Bitcoin: Short Story, Use Cases, and Price Prediction for 2023

Bitcoin is a digital currency that is leading the current evolution of money as it has the largest market capitalization in the crypto space. Cryptocurrencies, including bitcoin, are turning the concept of money into something more transparent which is outside of the influence of traditional banks, other payment intermediaries, and the government.

As a bitcoin enthusiast, you probably want to make major financial decisions and need information on the possible price of bitcoin in the year 2023. It is easy to be stuck between opinions and wonder if now is the best time to sell off bitcoin due to fear of further price fall or if you should buy more bitcoin in expectation of a future price rise. So we have checked out Bitcoin’s price history, its use cases that drive its growth, and future price predictions.

Bitcoin from Creation till Date

Bitcoin was invented in 2008 and publicly introduced in 2009 by an unknown developer or group of developers using the name Satoshi Nakamoto. Nobody owns or controls bitcoin as it is open source and its design is public. To take part in the Bitcoin move, you can either buy, mine, or trade the coin.

The price of this leading crypto has come a long way from its launch. Bitcoin’s price started from a ridiculous price of $0 and has since experienced an amazing all-time high of $64,000+. This massive growth is the envy and ambition of every other cryptocurrency project. This is a growth that took 12 years and it definitely was not a smooth jump. There were lots of highs to lows and vice versa. The growth of Bitcoin is a testament that cryptocurrency solves a need that there is a current demand for and possibly a skyrocketing future demand.

A brief look at the price history of Bitcoin on CoinMarketCap shows that this leading cryptocurrency witnessed two notable highs, the first at a price of $19,000+ in December 2017 and the second high of $64,000+ in November 2021. As in November 2022, the Bitcoin price is nowhere near its all-time high but is experiencing a new low with prices fluctuating around $20,000. Now, it is time to wonder what the price of Bitcoin will be in 2023.

Bitcoin’s Predictions for 2023

No one can fully guarantee the future price of any cryptocurrency including Bitcoin. All we can work with is expert predictions which are calculated guesses based on accurate historical price data.

According to CryptoPredictions.com, in the first quarter of 2023, Bitcoin will reach a maximum price of $25,321 and a minimum price of $17,195. In this quarter of the year, we should expect a monthly average price of around $20,000 in all three months in the quarter. At the beginning of the second quarter of 2023, we expect to see Bitcoin at an average price of $20,266 in the month of April. May and June do not look too different as we also expect an average price of $20,271 and $20,273 respectively.

In July, August, and September, we expect to see a minimum price of $17,231, $17,236, and $17,218 respectively. The maximum price of Bitcoin in these three months of the third quarter of 2023 is predicted to range between $25,321 and $25340. Bitcoin’s price prediction for the last quarter of 2023 is quite similar to the previous quarters. The average price of Bitcoin in October, November, and December is predicted to be $20,243, $20,225, and $20,203 respectively.

According to CryptoPredictions, the monthly minimum, maximum and average price of Bitcoin during 2023 are very similar. Throughout the year, we expect to see an insignificant (0%) monthly change in price when the maximum and minimum monthly prices are compared. This shows we are expecting a somewhat stable year for this leading cryptocurrency.

The Powerful Use Cases of Bitcoin

Bitcoin is a new kind of money and is an innovative payment network. Its use cases are streamlined to fit everyone including individuals, businesses, and developers. For individuals, the cost of transactions with bitcoin is very low and is the easiest method when compared to traditional banking systems.

Mobile payment with bitcoin is super fast with a simple two-step process of scan and pay. There is absolutely no need to swipe a card, sign up or input a pin. Mobile payment with bitcoin is super easy. As bitcoin is a very trusted cryptocurrency, it is very likely that more people will continue to adopt Bitcoin as their preferred payment method. This will definitely be a driver of future growth. In addition, Bitcoin gives individuals full control over their money and it can work almost anywhere and anytime as there is nothing like weekends or holiday breaks.

Businesses that accept credit cards and PayPal understand the problem of successful payments which are later reversed. The good news is that with Bitcoin, payments are irreversible and secure. Also, your business can easily process national and international payments with the highest level of accounting transparency. If you are a developer you can learn bitcoin and build your own bitcoin applications. The bitcoin developer website has documentation and guides to help developers who may want to build applications using bitcoin.

Also, Bitcoin and many other cryptocurrencies facilitate peer-to-peer transactions and worldwide payments with relatively low transaction fees. In some cases, it is even possible to secure your identity and be anonymous when sending money to others. Bitcoin is very usable and is trusted among crypto fans. Hence, its future growth looks very positive.

Bitcoin Technical Analysis of – Experts’ View

As of November 2022, we see a bullish expanding triangle which is followed by multiple triple bottoms. This looks like a strong buy signal for bitcoin. It is also important to note that the price has not broken below the support zone between 18,109 and 19,703 since June 2022.

So, what is going to happen to bitcoin’s price in 2023? From a technical perspective, a bullish move is likely to happen in years to come. Though, you should note that there is also a possibility that the price of bitcoin could break below this newly created support zone (black lines on the chart above) and create new lower lows before the next bullish run.

Instead of Conclusion

The crypto market can put people (especially newbies) through an emotional rollercoaster as the prices of crypto assets easily fluctuate from great highs to unimaginable lows and vice versa. An article like this that states an expert opinion on the future of your favorite cryptocurrencies (in this case Bitcoin) can help alleviate some of these fears.

Despite the concerns about the future, cryptocurrency still feels like a true liberation from the shackles of traditional banks, the government, and other payment intermediaries. Hence, we believe bitcoin is here to stay. You should note that future price predictions are not financial advice and you should do your own research to make the best decision that fits your unique financial situation.