTC reclaiming its maximum trading price in the long term. With the ATH and the recent local bottom as points of reference, the Fibonacci extensions point at the following important resistance levels: $28,230, $36,024, and $42,324. In April so far, the price is staying around the 0.236 Fib extension.
At the same time, the relative strength index and its simple moving average have crossed near the middle of the range. With volumes to support the trend change and a crossover of RSI and SMA, BTC has all the chances to break out higher.
In the longer term, if Bitcoin manages to reclaim its ATH price and not lose momentum, the next major target would be near $100K.
Bitcoin Price Prediction 2023
Bitcoiners remain bullish, and the recent bank turmoil seems to have strengthened their resolve. Speaking to CNBC, the Gemini chief strategy officer Marshall Beard claims $100K for 1 BTC this year is feasible. He also commented on Balaji Srinivasan’s wager, calling it an undesirable scenario: if BTC manages to reach $1 million by July, it would mean “crazy things” have happened to the rest of the economy.
Evoking the cyclical nature of Bitcoin’s price before and after a halving event, Rekt Capital reviews BTC on a macro scale. In the previous two cycles, the downtrend was broken in 366–395 days prior to the Bitcoin halving event, and the next one is expected in April 2024, 397 days away from today. For the time being, the FXStreet analyst Aaryamann Shrivastava does not expect Bitcoin to rise considerably but he believes that if this scenario is validated, BTC will not go lower than $25,000 in 2023.
The YouTube channel ClearValue Tax brings a more bearish perspective into the picture. Its host Brian does not expect a real Bitcoin rally until 2024. He stands firm about his Bitcoin price prediction for 2023: $12,000. What is happening right now in the crypto market is nothing more than a “dead cat bounce” to him, a bear market rally. However, in 2024, things will change, as the monetary policy will have the opportunity to shift from quantitative tightening to quantitative easing, which gives more room for risk-on assets to breathe. Not to mention the Bitcoin halving!
Past BTC predictions for 2023: $100K
Bitcoin Price Prediction 2024
What about the BTC price a year from now? Different sources name various figures but are more on the bullish side.
AMB Crypto is temperately bullish on BTC, they expect more organic growth: at the very least, BTC will be traded for a $27,214.69 minimum price. By the end of 2024, its average price is expected to be $38,049.69 and at most, BTC can reach a maximum price of up to $40,713.17.
In contrast, Coinpedia seems to have more faith in Bitcoin bulls, and their forecasted average trading price of Bitcoin in 2024 is $57,743.23. It is derived from the minimum price of $39,453.57 and the maximum price of $74,967.47.
The average of Bitcoin price predictions from Binance users for 2024 is $29,081.85. Most of them have pinned the possible growth of the current Bitcoin price in a year to 5%.
Bitcoin Price Prediction 2025
If we are sticking to the market cycle hypothesis, then 2025 will be the year of the next real bull run. Where do the experts put targets for it, considering this possibility?
Robert Kiyosaki of the “Rich Dad Poor Dad” fame frequently touts Bitcoin together with gold as a hedge against the weakening US dollar. He does not change his position, though he adjusts the targets accordingly to the market situation. Most recently, he made a BTC prediction — declining trust in the dollar will make it skyrocket to $500,000 by 2025.
Algorithmic services such as BitNation can produce unexpected results. However, this Bitcoin forecast is more or less in line with the experts’ estimations. In 2025, the average price of BTC will come up to $97,186.70, calculated from the minimum and maximum prices of $88,856.41 and $105,516.99 respectively.
Humans are more likely to predict a wider range for the future price of Bitcoin. This is the case with the BTC forecast of CryptoNewsZ: to cover more possibilities and volatility, they provide a minimum price estimate of $56,555.59 and a maximum price prediction of $86,387.11.
Past BTC predictions for 2025: $200,000–1,000,000
Bitcoin Price Prediction 2028
By now, we can already infer from the BTC price predictions above that in five years, it can multiply in price. With that in mind, let’s see what forecasts are out there for 2028.
Digital Coin Price is famously moderate in their estimations. Not with Bitcoin, though: they predict that Bitcoin will be trading for as much as $140,308.21 in 2028. PricePrediction.net goes even further: their range for BTC price in 2028 is from $162,113.93 up to $288,420.94. Not too shabby, isn’t it?
Analysts’ View on BTC Forecast for 2030 and 2033
Analytics and media outlet Finder surveyed a panel of crypto industry experts about their expectations for Bitcoin’s price in 2030. The averaged result comes up to $188,451. This is considerably more moderate than in a 2022 survey when the average price prediction was $406,400.
As for ten years in advance, such a long-term price forecast is even more prone to imprecision. Analysts and algorithms still try: Coin Price Forecast gives a guesstimate of $93,396–97,380 for 1 BTC in 2033.
Past BTC Forecast Prices in 2030: $500,000 (Winklevoss twins) — 12,000,000 (Robert Breedlove)
How to Exchange Bitcoin on ChangeHero?
On ChangeHero, you can buy Bitcoin with a credit or debit card or swap altcoins for the first cryptocurrency.
To exchange crypto for Bitcoin:
- Choose the currencies on the home page, amounts, and the type of exchange. Provide your BTC wallet address in the next step and check the amounts;
- Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
- Send the cryptocurrency you will be exchanging in a single transaction. Fixed Rate transactions have a 15-minute limit;
- From here on, we are doing all the work: checking the incoming transaction and making the conversion as soon as it arrives;
- As soon as the exchange has been processed, your BTC is on its way to your wallet. Congratulations! We’ll be happy to hear your feedback.
If you want to buy Bitcoin with a bank card, you can also do it on our website.
- Choose the country of residence, the amount to buy, and the currencies. Proceed to the next step;
- Check the currency of purchase and amounts. Provide a BTC address;
- In the next steps, verify your phone address and card info. Pass 3D-secure verification;
- Finally, to make a purchase pass the identity verification with a state-issued ID and a selfie.
For full instructions on how to buy Bitcoin, check out the guide How to Buy Bitcoin.
Conclusion
The future price of Bitcoin is a subject of much debate and speculation, since it also reflects the future of the crypto market at large. Whether you hold altcoins or not, Bitcoin’s future concerns everyone who is invested in crypto, and for now, it sure seems to be bright.
If you read the article until the end, we’re sure you liked it! Maybe you have an opinion on these predictions or even a prediction of your own? Share them in the comments on our social networks: Twitter, Facebook, Reddit, and Telegram! Stay tuned for updates to the Bitcoin price prediction and explore more crypto assets in our blog.
Frequently asked questions
What is Bitcoin?
Bitcoin is a peer-to-peer cryptocurrency protocol that was designed in 2008. It enables borderless, permissionless, trustless value transfers between users directly.
How much will Bitcoin be worth in 2025?
Depending on the source, BTC is expected to grow up to $500 thousand in 2025.
How much will 1 Bitcoin be worth in 2023?
According to different analysts, in 2023 Bitcoin’s price can grow to $1 million or drop to $12,000.
How much will Bitcoin be worth in 2030?
By 2030, Bitcoin will be estimated to be worth up to $188,451.
What will Bitcoin be worth in 10 years?
While not certain, analysts predict that in 2033 BTC will be changing hands for up to $97,380.
Disclaimer
This article is not a piece of financial advice. No price prediction is guaranteed to provide exact information on the future price.
When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investing in cryptocurrencies only after careful consideration, analysis, and your own research.
