If you want to trade Bitcoin, now is the time to do it. This cryptocurrency has been around for a while, and it's the most popular. However, you can't just jump in without understanding it.
The crypto market is highly volatile. What that means is it changes all the time. In one hour, it can raise and lower multiple times. There's no reason why you can't learn to trade Bitcoin, but it's going to take a few steps for you to become a pro. Let's find out what they are:
Growth Predictions
Sometimes called growth rate, the growth predictions for Bitcoin are often based on its past performances. While there are always going to be times where it soars or plummets, those things are averaged out in most cases.
Bitcoin is so powerful right now, but it also has a lot of potentials. Therefore, the projected value of it is astronomical. On top of that, it is estimated to grow exponentially over the next few years.
While this is all speculation, many crypto analysts suggest that the long-term value for Bitcoin could go over $100,000 or even $1 million for each Bitcoin in the future.
The question on most people's minds is how to figure it and where to go to trade it. Here are the two top ways to determine growth predictions for Bitcoin:
Statistics for Bitcoin
Bitcoin statistics are changing multiple times a day. Generally, it focuses on the total Bitcoin that's available right now in the world. It can also compile the amounts of Bitcoin traded in the last day, hour, and more. On top of that, you can see transaction values to determine what rates it's currently moving at.
All of this information is easy to find online, but many people aren't sure what to do with it. How do the Bitcoin statistics help you predict its growth in the next hour (or year)?
The first thing to remember is that you don't want to do all that extra work to figure out what Bitcoin's going to do. It's tedious and time-consuming. Most people don't have the energy or ability to crunch numbers all day long in the hopes of making out with a huge trade.
Price History of Bitcoin
Now, you also have to factor in the price history for Bitcoin to figure out its growth prediction. This often focuses on specific years and what the price was at the end of a particular period.
For example, on December 17, 2017, one Bitcoin was worth over $19,000. It dropped to just under $14,000 on December 22 of the same year.
Again, it's easy to go online and find out all those numbers, but what do you do with them after that? It's easy to see that investors of Bitcoin had a bumpy ride for the last 10 years or so. There's daily volatility to deal with, but you also have to consider that there isn't much regulation and a confusing ecosystem.
While Bitcoin's price history seems to mimic the Gartner Hype Cycle, there are other methods of configuring its price history and what it might do in the future.
Why They Matter
Both the price history and statistics around Bitcoin matter significantly to determine the current price or what it might be in the near future.
Bitcoin became mainstream popular in 2017, and from there, regulatory developments have had an impact because the government is trying to regulate it, and the people don't want that. Every regulatory announcement can decrease or increase prices.
Institutional investors have also become more interested in Bitcoin. This also casts a shadow on the price workings. It started off with retail investors, but now banks and others are trying to invest. With that, there's more liquidity in the ecosystem, and that also reduces volatility (somewhat).
Since companies and banks are now using Bitcoin as a means of currency, it opens up a lot of new doors. That also means the price is set to rise, but there are still variances that we can't know about.
Bitcoin halving events often take place to help boost the supply of Bitcoin that's available in the market. With that, the price can skyrocket, which it did in May of 2020.
Economic instability is another piece of the pie when focused on growth predictions. It's possible to use statistics and price history to figure out what the economy has to do with it all. Still, it's nearly impossible for the average person to do this alone.
In fact, you could spend 10 hours a day crunching numbers and still not know what Bitcoin is about to do. Is there any way to find out?
The answer is yes and no. In a sense, no one can know exactly what Bitcoin's going to do, but analysts are always watching the markets and have gotten good at their job of predictions.
However, it's often better to use a computer system to get the job done. When you use software like that, the algorithm employed crunches the numbers for you, and it does so without error and faster than you could ever imagine doing it yourself.
Where to Check Statistics and Price History
Now that you know more about how statistics and price history can lead to predictions on Bitcoin's growth, it's time to figure out where to go to do this.
There are many software options out there designed for that purpose, but one, in particular, is paving the way. The INX platform helps you trade more securely and efficiently. On top of that, it offers growth predictions. You can check it on the INX Crypto Trading Platform today. From there, you also have a system that helps you trade Bitcoin while compiling all the stats and price history to provide clear growth predictions.
Anyone can use the system, and it's highly secure and regulated by the appropriate organizations. Your funds are always protected from the moment you add them until you withdraw them. That way, you never have to worry about cybercriminals stealing your money or personal information.
