As the crypto market is going through a correction phase, the majority of crypto projects are already down by over 75% due to this fall, BTC is the cryptocurrency that has started this correction.
Just seven months ago, BTC was trading at over $67,500 per token. It touched $18,000 a few days ago, this is because BTC will soon be going through the mid-halving season.
As the next BTC halving season is set at 2024, it has a history of recording lows during this period. This does impact the crypto market on the whole.
Just before BTC entered the mid-halving period, many crypto experts were commenting that it does not have any impact on BTC prices, but today’s BTC prices have proved them wrong.
Many experts believe that the strict action by many governments might be another reason for BTC prices to fall, as governments believe that BTC can harm them more than the general public, as it can provide them an alternative to traditional banking & finance.
Governments also fear that fiat will no longer be a tool to generate public trust, as they will have an alternative currency that can store value.
Another reason is that BTC miners are earning for adding a block, which keeps on decreasing after four years.
Today, for mining one BTC, miners get 6.25 per BTC, which will further decrease to 3.125 BTC in the next halving period of 2024.
With 19 million BTC already mined out of 21 million BTC, only 2 million BTC is left for mining which will see immense competition from miners, who are competing to add new blocks to earn the rewards.
With the cost of mining increases, today, miners are paying are making losses to mine BTC. So they are selling their BTC already mined at lower rates to somehow manage to keep their operations running.
However, at the completion of halving seasons, BTC has given good returns. In the last three halves, BTC has given returns of 9,915%, 2,949% and 665% for 2012, 2016 & 2020 respectively.
As this is just a mid-season, the return might be good, when BTC changes to a new halving season of 3.125 BTC in 2024.
This is the fourth BTC halving season going on, the BTC fifth halving season is in 2028, the sixth will be in 2032, the seventh in 2036 and the last halving season will be in 2040, as all the BTC will be mined by then.
BTC history shows that BTC in its mid-halving season always recorded a low and then by the end touched a new high.
Bitcoin price prediction 2030 and beyond
According to an algorithm-based forecasting service Wallet Investor, the price of BTC will give good returns to all long-term investors. In the next five years, the BTC price could even touch $114,682 per BTC.
By 2030, Digital Coin Price predicts that BTC prices will exceed $100,00, while Telegaon predicts that BTC prices will be $557,000 by 2030, even crossing $1 million by 2040.
Looking at the prices BTC reached in November 2021, it can achieve $100,000 by this year-end and can even touch $1 million by 2025.
Telegaon has also estimated that BTC can even cross $2.3 million per BTC by 2050.
Many experts estimate that BTC is the best long-term investment than gold, which is known to be limited but keeps on getting discovered. In Uganda, 31 million tonnes of gold ore worth $13 trillion have been discovered.
This is not the end, so the value of BTC, as compared to gold will rise exponentially in the coming years, as after 21 BTC is mined, there will be no additional supply.
Analysts take on BTC price forecast
As per a survey done by Finder in April 2022 on 35 analysts found that BTC prices will cross $420,00 by December 2030, as reported by Capital.com.
ARK Invest which holds BTC in a report said that the prices of BTC can reach $1 million by 2030, this forecast was also supported by CoinLoan founder and CEO Alex Faliushin positive outlook as more institutional money will enter the crypto space by this period.
However, a senior commodity strategist at Bloomberg Intelligence said that even though BTC has a limited supply and demand is rising, prices will be hovering around $100,000.
On the other hand, another analyst was more bullish supporting the $1 million per BTC argument and said that as young people are entering the space with ease to buy and hold crypto, the prices will propel in the next eight years and Bitcoin will be the real money, which has value because of its decentralized design and limited supply.
Can Bitcoin overtake fiat money?
It is very difficult to forecast BTC prices beyond 2031 and till 2050, but development happening across the globe in terms of the adoption of crypto will definitely change the crypto landscape.
Some believe that cryptocurrency has the capacity to overtake global banking & finance in the next few years. Some even predict that BTC could replace fiat currency by 2050, or as early as 2040 or even earlier than that.
BTC halving is nothing but a process that makes the Bitcoin blockchain live and keeps running for years to come. By participating in the process of holding BTC, holders will not only have high value but will enjoy financial freedom.