Bitcoin prices reached a standstill recently. Many investors are now holding their Bitcoins and hoping for higher future prices. The question remains as to what to specifically expect from a future Bitcoin. Can Bitcoin reach 50000? What about 100K or 200K?
Previously, investors hoped for a bull run to $100,000. This is certainly a good area to sell your Bitcoins. But how to know where prices are headed towards?
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What is Bitcoin?
Bitcoin is a decentralized currency based on blockchain technology. Bitcoin has been around since 2009 and is the oldest and most well-known cryptocurrency. Bitcoin is based on a decentralized booking system. The transactions in the Bitcoin network are legitimized by a digital signature.
In addition to its function as a means of payment, Bitcoin has become a popular investment object over the years. Investors and traders buy and sell Bitcoin on various exchanges. In the last 12 years, Bitcoin has increased in value massively. This is how early investors have made a lot of money with Bitcoin in recent years.
How was Bitcoin Price in 2022?
The Bitcoin price was in a bear market until 2020. However, the rise in the Bitcoin price started at the end of 2020 and will continue in 2021. From $10,000 at the end of 2020, the bitcoin price rose to $68,000 in November 2021. Ultimately, this would have been a good time to sell the bitcoin.
In the months after November, the Bitcoin price fell more sharply again. Already in December, we saw a sharp drop in prices. This continued into the new year and fell as low as $35,000 in February. In March and April, the Bitcoin price stabilized again. At the moment (as of mid-April), the Bitcoin price is stable at $40,000.
How high can Bitcoin go?
With Bitcoin, of course, it makes sense to buy the cryptocurrency at low prices and sell it at high prices. The Bitcoin price reached its all-time high in November with a value of over $68,000. However, many investors hoped for a higher value at the turn of the year.
Due to the last Bitcoin cycles, analysts assumed that a massive bull run could occur again at the turn of the year 2021 / 2022, which could have brought Bitcoin to over $100,000 or even over $200,000. However, this bull run did not materialize, which is why many investors did not sell their Bitcoins.
When is the right time to sell Bitcoin?
Due to several factors, Bitcoin was not able to reach the forecast heights at the turn of the year. After the all-time high, the Bitcoin price could not rise any further. Now the question arises as to how high Bitcoin can rise in the medium term: is the bull run still coming in 2022 or is a long bear market imminent?
If Bitcoin turns into an extended bear market, a rally to $50,000 could be a good opportunity to sell bitcoin. However, if another bull run is still pending in 2022, this value is far too low. If you believe in a bitcoin bull run above $100,000, this level could be a good one to sell the bitcoin. Anyone who believes in a massive bull run could first set $200,000 as their goal.
Should You Set a Take-Profit Price for Bitcoin?
The goal of investing in Bitcoin is to generate returns. These can be short-term. Traders try to trade cryptocurrencies like Bitcoin at the right time in order to make regular profits. However, most retail investors buy Bitcoin to make long-term profits.
A take-profit target can be important if you want to take profits on your Bitcoin investment in a predictable timeframe. It is useful here to specify one or more brands where you want to sell a certain number of bitcoins. A staggered strategy for selling bitcoin makes the most sense.
You can also purchase Bitcoin and other coins on the crypto exchanges Coinbase and Kraken .
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Source: https://cryptoticker.io/en/bitcoin-reach-50000-heres-your-answer/