Will Bitcoin Actually Fail in 2024?

The phenomenon of bitcoin is still very much fascinating to many people around the world. While there are still people who are skeptical about it, others make thousands of dollars every day and keep increasing their wealth. While the rise of bitcoin occurred steadily for a while, its position wasn’t quite rock-solid all these years. When entering the crypto-world, one must be informed in order to make good decisions. 

How does it work?

Bitcoin is something of a Robin Hud of currency – it first appeared in 2009 as the way to avoid the official channels of money exchange and help the people. Its popularity and value exploded pretty quickly. It was created by a person or even a group of experts behind a pseudonym Satoshi Nakamoto. Even though the initial reaction worldwide was skepticism, it is widely accepted now. There were even instances of real-time use, for buying a pizza, a car and even a mansion. 

The value of bitcoin when it first appeared was 0.08$, but now its value is more than 8,000$. Its value grew steadily until 2013 and then rapidly increased. Isn’t it fascinating that its value increased that much in a relatively short period? And like that is not enough, experts predict some wild rise this year and in the near future.

Reportedly, even the New York Stock Exchange plans to set up an online platform for a cryptocurrency exchange in order to seize the opportunity and take advantage of the overall popularity it gained. This is pretty ironic because the whole idea of cryptocurrency was to avoid the official banking system. However, its popularity made it widely accepted and valued across the globe. 

Even the people who are not IT experts became interested in crypto exchange and not without a reason, that’s for sure. Considering its value, its popularity raises by the second. If you want to find more about the ways you can join the stock market and boost your budget, visit bitcoinscircuit.com to find more about the ways to do it.

Predicting Bitcoin Future

It is not easy to predict how will bitcoin evolve in the future, but that doesn’t stop the experts around the world to offer possible outcomes. Looking at the rise of the value since the bitcoin appeared and the fluctuations that happened in 2017, experts give really broad predictions in order to avoid failing at hitting the right number. 

Ronnie Moas predicts that the value of bitcoin will get up to $28,000. John McAfee’s predictions are sky-high because he believes that this miraculous currency will reach unbelievable one million dollars during this year! That would mean that the value of the Bitcoin market would reach eighteen trillion dollars. We don’t even want to think about what would happen if this prediction doesn’t come true! He stated that in case his prediction doesn’t happen, he will eat one of his body parts. For the sake of his health, we are hoping he is right. 

Fran Strajnar, the CEO of Brave New Coin, has more realistic predictions. He thinks the value will reach $200,000. He believes that this is the logical step when looking at the steady rise of value by now. This is quite a realistic approach and easily achievable. 

Tom Lee, the analyst in Fundstrat, believes that the value will go up to $91,000. His opinion is highly appreciated because his specialty is chart analysis and this type of evaluation is quite unique because cryptocurrency is steadily developing and its data exists for the last nine years. It’s pretty transparent and easy for keeping track, particularly by the people who are familiar with this currency. However, even though experts have quite a lot to say on the subject, there are still some things that need to be taken into consideration. 

General Expectations

It is not easy to predict how the market will behave and what will happen in the meantime. When buying bitcoin and joining the crypto market, it is important to inform yourself as much as possible, but still be very careful when listening advises, because the truth is – there is no formula that can tell you the result with any certainty. One general guideline that should be kept in mind is that before investing in the crypto market, you should analyze the overall situation concerning technology and the world events that could dictate the fluctuations. 

Based on that, you can then get some sense about the general idea behind bitcoin and the cryptocurrency. There are four trading strategies that you should know about: HODling, Hedging, trend trading, and breakout trading. 

The term HODling appeared back in 2013 and it mainly refers to the strategy that has only one goal – to maintain a steady position that can potentially last longer. However, it comes with a certain risk and it can end with certain losses. Hedging refers to opening trades strategically to protect the positions you already have. 

Trend trading refers to opening positions with a high potential of value rise in the near future. On the other hand, the bitcoin breakout strategy is reserved for the people who are familiar with the smallest details of the market and who buy positions before they become volatile. 

All in all, when taking into consideration the opinions of experts who are closely monitoring the development of bitcoin so far, it seems that the value will rise. While some predict pretty incredible highs, others believe that its rise will be a little bit more realistic and similar to its development over the previous years. 

Either way, it is necessary to keep track of the overall global situation to be able to get a better sense of the market in the near future. One thing is for sure, anything is possible and we have all been witnesses to it. With these exciting predictions, we don’t even want to blink, so we don’t miss anything!