Bitcoin price overview and prediction

February 21, 2024
February 21, 2024
< 3 min read

It's been a week since Bitcoin crossed the $50,000 mark and remains above it in positive momentum at $52,000. The last time Bitcoin reached the $50k mark was more than 2 years ago. We decided to take a look at the historical path of the bitcoin price and highlights the key points that influenced the price changes. Let's start with a little bit of background.

What is Bitcoin?

Bitcoin, the first and most famous cryptocurrency in the world, never ceases to amaze and make people talk about itself. Born from blockchain technology and the ideals of decentralization, Bitcoin has become a symbol of a new era of finance and has attracted the interest of millions of people around the world.

Who created Bitcoin?

Bitcoin was created in 2008 by the enigmatic Satoshi Nakamoto, who published a white paper outlining the concept of a new digital currency. In January 2009, the first block of the Bitcoin network was completed, and the story of the world's first cryptocurrency began.

Bitcoin attracted controversy and attention from the start. Some people saw it as the future of a financial system that was free from the control of states and banks, while others considered it to be a pyramid scheme or a technological experiment.

What makes bitcoin unique?


Bitcoin is the first fully decentralized digital currency, meaning it is not controlled or regulated by a central bank or government. This provides a greater degree of freedom and independence from centralized authorities.

Blockchain Technology

Bitcoin operates on blockchain technology, which allows transactions to be recorded and stored in a distributed database. This ensures transactions are transparent, reliable and unforgeable.

Limited Supply

The supply of Bitcoins is limited to a maximum supply of 21 million coins. This creates a scarce asset similar to precious metals, which can increase its value in the long term.

Anonymity and Security

When used correctly, Bitcoin provides a high level of anonymity and security for users. Transactions on the Bitcoin network can be anonymous, and cryptography ensures the security of funds.

Global access

Bitcoin is available to all users anywhere in the world where there is Internet access. This makes it a convenient and efficient means for international transfers and payments.

How did the price of BTС change and what events influenced it?

2010: Interest generation

Price: a few USD cents.

Bitcoin attracted the attention of early members of the crypto community of developers, cyberpunks and cryptocurrency enthusiasts in its early days. The interest in a new form of decentralised currency created the first demand and led to an initial rise in the price of Bitcoin.

2011: First major take-off

Price: From a few cents to several dollars per coin.

Reason: Bitcoin began trading on Mt. Gox, which contributed significantly to increased interest in bitcoin, its recognition as a digital asset and increased demand and price.

2013 - 2014: Global financial crisis

Price: Rising from a few dollars to more than $1000 per coin, before falling to around $200.


  • The impact of the global financial crisis caused a temporary increase in demand for the asset as an alternative means of storing and transferring money, and then a drop in value.
  • Cryptocurrency exchange crash Mt. Gox, one of the main trading platforms for exchanging bitcoin and other cryptocurrencies, caused significant fluctuations in the price of BTC.
  • Growing interest in cryptocurrencies, new investors and the development of the cryptocurrency economy.
  • Bitcoin is also improving its infrastructure and accessibility and attracting media attention.

2017: Growth

Price: From a few thousand dollars to a high of $20,000.


  • Growing interest from retail investors, institutional investment and expectations about the future of Bitcoin.
  • The ICO (Initial Coin Offering) boom, when many startups began to attract investment by offering their tokens on crowdfunding platforms. Most ICOs were based on blockchain platforms, which contributed to the increased interest in bitcoin and other cryptocurrencies.
  • Regulatory changes: A number of countries have taken steps to regulate the cryptocurrency space.

2020: Pandemic COVID-19

Price: Plummets to $4,000 and then rises to $60,000.


  • The negative impact of the pandemic on global economies and financial markets has drawn investors' attention to bitcoin as a hedge against risk.
  • The pandemic has also contributed to increased interest in digital payment methods and online transactions. Bitcoin, as the most popular cryptocurrency, has been at the epicentre of interest, leading to increased demand and ultimately a boost in its price.

2021: Institutional investment and regulation

Price: From $30,000 to $60,000 and above.


  • Increased interest in cryptocurrencies from large investors and companies such as Square and MicroStrategy.
  • Bitcoin has become an attractive tool for hedging inflation risk and financial instability
  • Increased interest from retail investors, increased trading volumes on crypto exchanges and investment in various cryptocurrency projects.
  • Increased acceptance of Bitcoin as a means of payment and investment. Some large companies, such as Tesla, have begun to accept Bitcoin as payment for their goods and services, which has contributed to growing interest in cryptocurrencies.

2022: Deep correction

Price: From 50,000 to 15,000 dollars.


  • Fraud and fall of Terra Luna blockchain project
  • Bankruptcy of cryptocurrency lending company Celsius
  • Collapse of FTX cryptocurrency exchange

These events follow one another, negatively impacting market demand and causing Bitcoin and other cryptocurrencies to drop in value.

2023 - 2024: Bitcoin value returns to 50k

Price: rises from $16,000 to $52,000.

Reason: The launch of spot bitcoin ETFs and news surrounding the addition of this exchange product activated demand and the growth of the bitcoin price to $50,000 and above.

What are the moods and emotions in the market right now?

Important tools for analysing sentiment in financial markets are the fear and greed indices, which usually reflect the level of fear or confidence of market participants about the current situation and future prospects, and can help investors and traders make decisions.

The Greed Index is currently at 75, usually indicating that the market is dominated by high levels of risk appetite, aggressive investment decisions and optimism among investors. When the Greed Index reaches such high levels, it could be a sign of an imminent correction or re-rating of market prices, so it is important to remember to hedge against risk and diversify your portfolio.

Source: Coinmarketcap

What's next?

There is a lot of noise going on right now, predictions and forecasts about the future of the bitcoin price based on a set of events that have happened and expected to happen and here is what stands out. The upward trend in the price of BTC over the past 12 months, the news background and sentiment that has formed around the approval of the spot bitcoin ETF and the upcoming fourth bitcoin halving in April this year - all suggest that the price of BTC will rise in the long term. And therefore, in the short term, it can lead to bullish growth for altcoins in general, signs of which can already be seen.

Bitcoin's average return over the past year has been over 30%, and the current quarter's mark is over 22%, putting Bitcoin on a high-yield pedestal several times higher than the S&P 500 benchmark at 10.26%.

Source: Coinglass

What are the prospects for Bitcoin?

Every year Bitcoin becomes more widely accepted and in demand as an asset. In January 2024, we witnessed the important event of the approval of the Bitcoin Spot ETF, which provides significant prospects for the development of BTC, strengthens confidence in the market as a whole, and marks a clear path and access to investment. Institutional investors are beginning to see it as a valuable addition to their portfolio, and regulators are increasingly discussing, or already doing so, regulating and integrating cryptocurrencies into the financial system.

In Swaps you can directly buy Bitcoin quickly and safely at the best price, without the complexity and risk associated with exchange instruments.

How to buy Bitcoin (BTC) with Swaps?


Bitcoin is also becoming more accessible and convenient to use. Many companies already accept Bitcoin as payment, and cryptocurrency ATMs are becoming more common around the world.

Despite its popularity and potential, BTC is still a volatile asset and investing in it is risky. However, many see it as the future of a financial system that can be more democratic, transparent and free.

This article does not provide financial advice and is for informational purposes only, providing readers with context and an analytical overview. Responsibility for investment decisions rests entirely with readers and it is recommended that a financial advisor or expert be consulted before taking any action.


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