Bitcoin passes $45,000 for the first time in 21 months, predicted to reach record high...

[midian182]

In brief: In news that will please crypto fans and hodlers but worry gamers, Bitcoin is on the rise again. Following a horrendous 2022, BTC's price slowly increased over the course of last year, and it has now passed the $45,000 barrier, its highest since April 2022. The rally has spurred investors and insiders to make predictions about how high the digital coin's price will reach – one believes $500,000 isn't out of the question.

2022 was a year to forget for Bitcoin. From reaching an all-time high of around $69,000 a year earlier, it dropped below $17,000 in December 2022, the result of TerraUSD and FTX collapsing. This so-called crypto winter saw $1 trillion wiped off the value of the cryptocurrency market.

Bitcoin's price slowly but surely increased last year. It was up 156% in 2023 and has now reached a 21-month peak of over $45,000. That's still far from its all-time high, but there's plenty of optimism that the price will keep climbing this year.

Bitcoin has had an interesting few years

Two factors are expected to push Bitcoin even higher in 2024. The first is the halving, an event that happens every four years in which the amount of bitcoin awarded to miners is cut in half. The idea is that it will help make Bitcoin more scarce and resistant to inflation. The halving will continue until all 21 million Bitcoins have been mined, likely to be sometime in the year 2140. Based on previous halvings, BTC's price is expected to go up following the event.

The other factor is the increasing likelihood of the U.S. Securities and Exchange Commission approving a spot Bitcoin exchange-traded funds (ETF). In addition to allowing investors to buy a product that tracks the price of bitcoin without having to hold the currency directly, it could help attract large institutional investors while also legitimizing the coin - JPMorgan Chase's CEO last month said that crypto is only useful for criminals and should be "shut down."

CNBC asked a selection of people about their predictions for Bitcoin's price this year. It's interesting that the lowest figure, from Mark Mobius, was still $60,000. Others said $75,000 or $80,000, several believe it will be $100,000, and Venture capital fund CoinFund believes the price will reach $500,000.

It's worth remembering that most of these predictions come from those within the crypto industry who want people to invest. There were predictions last year that Bitcoin would hit $250,000, which obviously never happened.

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https://www.techspot.com/news/101375-bitcoin-passes-45000-mark-first-time-21-months.html

 

[BarryBostwick]

One more big factor is Bitcoin whales are holding their coins. This historically is a strong signal of the price going up long term. Models on PrismBTC are signaling this too.

 

[Thanthan]

Meanwhile some of us remember that scarcity an deflation is not an inherent value in a monetary system, and that, in fact, a healthy dose of inflation, around 2-4%, has proven healthy in capitalist economies…

It’s almost as though this is a speculative asset like art (only without any of the subjective value that art can have) rather than an attempt at a bona fide replacement of the central banking system…

But don’t tell anyone that, the crypto cheerleaders might get their feelings hurt…

 

[wiyosaya]

Correction: $500,000 isn't out of the question ---- for the gullible.

 

[wiyosaya]

Meanwhile some of us remember that scarcity an deflation is not an inherent value in a monetary system, and that, in fact, a healthy dose of inflation, around 2-4%, has proven healthy in capitalist economies…

It’s almost as though this is a speculative asset like art (only without any of the subjective value that art can have) rather than an attempt at a bona fide replacement of the central banking system…

But don’t tell anyone that, the crypto cheerleaders might get their feelings hurt…

Or the NFT aficionados for that matter even though NFTs are utterly worthless now.

 

[wiyosaya]

One more big factor is Bitcoin whales are holding their coins. This historically is a strong signal of the price going up long term. Models on PrismBTC are signaling this too.

Is that anything like holding your water or other form of excrement?

 

[DZillaXx]

Meanwhile some of us remember that scarcity an deflation is not an inherent value in a monetary system, and that, in fact, a healthy dose of inflation, around 2-4%, has proven healthy in capitalist economies…

It’s almost as though this is a speculative asset like art (only without any of the subjective value that art can have) rather than an attempt at a bona fide replacement of the central banking system…

But don’t tell anyone that, the crypto cheerleaders might get their feelings hurt…

Deflation is only bad if you own a lot of debt. Nothing wrong when it comes to increasing the value of a dollar. But when you can invest your money to fight inflation and build up a lot of debt at low interest rates, Inflation is very much your friend. Your debt is cheaper over time, Investments is covering cost of debt and inflation with money to still be made.

Inflation works in advantage for the rich, hence deflation is "Bad"....

 

[DZillaXx]

Is that anything like holding your water or other form of excrement?

I wouldn't bet the house on Bitcoin.

But a small investment of extra $$ is never a bad idea. Getting into Crypto and only putting in $1-10k as a gamble is not really a big risk, and even if you have to hold onto it for 10 years to break even if the market were to crash. The change of going for a ride for a 100-300% gain isn't a bad option...

I wouldn't put my retirement to risk on it, nor would I invest if I was living paycheck to paycheck. But I know I'm not the only one here that has a fair chunk of $$ left over every week that is normally invested into something. Really no different than sport betting, or any other type of gamble.

 

[BuckarooBonzaii]

I'm thinking as bitcoin rises and gains popularity, tax laws will be changed?

 

[wiyosaya]

I wouldn't bet the house on Bitcoin.

But a small investment of extra $$ is never a bad idea. Getting into Crypto and only putting in $1-10k as a gamble is not really a big risk, and even if you have to hold onto it for 10 years to break even if the market were to crash.

In your opinion. There are many people out there who could not afford putting $1-$10K and to whom such an "Investment" would be an extreme risk. IMO, they would be better off, assuming they decided to invest in something, investing in a mutual fund. There are no guarantees with a mutual fund either, as I am sure you know, but the risk of loss for someone to whom the same amount invested in Bitcoin, or any crapto currency, would be an extreme risk, a mutual fund would be a better option.

The change of going for a ride for a 100-300% gain isn't a bad option...

Again, In YOUR opinion and for you, as you are willing to bet on Cinderella being real.

I wouldn't put my retirement to risk on it, nor would I invest if I was living paycheck to paycheck. But I know I'm not the only one here that has a fair chunk of $$ left over every week that is normally invested into something. Really no different than sport betting, or any other type of gamble.

And sport betting or some other type of gamble is also, to some, an extreme risk.

In case you have not figured it out, what I am getting at is that for you, that amount may not be much of a risk, but you can hardly speak for others.

 

[Jim Lahey]

In your opinion. There are many people out there who could not afford putting $1-$10K and to whom such an "Investment" would be an extreme risk. IMO, they would be better off, assuming they decided to invest in something, investing in a mutual fund. There are no guarantees with a mutual fund either, as I am sure you know, but the risk of loss for someone to whom the same amount invested in Bitcoin, or any crapto currency, would be an extreme risk, a mutual fund would be a better option.

Again, In YOUR opinion and for you, as you are willing to bet on Cinderella being real.

And sport betting or some other type of gamble is also, to some, an extreme risk.

In case you have not figured it out, what I am getting at is that for you, that amount may not be much of a risk, but you can hardly speak for others.

I’m pretty sure that’s what DZillaX was saying - he said I/I’m the whole way through.

I can see you’re very opposed to cryptocurrency as a valuation. Lots of people share your perspective, and many others find it intriguing.

 

[Kashim]

One more big factor is Bitcoin whales are holding their coins. This historically is a strong signal of the price going up long term. Models on PrismBTC are signaling this too.

Oh really? You mean like all those other times Bitcon went bust after "predictions" of it reaching record highs only to have the so called "whales" decide to cash out? Sounds awesome.

Fun fact: Bitcon is nothing more than a pump-and-dump pyramid scheme for the gullible. The only reason the price has been climbing is because the whales have been doing everything they can with shadow trades to make it look like there's a demand. It's going to be hilarious to see it go bust again. They predict $500,000 highs and I predict sub $5000 lows when it goes bust.

 

[Kashim]

The crypto-herpes is having another flare-up. Apply ointment made of all your savings and it will subside once again. Don't worry though, another flare-up is sure to come again!

 

[Porkous]

It is tied to it's fall, because it can be profitable when is falling, so it might actually be what keeps it floating. Elites would not invest in it without some assurance and awareness. Imagine if is falling, it goes -900%, but if it goes up only 5%.

 

[mylessshyself]

Imagine if is falling, it goes -900%, but if it goes up only 5%.

Bruh, what are you smoking, have you ever seen something's price fall more than 100%?

 

[Thanthan]

Deflation is only bad if you own a lot of debt. Nothing wrong when it comes to increasing the value of a dollar. But when you can invest your money to fight inflation and build up a lot of debt at low interest rates, Inflation is very much your friend. Your debt is cheaper over time, Investments is covering cost of debt and inflation with money to still be made.

Inflation works in advantage for the rich, hence deflation is "Bad"....

Deflation tends to result in the overall economy shrinking. That’s… normally bad news for everyone?