BITCOIN PRICE PREDICTION 2021 AND COMPARISON BETWEEN DOGECOIN AND BITCOIN : Bitcoin started the year at just approximately $29,000 on January 1, 2021, and escalated to its all-time high of $64,863 on April 14, 2021, in just three months, equivalent to an increase of 123%. Even though Bitcoin is a highly volatile and widely accessible entity, it has had a bumpy ride of ups and downs since its emergence in the cryptocurrency world. But it’s ready to skyrocket the limits with sheer certainty and is predicted to perform brilliantly in the coming months and years.
BITCOIN PRICE PREDICTION 2021 AND COMPARISON BETWEEN DOGECOIN AND BITCOIN
We will talk about the Bitcoin price predictions in this article for the short-term and the long-term duration and the essential factors on which the fluctuation depends.
Here is a brief prediction summary of Bitcoin calculated via essential historical data, personalized graphs, timeframes, in- depth research, and analysis. The detailed report of the predicaments will be discussed in the last segment.
A Month – Past 45 days have been a recovery period for the deteriorating price for the last few months. An authentic, legitimate prediction is that it will rise to a range of $56,000 in the upcoming month.
Three Months – The strong, sustainable solid price range has been maintained by Bitcoin since last year, which means it’s a strong prediction that it may rise again to the all-time highs of the $64,000 range as of April 2021.
Six Months – By the beginning of 2022, Bitcoin is predicted to create new highs by booming up to a range of $70,000. Also, it
could face a slight downfall before the huge bullish boom upwards.
Bitcoin Price History and Statistics of 2021
BTC has been in the crypto market, ruling the whole pile of other crypto’s, among which it gives pretty great returns and has been growing exponentially since then. As its investors increased gradually, its price began to grow fast, with 2018 being the prime year for switching into digital payment/currency systems worldwide due to the liquidity it provides.
Bitcoin was noted to be $19,000 in late 2017, but then the hype got stale, and it immediately crashed to the ground.
Finally, when a majority of people were introduced to digital businesses and finances in 2020, its importance and potential were unveiled naturally by everyone. Hence new investors tried their luck in investments in cryptocurrency as it was way more easily operatable and tradable than most of the mediums of investment. Various institutions, business people, and retailers started to invest considerable amounts in Bitcoin, which made its credibility go much higher. This trend was followed by investors as the stock markets work, based on trust in the stocks of their own company. Ultimately, the price got forced higher, and then by January 2021, BTC was priced at $41,800, which was an all-time high at that point.
This upward momentum was consistent until April 2021, enabling BTC to reach $64,800. At this stage, all the investors expected and forecasted it would cross the $100,000 mark soon. However, it went otherwise and was decreased by 55% of its value and stayed down from April to July 2021.
Technical forecasting aspect of Bitcoin
- Strong resistance
- Consistent momentum
- Favorable support
- Persistent involvement of bull run
- Situational occurrence of the bear push for catapulting
- Psychological preference of investors
- Minor pullbacks and Strong pushes
Fundamental forecasting aspect of Bitcoin
Unlike other cryptocurrencies, BTC has the highest credibility with huge names funding or at least rumored to be backing its
existence in the world as an excellent currency option. This shapes a most probable future for BTC to expand its empire for sure in the payment/currency system. Companies like Amazon, Apple, Tesla, etc., have foreseen to link their payments via BTC in the future, which tells us that Bitcoin is here to stay.
IS DOGECOIN BETTER THAN BITCOIN?
This is a tough battle to pick a winner amongst both as many
different factors are accountable for deciding a better
cryptocurrency, but a fun fact would be easy to understand.
(If you would have purchased one unit of Bitcoin and Dogecoin
each on January 1, 2021, for fixed prices of Rs. 0.34 and Rs.
22,00,834 respectively, then today the values of your cryptos
would have been increased by multiplication of
- DOGECOIN – 70x of the purchased price [Now Rs. 24.6]
- BITCOIN – 2x of the purchased price [Now Rs. 36,87,884]
This means if you had invested a fixed amount as per your available funds/riches in DOGE, you would have got 70 times the amount back, and in the case of BTC, you would have got double your amount.)
Considering factors such as block time, block size, drops fee, profit multiplication, price revival, mining efforts, etc., Dogecoin wins over Bitcoin very efficiently and gracefully. Whereas when we consider factors such as security measures, traceability, adequate decentralization, credibility, and authenticity, Dogecoin fails to match the standards set by Bitcoin.
So, at last, anyone would suggest you perform a good analysis of these cryptocurrencies yourself and diversify your portfolio/investments so that if one crypto crashes, the other one nullifies it with profits. This would surely diminish the risks.