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Bitcoin: Brief History, Use Cases, and 2023 Price Forecast

Alina Haynes

Nov 24, 2022 14:47

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Bitcoin is a digital currency that is at the forefront of the present evolution of money, as its market capitalization is the greatest in the crypto world. Cryptocurrencies, including bitcoin, are transforming the concept of money into something that is more transparent and independent of traditional banks and other payment middlemen.

 

As a bitcoin fan, you likely wish to make significant financial decisions and require information about the potential price of bitcoin in 2023. It is easy to be torn between the viewpoints of whether now is the best moment to sell bitcoin out of fear of more price declines or acquire more bitcoin in anticipation of a future price increase. So far, we have examined Bitcoin's price history, the use cases that fuel its growth, and price forecasts for the future.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads as low as 0 pips and a commission rate of $3.50 per 100,000 USD traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

Bitcoin from Inception to Present

Bitcoin was created in 2008 and launched to the public in 2009 by an unidentified developer or group of developers using the alias Satoshi Nakamoto. Nobody owns or controls bitcoin because its source code and design are publicly available. To participate in the Bitcoin movement, you can purchase, mine, or trade the cryptocurrency.

 

Since its inception, this major cryptocurrency's price has increased significantly. The price of Bitcoin began at a preposterous $0 and has already reached an astounding all-time high of over $64,000. Every other cryptocurrency startup is envious and aspires to achieve such tremendous growth. This rise took 12 years, and it was certainly not a smooth ascent. There were numerous lows to highs and vice versa. The rise of Bitcoin is evidence that cryptocurrency satisfies a need for which there is a current and potentially soaring future demand.

 

A brief examination of Bitcoin's price history on CoinMarketCap reveals that this leading cryptocurrency experienced two notable price peaks, the first at $19,000+ in December 2017 and the second at $64,000+ in November 2021. As of November 2022, the Bitcoin price is significantly lower than its all-time high, ranging around $20,000 on average. Now is the time to speculate on the price of Bitcoin in 2023.

Bitcoin Forecasts for 2023

No one can absolutely guarantee the price of any cryptocurrency, including Bitcoin, in the future. We only have access to expert forecasts, which are calculated assumptions based on accurate historical price data.

 

According to CryptoPredictions.com, Bitcoin will reach a maximum price of $25,321 and a minimum price of $17,195 in the first quarter of 2023. In this quarter, we should anticipate a monthly average price of approximately $20,000 for all three months. In April of the first month of the second quarter of 2023, we anticipate Bitcoin's average price to be $20,266. The average price for the months of May and June is anticipated to be $20,271 and $20,273 respectively.

 

In July, August, and September, respectively, we anticipate a minimum price of $17,231, $17,236, and $17,218. The maximum price of Bitcoin is anticipated to range between $25,321 and $25,340 during these three months of the third quarter of 2023. The Bitcoin price forecast for the last quarter of 2023 is pretty comparable to that of the preceding quarters. The average price of Bitcoin is anticipated to be $20,243 in October, $20,225 in November, and $20,203 in December.

 

According to CryptoPredictions, the monthly minimum, maximum, and average Bitcoin prices for 2023 are very similar. When comparing the maximum and minimum monthly prices throughout the year, we anticipate a negligible (0%) monthly change in price. This indicates that we anticipate a relatively stable year for this leading cryptocurrency.

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