Back to Blog
While I did buy more Bitcoin during its very low moments last year, I did not buy as much as I wish that I would have. I'm planning to hold my Bitcoin for a very long time, and I have no intentions of selling any of it. With this in mind, I saw Bitcoin's crash last year as a great time to buy more of the coin. Bitcoin has increased its price by over 35% since the beginning of the year, and while I am not necessarily convinced that Bitcoin won't see those lows again, I do wish I would have bought more Bitcoin.
Bitcoin's price fell in 2022 for various reasons. The main one was that with the current market conditions, people viewed it as a bad time to be invested in more speculative assets like Bitcoin. Instead, people made very conservative investments into businesses that they knew would survive. I mentioned before that this surprised me as I thought the high inflation experienced in 2022 would lead to more people wanting to buy Bitcoin as its inflation proof. That thought process was very wrong.
Inflation is now starting to decrease. The stock market has been rising. Crypto, as a whole, is rising. Bitcoin is very tied to the market itself. I've heard this as a criticism, but it is not. The market goes up more than it doesn't. It's a good thing Bitcoin moves with it.
With inflation decreasing, I could see more people going to the markets. While one would think that high inflation would be good for stocks as people would be more likely to invest since their money itself is losing value, that was not the case at all in 2022. With more people going to the market, I believe more people will go to Bitcoin as well. If I had to give my prediction on Bitcoin's price, I would say that I do think Bitcoin will end the year higher than where it is now. I believe that Bitcoin will be at around $35,000 a coin at year end. I hope that it ends the year lower as I want to buy more at cheaper prices, but I believe it will likely end around there. I believe this because inflation is decreasing, so I think Bitcoin will continue to increase this year as it keeps falling.
Bitcoin is currently worth around $22,700 a coin. It was worth around $16,000 at the beginning of the year. It'll be interesting to see how it ends the year.
Check out our finance themed marketing page. We feature finance themed products/services designed to help one with their finance goals. Some of these are for crypto. - https://mez.ink/cwtpromo