- BIT is predicted to rise to $0.65 or above during the Bitcoin halving in 2024.
- BIT could break more psychological resistance and trade around $0.8 by the end of 2029.
- The widespread adoption of crypto by 2050 could help BIT reach $1.75.
What is BitDAO (BIT)?
BitDAO is one of the world’s largest DAOs (Decentralized Autonomous Organizations). Envisioning open finance and a decentralized tokenized economy, BitDAO gives BIT token holders the governing control over BitDAO. BIT is an Ethereum-based token that has proposal and voting power in the BitDAO governance module.
Interestingly, BitDAO is not a registered company but is a rare collection of token holders who agree to be governed by a set of smart contracts on the blockchain.
BitDAO is different from the others DAOs as it aims to partner with existing and emerging projects through token swaps. Token swaps will enable the BitDAO treasury allocation to gather a collection of top crypto tokens. The priority is spot and derivatives DEXs.
BitDAO (BIT) Market Overview
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BitDAO (BIT) Current Market Status
According to CoinMarketCap, BIT is up 4.89% in the last 24 hours and is trading at $0.533965 at the time of writing. BIT floated just above its opening market price of $0.52 (green zone) for the first couple of days. Thereafter, the price delved into the red zone and BIT crashed from $0.5188 to $0.4687 in a few hours.
Following the fall, BIT consolidated until the late hours of the fifth day. However, the dawn of the sixth day of the week brought some momentum to BIT. It started making higher highs in the red zone before reaching the green zone while continuing its rally of reaching higher. It reached a maximum price of $0.545 on the seventh day.
BitDAO (BIT) Price Analysis 2023
BIT ranks 44 with a market cap of $1,116,491,707 and it has a circulating supply of 2,090,946,169 BIT and a maximum supply of 10,000,000,000 BIT, as per CoinMarketCap. It would be interesting to see how the price of BIT would surge in the future with its developments, modification, and other enhancements. But let’s focus on the chart first.
BitDAO (BIT) Price Analysis – Bollinger Bands
Bollinger band is an indicator that is used to measure volatility in the market. This indicator relies on two parameters: Period and Standard deviation. The period is the time frame while standard deviation measures how far the values are from the mean or average.
The Bollinger band has an upper band, median line, and lower band as shown below. The upper band gives the maximum limit that the digital asset could rise from the mean. The lower band marks the other extreme or the lowest point that the prices of a digital asset could fall.
The logic is that the price of the digital asset is supposed to hover close to the middle line of the Bollinger band. However, on occasions that the price of the digital assets strays too far from the middle line, just as shown below, we could expect the price to rise back close to the median after hitting the lower band.
For instance, we could see that BIT touched the lower Bollinger and returned to the mean. This behavior is also expected to happen vice versa – when it touches the upper Bollinger band.
The logic behind this is based on the empirical law of standard deviation which states 95% of the time, the normal distribution of data lies within two standard deviations. The upper band is calculated by taking the middle band and adding twice the daily standard deviation to that amount. The lower band is calculated by taking the middle band and subtracting two times the daily standard deviation
On instances where the Bollinger bands widen, we could expect more volatility in the market and expect the prices to consolidate or move sideways when the bands contract.
BitDAO (BIT) Price Analysis – RSI Indicator
The Relative Strength Index is an indicator that is used to find out whether the price of a digital asset is overvalued or undervalued. As per its name, RSI indicators help determine how crypto is doing at present, relative to its previous price. To evaluate this, RSI compares the gains of the digital asset against the losses it made during the past 14 days. This ratio of gains and losses is then deducted from the 100.
Hence, if the answer is less than 30, then we call that the price is in the oversold region. This means that many are selling the digital aseet in the market, making it undervalued. Moreover, as per the supply-demand curve theory, the price is supposed to drop when there is an increase in supply.
If the answer is more than 70 then the digital asset is overbought as many are buying. Since many want to buy the digital asset the demand increases which intuitively increases the prices.
BIT’s RSI value is at 49.86 and is tilting upwards. If the RSI makes higher highs in tandem with the crypto then, we could adjudicate that the market is in a bullish trend.
BitDAO (BIT) Price Prediction 2023
When considering the chart below, BIT has been rebounding between the middle line and the upper Bollinger band in the recent past. However, towards the end of February BIT fell below the middle line and kept rebounding off of the middle and lower band.
If BIT is following the similar pattern mentioned in the chart, then the prices could reach resistance 1 ($0.6) shortly. However, before reaching resistance 1 the 50-day MA (purple) may interject BIT’s path and may become an obstacle. If the bulls are strong enough they will be able to push past resistance 1 and move ahead.
Contrastingly, if the BIT is to be dominated by bears and the prices are to fall down, then the 200-day MA ( Orange) may come to BIT’s rescue and keep it from falling to Support 1.
BitDAO (BIT) Price Prediction 2024
The next year could be a significant year in the cryptocurrency calendar as it is the year of Bitcoin halving. Since the rewards for mining and validating will be slashed in half, there will be fewer validators. This means there will be less BTC mined and the supply will shrink and as a result, the price could surge.
Since all cryptocurrencies rise and fall in tandem with BTC, we could expect BIT to reciprocate this behavior. As such BIT could rise to somewhere close to $0.65.
BitDAO (BIT) Price Prediction 2025
In the aftermath of the BTC halving, we could expect the market to correct BTC. But, as per Aurelien Ohayon, CEO of XORstrategy, a bull run will be followed for BTC for three years after halving. However, it will not be a continuous three years of a bullish run. It will be split by 1.5 years of the bull run followed by 1 year of the bear run which then will be followed by another 1.5 years of the bull run. If this happens and the other coins reciprocate this behavior then BIT could reach $0.70 in 2025.
BitDAO (BIT) Price Prediction 2026
Remember 2025 will be the first year after BTC halves and six months into 2026 will mean that the bull run will be over and the bear market will appear. Hence, the price of BIT could reach a maximum of $0.60 in 2026 and go through a correction.
BitDAO (BIT) Price Prediction 2027
The first half of 2027 could be a bearish market and the rest six months could be followed by market consolidation in the course of the year. Hence, it is possible to see BIT trade at around $0.55 and 0.60 in 2027.
BitDAO (BIT) Price Prediction 2028
BIT will likely trade above its 2025 price prediction of $0.7 in 2028 due to the start of the next bull run with respect to Bitcoin halving. With the powerful sentiment of investors to buy more cryptocurrencies, a buy pressure may be seen in the market, which will make BIT trade at around $ 0.75 in 2028.
BitDAO (BIT) Price Prediction 2029
The most impact of a bullish sentiment resulting from Bitcoin halving could be mainly experienced in the coming year. We can expect the price of BIT to break more psychological resistance and trade around $0.8 by the end of 2029.
BitDAO (BIT) Price Prediction 2030
The impact of cryptocurrency adoption could stabilize the market by 2030, sustaining the bullish gains of the previous years. Hence, we can expect the price of BIT to trade above $0.95 by the end of 2030.
BitDAO (BIT) Price Prediction 2040
BIT is predicted to surpass more psychological resistance levels and trade around $1.250 by the end of 2040, potentially even surpassing its all-time high value.
BitDAO (BIT) Price Prediction 2050
By the year 2050, the widespread adoption of cryptocurrencies is predicted to stabilize the market and maintain the previous bullish gains. As a result, we can anticipate BIT to trade above the $1.75 mark towards the end of 2050.
Conclusion
If the investors see potential in BIT and add it to their portfolio then we will be able to see exponential growth in BIT prices surpassing $10.
FAQ
BitDAO is one of the world’s largest DAOs (Decentralized Autonomous Organizations).
BIT tokens can be obtained from top cryptocurrency exchanges for trading. Some of the exchanges are Coinbase, Kraken, Uniswap, Bybit, Gate.io, Huobi, etc.
BIT has the potential to break its all-time high of $0.7963 in 2030 but it could break it much before that.
BIT is one of the rising tokens and if it manages to break above the present $0.6 zone it has the potential to hit $1.
Since BIT provides investors with several opportunities to form their crypto holdings, it grooms to be a good investment in 2023, especially with its resilience.
The lowest price of BIT is $0.2553
There are no founders as it is governed by BIT token holders who control the ecosystem.
BIT can be stored in a hot wallet, cold wallet, or exchange wallet.
BIT is expected to reach $0.6 by 2023.
BIT is expected to reach $0.65.
BIT is expected to reach $.70 by 2025.
BIT is expected to reach $0.60
BIT is expected to reach $0.55 to $0.60 by 2027.
BIT is expected to reach $0.75 in 2028.
BIT is expected to reach $0.8 by 2029.
BIT is expected to reach $0.95 by 2030.
BIT is expected to reach $1.250 by 2040.
BIT is expected to reach $1.75 by 2050.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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