Bitcoin Finally Hits $100K: Future Market Predictions
On Thursday, December 5th, Bitcoin hit a major market milestone when the value of one single Bitcoin rose to $100,000. Of course, shortly after this monumental moment, Bitcoin slid back into the high 90’s. But why did this happen?
Keep reading to learn more about the moment Bitcoin hit $100,000 and what you can expect in the future of the cryptocurrency.
Bitcoin Hits $100,000
If you are anything like us, you likely had a celebration the moment Bitcoin hit $100,000. But shortly after this happened, it immediately dipped, even though thousands are suddenly clamoring to buy.
So why did this happen?
Well, we can’t say for sure, but we have a couple of theories. First and foremost, we suspect that many people were waiting for Bitcoin to hit $100,000 before cashing out.
These investors may have set auto sales, or they may have simply been watching, but the point is, this amount was a major cash-out point for many, and the price shows this. The day it hit, suddenly, several thousand dollars of BTC began moving. Some whales off-loaded investments and we suspect several businesses chose this minute to liquidate their holdings (maybe even the German government?)
The other thing we have to point out is that even though the bulk of the BTC price rise was natural, we suspect that several thousand people began trading in recent days to drive up demand so that the crypto would hit $100k—after all, its fun to be part of a historic event!
Obviously, these aren’t the only two reasons for the recent major price moves, but they definitely contributed and are worth mentioning.
Another reason for the sudden drop after the sudden high is simple market confusion. In recent weeks, as the industry has driven hype for this inevitable event, many new individuals likely purchased and they hopped on board for the ride. Unaware of the volatile nature of crypto, we suspect that the sudden drop scared them, causing them to sell off just as suddenly as they entered.
If you are one of those people and haven’t sold yet but are reading this article in panic, know that this is the way Bitcoin goes. There are many sudden price climbs and drops—but you need to be in it for the long run to make any of this worth it. So just keep hodling.
Will Bitcoin Continue to Increase in Value?
You may be reading this article wondering if it is too late for you to invest—and trust us when we say it never is. Cryptocurrency isn’t just a simple investment but rather a way of thinking and a way of aspiration. You can join anytime you want—just be prepared for it to be a bit tumultuous.
Experts now expect the next milestone, $200k, is well within reach for BTC—but they also acknowledge we won’t get there easily. There will be lots of peaks as well as lots of crashes—but you just need to keep holding on.
Overall, we and experts expect cryptocurrency to rise even further. Not only is it becoming more mainstream, but the adoption rates of entire countries are skyrocketing. With the US election revealing that Trump will be the next president, many people are preparing for a more crypto-friendly administration and, as such, have begun investing where they previously turned but their noses.
Should You Buy Bitcoin?
Here at MintDice.com, we don’t tell you how to invest because we know how scary it can be to invest in something you can’t understand. Instead, we promote education and learning about new tokens before making informed decisions on your own. However, if there is any token we would recommend an investment in, it would be Bitcoin.
But, because we know most readers of this article are new to the industry, we recommend investing in something a little less volatile until you get used to the market. The year 2024 led to the rise in Bitcoin ETFs, and while these aren’t foolproof, they can be a good introduction to the market while simultaneously lowering your risk (though it doesn’t obliterate it completely).
As with any investment, we recommend proceeding with caution and only investing money you intend to lose. We also recommend discussing your potential investment with someone you trust before making it just to be sure it is the right choice for you.
Where Can You Buy Bitcoin?
The good news is, if you are just buying Bitcoin for the first time, it is now easier than ever before. While the procedure will vary based on where you live, we recommend making an account on one of the following exchanges where you can use fiat to purchase your Bitcoin,
· Coinbase
· Binance
· Kraken
· KuKoin
· A Bitcoin ATM near you
It’s important to know that the procedures on each of these platforms are different, so ensure you learn about the platform before making your purchase. All of these platforms have decent customer service, should you need help.
Can You Buy Just $100 in Bitcoin?
The cool thing about Bitcoin is there is no minimum investment, meaning you can invest as little as you feel comfortable. $100 is a good place to start as long as you are comfortable possibly losing that money. You can also invest just $10 if that is more comfortable for you.
Remember, nothing in cryptocurrency is guaranteed—so don’t move your life savings over yet.
Should You Buy Other Cryptocurrencies?
As you shop for Bitcoin, the large price tag might seem a bit scary and you will likely see lots of other tokens that are available for cheaper. But, in the cryptocurrency industry (and in life) more affordable doesn’t mean better. In fact, unless that other token is Ethereum, we recommend that you avoid investing.
While there are so many amazing projects in the cryptocurrency world, there are also many scams, and you need to learn more about how to spot them before venturing away from Bitcoin. Trust us on this one!
