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Bitcoin Price Predictions: Where Will the No. 1 Crypto Go After BTC’s New All-Time High?

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Bitcoin price predictions are surging as the coin reaches a new all-time high today. Where might the crypto colossus' prices...

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This story originally appeared on InvestorPlace

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

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The day all crypto bulls have been waiting for is finally here. The market correction woes are officially behind us as the digital currency monolith Bitcoin (CCC:BTC-USD) passes its all-time high. If the past is any suggestion, crypto investors are in for a real treat with this news, and Bitcoin price predictions are becoming even more bullish with the milestone finally reached.

image of bitcoin to represent cryptocurrency stocks
Source: Shutterstock

Bitcoin’s previous all-time high actually wasn’t that long ago; back in April, the coin surged beyond $64,000. The time was a period of great bullishness for the entire crypto market. After all, investors are aware that Bitcoin prices — more often than not — determine the state of the rest of the market. The huge growth period saw some unprecedented surges, like that of Dogecoin (CCC:DOGE-USD), and it spawned an entire army of altcoins, some of which have been successful while most immediately floundered.

The good times did not last particularly long, however. Elon Musk flip-flopped on Bitcoin payments for Teslas (NASDAQ:TSLA), citing the huge energy consumption of Bitcoin mining. At the same time, the Chinese government began an extensive crackdown on crypto within its borders, where most of the world’s crypto mining takes place. These factors, combined with general market exhaustion, sent crypto into a corrective bearish market for months.

As of August, things have been picking back up again. Buoyed by the non-fungible token (NFT) boom, as well as major upgrades from industry leaders like Cardano (CCC:ADA-USD) and Ethereum (CCC:ETH-USD), sentiment began rising once again on digital currency. It certainly doesn’t hurt that altcoin play Shiba Inu (CCC:SHIB-USD) saw gains of over 200% through the beginning of October.

Bitcoin Price Predictions Surge as BTC Smashes Through All-Time High

The market turnaround has prompted huge gains for Bitcoin. At the worst of the bear market of early summer, BTC dropped below $30,000. One day, it completely erased its gains for 2021, essentially resetting the progress it made. However, steady climbs from late July through today have brought it back to its former glory and then some; as of this morning, Bitcoin is creating a new all-time high. Of course, Bitcoin price predictions are becoming quite bullish.

Currently, BTC is resting at nearly $66,800, a whopping $4,000 over its previous record. Where might Bitcoin be heading from here? Let’s take a look at what analysts are predicting for the king of crypto:

  • WalletInvestor’s 12-month prediction sees the coin growing closer than ever to the $100,000 milestone. By October of 2022, the site expects Bitcoin to be valued at $91,812.
  • A slightly less bullish Gov Capital is still predicting gains of thousands of dollars for BTC over the next year. Its October 2022 prediction prices BTC in at $85,789.
  • The Economy Forecast Agency’s end-of-year price target for Bitcoin stands at $78,693, with a potential high of over $84,000. Its October 2022 prediction stands at a whopping $163,802.
  • An extremely bullish CoinPriceForecast is chalking up a $100,000-plus value for BTC before 2021 even comes to a close. The site’s end-of-year price target for Bitcoin is $102,209.
  • Similarly, DigitalCoin is predicting Bitcoin will close the year out at a price of $103,490.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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