The Bitcoin Trend Will Continuously Increase (BTC Analysis) How to buy Bitcoin?
In order to be able to assess whether Bitcoin is currently worth buying, it is worth taking a look at the current Bitcoin price. July has turned out to be a quiet month so far. The BTC price moves with unusual constancy in a level between 32,000 and 59,000 dollars. There are practically no excursions outside of the courses mentioned. Any attempt by the bulls to overcome existing areas of resistance will be immediately halted by the bears. However, current price comments paint an interesting picture. On closer inspection, the Bitcoin moves in a symmetrical one. In the speculation under consideration, the course is approaching the end of the resistance more and more, so that a breakout becomes more and more likely. In this case, we are likely to encounter a significant slide up or down. It is therefore worth taking a closer look at the possible outcomes of a price breakout. At this point, there is resistance as well as an important hurdle, which the price has repeatedly bounced off over the past few weeks. The bearish story is likely to be even clearer. If the support lines fail to hold, the worst case could be as low as $ 22. The Bitcoin Trend Will Continuously Increase (BTC Analysis) How to buy Bitcoin?
Technical Development At Bitcoin
A few years ago, Bitcoin was considered the means of payment of the future, but the status has changed in recent years. Investors now see BTC as a technological asset and a hedge against ailing finance.
In addition, Bitcoin is probably the largest and most secure network in the world. In order to ensure this status, however, regular updates must be carried out. However, the high degree contributes to the fact that the development of Bitcoin takes a long time and has to be weighed up in the platform.
In general, the security of the platform takes precedence over the rapid implementation of new features. In addition, every upgrade must support the previous version of the platform and be backward compatible. The last update that investors experienced took place in 2017. It was then that SegWit was introduced and it helped increase the number of transactions. In 2021, Taproot is the next big upgrade of the platform. The signatures, which enable improved information protection and increase the scalability of Bitcoin, will be decisive. In addition, smart contracts should also find their way.
What Influences The Bitcoin Course?
Before we go into the present Bitcoin forecasts, we want to assess which reasons impact the Bitcoin rate. These are in actual fact qualitative ones that can not be put into rough numbers. In addition, these reasons are differentiated from chart ones, which are extra prone to be utilized to brief-term durations. Our qualitative motives are to be understood as points that are to be used for an average to the long-term forecast of the Bitcoin cost.
The Bitcoin forecast is given here over a period of several years. According to analysts, the Bitcoin price will experience some fluctuations until 2023, but the trend will be continuously increasing. In January 2023, 1 BTC will be worth up to the US $ 60,000. According to the Bitcoin forecast, there will be a slight correction between 2023 and 2024, before a bull run to almost 80,000 dollars follows in 2024. This trend will continue into 2025, according to many sources.
Why Is Bitcoin Popular?
There are now thousands of so-called cryptocurrencies. Bitcoin is one of the most famous that investors have also had an eye on. How does this digital money work, who can benefit from such currency and why is Bitcoin not harmful to the environment? An overview.
The main reason is likely to be the desire to speculate. The price of Bitcoin keeps rising and then often falls very sharply. Celebrities like Musk are driving forces: his tweets drive the price up or down and apparently generate fear of missing out for some investors. The fact that the online payment wants to partially allow transactions in Bitcoins also led to price increases.
Digital Version Of Gold
At the same time, it is assumed that some investors see an opportunity to diversify their investments more broadly because of the long period of low-interest rates in Bitcoin. The economists see in Bitcoin the possibility that this cryptocurrency will develop into a technological opportunity of gold. As a result, the supply amount cannot be increased indefinitely and so Bitcoin develops a certain value. Bitcoin's prominent function is to protect itself from inflation, which appeals to people who assume banks want to soften the value of money.
How and What Can You Pay With Bitcoin?
Online exchanges or marketplaces offer cryptocurrencies. Widespread storage of Bitcoins is the digital wallet; you can download it as an app on your phone. To open the wallet, you need a personal key. You can also print it out and put it in the safe. But if you lose or misplace the key, you can never access your bitcoins again. Because of the decentralized network, there is no bank behind the Bitcoin that you could ask for a new code.
What you can pay with Bitcoin is another question. Bitcoin's price fluctuates a lot. This also means: If you order food with Bitcoin, it is difficult to calculate how much it will cost. Accordingly, a cryptocurrency like Bitcoin is not suitable as a means of payment for the experts. In addition, a single payment requires high computing and takes more time than an EC payment in the store - namely up to an hour. In addition, transfers with banks and payment providers are often cheaper.
Who Are The Winners In Bitcoin?
The winners are traders. Many have gotten rich from the hype. That in turn attracts new investors. Since you can't buy much with Bitcoin in real life, the motivation for beginners is a bet on the future: They buy in the expectation that the price will rise and someone else will buy the virtual coin from them at the higher price. This is particularly good for those who mined or bought bitcoins early on: they have often benefited most from the sharp price jumps.
Some, therefore, accuse Bitcoin of being a scheme; a fraud in which owners of Bitcoins are always looking for the next greater fool, the next fool who will buy their coins for even more money. It is correct: Bitcoin is highly speculative. Early entrants tended to benefit more from it than later investors. Experts suggest that cryptocurrencies like Bitcoin were created with fraudulent intent. That is not right.
Does The Future Lie In Digital Money?
Yes, that's what it looks like at the moment. The central banks and also the US Federal Reserve all have projects for cryptocurrencies in their pockets. So far, the central bank had only done preliminary work on this. Whether a digital dollar or euro will be introduced, however, will be decided later. Such currencies have little in common with cryptocurrencies. They would be more of an alternative to cash.
It is clear, however, that many banks want to regulate cryptocurrencies more closely. China was the first large country to ban trade 3 years ago, but mining was tolerated until May 2021. Since then, the Chinese government has also switched off much of the information for cryptocurrencies that are in the country. Most recently, two-thirds of all bitcoins were mined in China. Nevertheless, cryptocurrencies will not disappear again. Cryptocurrencies are a brilliant technology.
In general, no reliable forecast can be made about the future of the means of payment from today's perspective. We believe in abolishing cash in the near future. But this does not mean that cryptocurrencies will become more popular as a result. It should also be mentioned that it is not yet clear how cryptocurrencies are controlled or whether this is even desirable. With the regular means of payment - the ECB stands behind it and intervenes with the aim of ensuring a stable currency.
What Moves The Bitcoin Price In July
Hardly any other topic is currently as trendy with investors as Bitcoin. The leading cryptocurrency also reached a new all-time high in April and is therefore still in the middle of a bull market.
However, it is not easy to forecast the development of the Bitcoin price. The opinions and forecasts of individual market participants could hardly be more different. As part of our Bitcoin forecast, we can tell you that the Bitcoin price could develop in the future.
How to buy Bitcoin?
Author: Emre Ata Author LinkedIn