Bitcoin is the leader of the cryptocurrency market and the number one asset throughout all crypto exchanges. Today Bitcoin price is somewhat reduced after the market collapse in the spring of 2022. As of late October 2022, the BTC USDT pair is traded at $19,6. However, if we look at past BTC price predictions made before, we will be amused by what we see.
The fact is that short-term price forecasts are basically made depending on the market sentiment. When it is a bull trend, and prices are growing, experts predict new all-time highs; and when the trend is bullish, and investors are selling their assets out, the prediction is as depressive as never before.
What is the base for analysing the cryptocurrency Bitcoin price? Let’s see what factors impact it.
What Builds the Bitcoin Value?
Here are some facts to consider when trying to forecast the Bitcoin value:
- The ratio of demand and supply
- The complexity of receiving one BTC through mining
- Competitors in the industry
- Regulators on the crypto market
- News background
- Investors sentiment.
The Bitcoin price today mostly depends on the market trend. As it is the so-called crypto winter, the price is relatively low. This is the best time to buy BTC in the long term and hold it until the market trend changes. If you look for the BTC forecast, try to consider predictions in the long term. Short-term forecasts are often incorrect because they only rely on the current market situation and investors’ sentiment. The conclusion is: better to buy BTC and hold it rather than follow short-term predictions that never work.
You can buy BTC on any crypto exchange. If you pick holding BTC for a year or two, you better pick offline storage for it. That may be a ledger, for example, or any USB device without constant connection to the Internet. Thus, your coins will be in a safe place.
Keep track of the crypto market news and trends and learn to analyse them on your own. It will help your mind cool and independent on any forecasts.