Key Takeaways
Bitcoin is the biggest cryptocurrency out there. When something happens to it, it has an impact on the entire cryptosphere. In 2024, the United States Securities and Exchange Commission finally approved 11 spot Bitcoin exchange-traded funds. After that, the crypto climbed up, rising above $60,000 and, on March 5, 2024, it hit a new all-time high of $69,170.63. That peak was followed by another one of $70,083.05. After a comparatively quiet weekend, BTC reached its third all-time high in less than a week on March 11, coming in at $71,627.95.
In 2023, the coin was bolstered by the news that a range of Bitcoin-based exchange-traded funds (ETFs) could potentially come onto the market.
ETFs were approved in January. Although BTC dipped after that, it has recovered with excitement over the blockchain’s upcoming halving event helping lift the price to an all-time high.
Bitcoin did not immediately respond to a request for comment.
But what is Bitcoin (BTC)? How does Bitcoin work? Let’s see what we can find out, and also take a look at some of the Bitcoin Price Predictions that were being made as of March 11, 2024.
Let’s examine some of the Bitcoin price predictions being made on March 11, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
2024 | 2025 | 2030 | |
---|---|---|---|
Prediction #1 | $190,328 | $302,468 | $604,897 |
Prediction #2 | $142,911 | $160,887 | $503,459 |
Prediction #3 | $92,148 | $123,876 | $937,023 |
CoinCodex had a short-term Bitcoin price prediction that said BTC would dip to $68,830 by March 16 before climbing to $88,265 by April 9. The site’s technical analysis was bullish, with 27 indicators sending positive signals and just five making bearish ones.
LongForecast made a BTC price prediction which saw the coin trade at $190,328 by the end of this year. DigitalCoinPrice said it would get to $137,722 then, while PricePrediction.net thought Bitcoin would trade at $92,148 in 2024.
Moving forward, DigitalCoinPrice thought Bitcoin would trade at $160,887 next year. PricePrediction.net’s Bitcoin price forecast said it would get to $123,876 then. LongForecast was more optimistic, saying BTC would reach $302,468 in the middle of next year.
Looking at a more long-term Bitcoin price prediction, PricePrediction.net thought BTC would reach $937,023 in 2030. DigitalCoinPrice said it would hit $503,459 that year. Bitnation said Bitcoin would trade at $604,897 at the start of the next decade.
Google’s Gemini AI platform gave the following price prediction for Bitcoin on March 11. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.
Short-term (Next month):
Medium-term (Next 6 months to a year):
Long-term (Next 5-10 years):
Overall:
Bitcoin reached an all-time high on March 5, 2024, as excitement about the upcoming Bitcoin halving, expected to take place in April, and the success of spot Bitcoin ETFs combined to lift BTC to an all-time high of $69,170.63. It reached another one of $70,083.05 on March 8 and its third in a week on March 11, when it traded at $71,627.95.
On January 10, the United States Securities and Exchange Commission (SEC) finally approved 11 spot Bitcoin ETFs. The products started going on sale from January 11, and there is speculation that other cryptos could have their own ETFs.
In the end, SEC Chair Gary Gensler joined Republican commissioners Hester Peirce and Mark Uyeda in voting to approve the ETFs. Gensler’s fellow Democrats Jaime Lizarraga and Caroline Crenshaw voted against it.
On February 28 2024, BTC rose above $60,000.
Commenting on its recent rally, Tristan Dickinson, Head of Marketing at the dYdX Foundation said: “The recent BTC price increase is down to a combination of multiple factors. However, it’s evident the recent surge can be attributed, in part, to the success of the Bitcoin ETF. The increased institutional investment and positive regulatory news signals a growing acceptance of cryptocurrency in mainstream finance. Looking ahead, volatility is likely as the crypto markets respond to evolving economic indicators.”
Now, let’s examine some of the highlights and lowlights of the Bitcoin price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Bitcoin price prediction.
When Bitcoin first came onto the open market in 2009 it was, perhaps inevitably, not worth anything. As more people started buying, selling, trading, and using it, its price moved to $0.09 in 2010. It broke past the dollar in early 2011 and even managed some time above $10 later in the year. There were plenty of peaks and troughs, but it was able to top three figures in 2013 before things fell in 2014 only to recover the following year.
In 2017, it rose past $1,000. The crypto bubble of late 2017 saw it reach a high of more than $17,000. The following year saw a dip to below $10,000 as the market entered a so-called crypto winter, but 2021 was the year where both BTC and crypto as a whole blossomed. Bitcoin had a couple of peaks, reaching a high of more than $60,000 in April before the market slumped over the summer. After that, though, things picked up again and the coin reached a high of $68,789.63 on November 10, 2021. It closed the year at $45,819.95.
In the following year, though, things got bad for the entire crypto market, with a series of crashes leaving BTC trading at below $20,000 in November. On December 31, 2022, it was worth $16,517.52. This represented an annual loss of nearly 65%, in line with the overall crypto market.
2023 ended up being a pretty good year for Bitcoin. It went past $30,000 for a few days in April before going on a decline which culminated in a low of $24,797 on 15 June. At that time, the market was in a downturn following the SEC suing the Coinbase and Binance exchanges, even if BTC was not listed as a potential unregistered security in the regulator’s legal filings.
In late June, the price shot up, as excitement about ETFs grew and on June 21 it broke through $30,000 for the first time in more than two months. Over the next month or so, it hovered around that level, spending more time above it than below it.
On August 17, it dropped to $25,409.11. However, the news about the Grayscale ETF saw it shoot past $28,000 on August 29 and, on August 31, 2023, BTC was worth about $27,240. By October 16, it was worth about $27,000.
The following weeks saw BTC go on an upturn. It broke past $30,000 on October 23 before continuing to shoot upwards. It rose above $35,000 on November 1 and, on December 3, it climbed above $40,000 for the first time since April 2023. On the following day, it was worth about $41,575. The coin kept climbing and closed the year at $44,167.33. This meant it had climbed more than 165% over the course of the year, outperforming the market as a whole.
The climb continued in the new year. BTC peaked after the fake news tweet, hitting $47,893.70 on January 9 but, once ETFs came on the market on January 11, it reached $48,969. The coin then dropped, falling below $40,000 later on in the month, but February saw a recovery. By February 9, 2024, Bitcoin was worth about $47,125.
The crypto shot above $50,000 on February 12. On February 28, it rose above $60,000 to reach a high of $63,913. On the following day, Bitcoin was worth about $62,650.
Things kept progressing and, on March 5, 2024, Bitcoin reached an all-time high of $69,170.63. Although it dropped, it recovered to hit $70,083.05 on March 8 and it reached yet another all time high of $71,627.95 on March 11.
At that time, there were 19.65 million BTC in circulation, representing the total supply. This gave it a market cap of around $1.4 trillion and left it as the single largest crypto by that metric.
Bitcoin reached yet another all-time high on March 11 2024. It is still on an upward trajectory, experiencing an 18% increase since the start of March. Analysis of its price trajectory since late January shows a five-wave pattern, suggesting that this rise could be near its end. On March 5 it dropped of 14% when Bitcoin first attempted to break $70,000.
As the price approaches a resistance at $74,600 what happens then will dictate the future outcome.
If it gets rejected and makes another sharp decline, it could indicate a larger downturn has started. A further fall in price could signal the start of a significant bearish trend. On the other hand, if it continues past its resistance Bitcoin could be eyeing $80,000 next.
Bitcoin is the biggest crypto out there. What happens to Bitcoin often ends up happening to other cryptocurrencies, big or small, too. Reaching three all-time highs in just six days, it is still dominant and has performed well recently.
The notoriously crypto-sceptic SEC’s approval of spot Bitcoin ETFs appears to have proven positive, with BTC moving closer to general acceptance.
What happens both in the run up to and after the halving will certainly be worth monitoring.
Bitcoin has spearheaded the boom in cryptocurrency and has maintained its market position over the last decade. This means it appears as if it should remain the world’s largest cryptocurrency for some time to come.
To put it another way, for a great many people across the world, Bitcoin and cryptocurrency are synonymous. Nevertheless, with regulators having it in their sights, you should exercise caution. Cryptocurrencies can be incredibly volatile, and it might be some time before BTC reaches the heights it previously enjoyed. It is always possible there will be further lows before that can happen.
As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in BTC.
No one can tell right now. While the Bitcoin crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Bitcoin, you will have to do your research, not only on BTC, but on other, related, coins and tokens such as Bitcoin Cash (BCH) or Bitcoin SV (BSV). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Pseudonymous developer Satoshi Nakamoto founded Bitcoin in 2008.
As of March 11, 2024, a wallet associated with the Binance (BNB) crypto exchange held the most Bitcoin.
On March 11, 2024, the five wallets with the most Bitcoin were
Supply and distribution | Figures |
---|---|
Maximum supply | 21,000,000 |
Circulating supply as of March 11, 2024 | 19,651,125 (93.58% of maximum supply) |
Holder distribution | Top 10 holders own 5.4% of the maximum supply, as of March 11, 2024. |
In its technical documentation, or whitepaper , Bitcoin says it aims to make internet transactions easier and safer.
It says: “Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust-based model.”
It goes on to add: “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.”
Bitcoin is, pretty much, the original cryptocurrency, created in 2008.
Founded in the wake of the recession of the late 2000s, Bitcoin serves as an alternative to traditional, fiat currency.
While fiat currency relies on centralization, Bitcoin is decentralized. It is based on the Bitcoin blockchain, a decentralized electronic ledger.
Bitcoin uses a Proof-of-Work (PoW) consensus mechanism. This means people earn Bitcoin by solving increasingly complex mathematical equations to add blocks of transactions to the chain in a process called mining. There is a maximum supply of 21 million BTC. Miners’ rewards are halved every four years or so. Rewards have been 6.25 BTC per block since 11 May 2020 and will halve again in 2024.
Bitcoin itself can buy things in the real world and it is legal tender in both El Salvador and the Central African Republic.
People can buy, sell, and trade Bitcoin on cryptocurrency exchanges.
Here is a chart for the Bitcoin Google search volume for the past 90 days. This represents how many times the term “Bitcoin” has been Googled over the previous 90 days.
It might do. Bitnation, DigitalCoinPrice and LongForecast all think it will get to six figures this year, while PricePrediction.net says it will break $100,000 in 2025. Bitcoin is a store of value. It can be used to pay for a range of goods and services in the real world. It is legal tender in El Salvador and the Central African Republic. People can also buy, sell, and trade it on crypto exchanges.Will Bitcoin reach $100,000?
What is Bitcoin used for?
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.