It’s been a wild ride for the crypto market in 2022. Analysts and investors alike are not optimistic about the near-future and believe a recovery will take some more time. With rare exception, all tokens are down so investors aren’t even sure where to begin investing, instead turning to safer assets.
With that in mind, is it too late to buy bitcoin? Is it too late to buy the market’s most popular asset even if after its fallen far from its all-time high? Bitcoin is down about 75% from its all time-high of just over $69,000. Here, we look at 3 potential price scenarios for bitcoin in the near future. The mark’s biggest asset is looked at with multiple criteria in mind and we also provide some info on what industry insiders and experts are saying.
Is it Too Late to Buy Bitcoin? Our Summary
In another time, it would have been much easier to predict bitcoin. The crypto asset class is hard to predict under any condition but the past 6 months have made it particularly challenging to do so. How does one predict an asset class that has swung so wildly this year and with the effects of the FTX collapse still not fully developed? That’s not to mention that the market is going to inevitably face heavy regulation next year.
All of these developments are going to factor into what bitcoin’s price might be going forward and it will have a permanent effect. As such, the question of is it too late to buy bitcoin is not a straightforward one to answer.
The following are some things to keep in mind when thinking about putting capital into bitcoin:
- Bitcoin is down about 75% from its all-time high.
- The market cap of bitcoin is about $318 billion, far from its height of over $1 trillion at the market’s peak.
- Bitcoin’s price rise will depend on several factors, including market regulation and global macroeconomic trends.
- Volatility may also be high in the months to come.
So is it too late to buy bitcoin? It’s always risky in the crypto market so there’s no question that investors must be careful.
How Has Bitcoin Performed in 2022?
There’s not much that needs to be said about bitcoin’s price history. After all, it is the market’s original token and so much has been said about it. 2022 has been a special year, however, with the token seeing two massive drops that have left both retail and institutional investors wondering about how the year will end.
The first major drop came after the collapse of the Terra ecosystem. This happened around April and saw bitcoin drop from around $46,000 to around $28,000. Its market cap had dropped from nearly $900 billion to about $400 billion. The halving of investment in the asset was a sign that 2022 was going to be a rough year.
Then came the FTX collapse which brought about much more severe damage to the market. Following this, bitcoin’s market cap dropped to where it stands now, at just under $320 billion.
These volatile swings are perhaps much more harsh than usual, but they show how unpredictable bitcoin can be right now. The years to come may be more forgiving as the market is maturing, though the aforementioned caveat of regulation may be somewhat influential in determining the price.
Having said all of this, there are roughly 3 potential price scenarios for bitcoin in 2023 and beyond. Bear in mind that these are subject to change, but these seem more likely outcomes, all things considered.
3 Price Prediction Scenarios for BTC
Bitcoin’s price can go any which way, so don’t take these price predictions to be gospel. There is a lot of uncertainty in the market at the moment but, as we said, the long-term projections appear good. Take these price predictions for bitcoin as guidelines more than anything.
Bitcoin’s short-term projections are much harder to determine than long-term ones. However, bitcoin still has a lot going for it because of investments led by retail investor interest as well as institutional investor interest. The fact that so many large companies hold bitcoin is a testament to this.
Those major holders include the likes of companies, banks, hedge funds, and pension providers. Even some countries have stepped in, most notably El Salvador and the Central African Republic, which made Bitcoin legal tender.
Of course, there are also some prominent individuals who hold bitcoin – including those outside the industry. Michael Saylor and Elon Musk are two of the most well-known.
There are likely many more of those individuals, but regardless, the vast amount of wealth makes one wonder if there is room for a quick rebound. In the long-term, this is likely, given the money that is in the market, but in the short-term, there might be some waiting to do.
Global macroeconomic conditions, crypto market regulation, and market incidents have drastically affected bitcoin’s outlook. Analysts believe that there might be more bearish periods before the market recovers, which will hopefully be by the end of the year.
As such, the Bitcoin price prediction for 2022 could see the coin drop to $15,000 in the short term before rebounding to a max of $20,000 by the end of the year.
There might be more hope for bitcoin in the medium-term, as things settle down and the market looks like it could be in for a better ride. The price prediction for bitcoin in 2023 is something many investors will want to keep an eye on, as it’s going to be a wild year.
Even with many new altcoins launching, bitcoin looks like it’s the one to keep an eye on. It’s the most tried and tested, and so far no coin has come even close to dethroning it.
Bitcoin and its technology also continue to gain adoption around the world. Both as an asset to hold onto for value and as a payment method. Bitcoin ATMs are also on the rise and it could prove pivotal in gaining more people to adopt the asset. There are over 35,000 bitcoin ATMs worldwide and this figure could increase substantially in the medium-term.
Merchants are also increasingly beginning to use bitcoin as a payment option for their goods and services. This is all part of the larger trend toward bitcoin being adopted and it should help the asset growth over time. Bitcoin remains somewhat coupled with other markets, but this could deviate with time. It is considered a hedge against other markets, after all.
Bear markets don’t last forever. The next Bitcoin will take place in early 2024, and this should spur another bull run, which it has historically. Our Bitcoin price prediction for 2023 estimates the coin could test new highs and be worth $75,000 by this point.
Long-term, things look more optimistic. There’s a lot going on for bitcoin and the crypto market as adoption grows and entities become increasingly involved in the crypto space. Bitcoin is far below its all-time high, so there’s a lot of room for growth.
Among all cryptocurrencies, bitcoin stands as the one that’s likely to gain the most. It’s at a price that many would see as a bargain, so both institutions and retailers are going to jump in.
Among the major events that could boost bitcoin’s price is a spot bitcoin ETF. This has been applied for many times now, but the SEC has frequently rejected it. Once regulation comes into play, this ETF is more likely to be approved, which can only boost bitcoin’s price.
Grayscale Investments and others have all applied for these ETFs, and it is a matter of time. If one of these ETFs were allowed to launch, it would provide direct exposure to Bitcoin’s price.
Having said all of this, our Bitcoin price prediction for 2025 estimates that BTC could reach a valuation of $100,000 by the end of that year.
Where to Buy Bitcoin
Bitcoin is the most widely available of all cryptocurrencies and can be bought on almost all platforms. After all, it is the original cryptocurrency. Any centralized exchange will offer bitcoin and most decentralized exchanges a wrapped version of bitcoin. Beginners will want an exchange like Coinbase or Binance, or perhaps an established trading platform like eToro.
You can also buy bitcoin through an ATM if there’s one around your area. Bitcoin ATMs are most popular in the United States and Canada, with a smattering across Canada.
Is it Too Late to Buy Bitcoin?
This is always a hard question to answer, but being the market’s most popular asset, some might consider bitcoin to be at a buy phase at its current price. After all, bitcoin is about 75% from its all-time high. If an investor believes that the crypto asset class is going up, then bitcoin is certainly going to lead the way. Furthermore, bitcoin is far more accepted by governments and institutions than other crypto assets, though there is still some work to be done in that regard.
So the question becomes less about whether it is too late to buy bitcoin and more about whether you believe in the crypto market. For what it’s worth, as we’ve said, many analysts believe that there is much more room for growth in the crypto market
Historically, bitcoin has always bounced back from its lows, as described in the price scenario section earlier. Give it some thought and if you have some capital to put into various assets – capital you can afford to lose – then bitcoin might be a good price to buy.
Cryptos to Consider Buying Alongside Shiba Inu
While bitcoin might be teetering at its current price, there are in fact some tokens that look like they could do well in the near future.
🚨 ANOTHER MAJOR MILESTONE ACHIEVED 🚨
🔥 $200,000 RAISED 🔥
⏰ WE ARE SELLING OUT FAST – BUY $TARO BEFORE THE PRICE INCREASES!
— RobotEra (@robotera_io) November 24, 2022
One of the biggest trends in the market is the metaverse. This niche is all set to pop off in 2023, with many companies both inside and outside crypto looking into it. One major project is RobotEra, a metaverse where players take on avatars of robots and participate in a highly interactive metaverse.
The social aspect of the metaverse is what RobotEra focuses on greatly. There are several features in the project that cater to this, including the ability to create your own social experiences and robot companions. You don’t even need any programming knowledge to execute these ideas.
The project could fundamentally change how people interact in the metaverse. As people can also
The presale for TARO will take place in Q4 2022, so those interested should gear up for what could be a quick sale. The tokens can be purchased in either USDT or ETH, with the minimum investment being 1,000 TARO.
#IMPT is an easy solution for everyone who wants to contribute to sustainable development ♻️
— IMPT.io (@IMPT_token) November 24, 2022
IMPT is a project that is building a carbon credits platform for various stakeholders, including brands, businesses, and individuals. The idea is to encourage them to reduce their carbon footprint. The team wants to build a Web3 platform that acts as a role model for how projects should be developing their platforms, and it sees helping the environment as its highest priority.
These stakeholders can buy, sell, or retire their carbon credits to help them reduce their impact. These carbon credits can be burnt, for which the burner receives an NFT that marks the occasion. The NFTs can then be held as a collectible or sold on an NFT marketplace like OpenSea or Rarible.
The IMPT tokens are used to buy carbon credits and they can be earned by participating in various activities in the ecosystem. There are three different ways in which stakeholders can earn carbon credits. Besides purchasing it with IMPT tokens, users can earn it from the shopping platform and businesses can set a portion of their sales margin towards it. We described these in the following section.
The team also plans to bring many brands on board, which will go a long way toward creating a robust ecosystem in which users will also want to participate in. The entire focus of the project is to encourage everyone to do their bit to help the environment and for that, they need to bring as many entities on board to establish a social revolution.
One of the main features is the shopping platform, which will feature users and brands working together to offset carbon footprints. IMPT plans to bring thousands of brands onto the platform. Users can make purchases from these brands through a shopping platform.
Each IMPT affiliate brand will decide the percentage of the sales margin that is allocated to the carbon credit program. Meanwhile, users will earn IMPT tokens for their purchases, which can be converted into carbon credits.
Users can also choose from hundreds of environmental initiatives to support and make contributions. The team will ensure that these projects are vetted and follow Global Certification Protocols.
90% + sold in the 4th stage!
— Calvaria: Presale is Live! ✨ (@CalvariaP2E) November 23, 2022
Calvaria (RIA) is another project and token that is gaining the attention of the crypto community for many reasons. This is a P2E card battler game that has accessibility as its main mantra. It also has striking artwork and even a story mode.
The game is set in the afterlife, with various factions vying for power. There is quite a lot of backstory and those who prefer to play single-player can take advantage of the story mode. This also makes the game attractive to even those who don’t have much experience with card battlers.
The game is available on both desktop and mobile devices – and you don’t need to hold any crypto or even need a crypto wallet to get started. There are also both Play-to-Earn and Free-to-Play versions, with the latter only lacking some blockchain-based features. The combination of the latter version and the fact that you don’t need any crypto assets to get started means even the least tech-savvy of individuals can enter the ecosystem.
The P2E version has benefits like the ability to receive royalty payments, wager on tournaments, and sell decks, cards, and upgrades. As for other features, Calvaria will have staking for the RIA token, a scholarship system, mini-games, and an in-game store.
Think less about the question of is it too late to bitcoin and whether you believe in the crypto market growing in the future. Bitcoin is an integral part of the market and will go up or down with it. Bitcoin’s price could swing wildly in the months to come, but a long-term perspective should offer more comfort.
Institutions are entering the crypto market and everyone from high-net-worth investors to hedge funds are investing in it. There is a lot of life left in the crypto market. It may need some time to recover but there is no reason to be extremely pessimistic about the figure. Investing methods like dollar-cost averaging might be a good idea.