Is Bitcoin Dead in 2023? A Decade of Bitcoin History & Halving Events

Key Takeaways

• Bitcoin price has surged by over 100% since the start of 2023, indicating a potential end to the crypto bear market.
• Technical indicators, including the golden crossover of moving averages, favor Bitcoin bulls in the market. Bitcoin is trading well above its 50 and 200-day exponential moving averages, strengthening the bullish sentiment.
• To reach higher price targets, Bitcoin needs to overcome key resistance levels, such as $35,500, with potential targets of $37,500 and $40,000 opening up.
• Examining Bitcoin price history over the last decade reveals its remarkable journey from humble beginnings to achieving significant milestones.
• Various factors influence Bitcoin price, including market sentiment, adoption, regulatory developments, Bitcoin halving
• events, supply and demand, economic uncertainty, technological advancements, and the stock-to-flow model.
• The anticipation of a Bitcoin Spot ETF and the upcoming Bitcoin halving event are currently impacting Bitcoin price dynamics. A Bitcoin Spot ETF’s approval could attract institutional investments, while the Bitcoin halving event is historically associated with significant price surges.

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Bitcoin Price Technical Analysis 

BTC/USD | Source: TradingView

• Bitcoin price has been trading over 100% up since the beginning of 2023 – and the overall prospects look very strong for the remaining two months of the year. It almost looks like the current bout of the crypto bear market might be coming to an end.
• As depicted on the chart above – BTC price is up over 109% since January 1, 2023 – with a moderately strong and consistent uptrend in BTC price.
• BTC price is trading well over its 50 and 200-day exponential moving averages as indicated on the chart above – which have also undergone a bullish golden crossover about two weeks ago. This is a very positive indication for Bitcoin bulls in the market.
• Additionally, BTC price is once again trading above the upward trendline (marked in yellow) that has held strongly all through the year. Currently placed around $33,000 – this region would serve as a support region for BTC price going forward.
• On the upside, BTC price has to breach the immediate hurdle at $35,500 mark – which also coincides with the R1 of the Fibonacci pivot levels and then the eventual targets of $37,500 and $40,000 would open up for the king coin.

Values as of November 1, 2023. 

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Bitcoin Price History

To understand the present and potential future of Bitcoin, it’s essential to examine its price history over the last ten years. The journey of this pioneering crypto has been nothing short of remarkable. Let’s delve into specific timeframes and significant price movements:

1. Bitcoin’s Humble Start to the Decade (2013):
   • In early 2013, Bitcoin was trading at around $13.50.
   • Its adoption was still in its infancy, and most of the world had yet to take notice of the digital currency.
2. Meteoric Rise (Late 2013 – 2017):
   • Bitcoin price took off, reaching $1,000 for the first time in late 2013.
   • Over the next few years, it continued to climb, breaking through the $10,000 mark in 2017.
   • This period witnessed growing mainstream interest, with many speculating on Bitcoin’s future.
3. The Rollercoaster of 2017 – 2018 – The ICO Boom:
   
   • Bitcoin price experienced wild fluctuations in late 2017 and early 2018.
     It reached an all-time high of nearly $20,000 in December 2017 before undergoing a significant correction.
4. The Crypto Winter (2018 – Early 2020) – The ICO Bust:
   • Bitcoin price dropped below $4,000 in 2018, and it remained in a bear market throughout most of 2019.
   • This “crypto winter” saw doubts surface about the long-term viability of Bitcoin and the broader crypto market.
5. Bitcoin’s Resurgence (2020 – 2021):
   • In 2020, Bitcoin price gradually started to rise again, reaching $20,000 by the end of the year.
   • The crypto market experienced renewed interest, with institutions and retail investors rekindling their enthusiasm.
6. The 2021 Bull Run:
   • 2021 witnessed an extraordinary bull run for Bitcoin, driving its price to new heights.
   • Bitcoin briefly touched the $60,000 mark in April 2021, and eventually the $69,000 to $70,000 region by November 2021 – fueled by institutional adoption and growing recognition.
7. Recent Bear Market (May 2022 – Present):
   • Since the beginning of 2022, the crypto market saw some weakness, and with the Terra LUNA UST depegging fiasco happening in May 2022, the crypto market saw a massive crash that it is yet to recover from.
   • Bitcoin price has remained somewhat volatile, fluctuating between $40,000 in recent months.
   • Market sentiment and external factors continue to influence its value.

As we analyze Bitcoin price history, it becomes evident that it has repeatedly faced doubts and challenges. Yet, it has consistently rebounded and reached new milestones, defying skeptics along the way. To address the question of “Is Bitcoin dead?” and “Will Bitcoin rise again?” we must consider both its historical resilience and the ever-evolving factors influencing its price.

Learn More: Can Bitcoin Halving Event Initiate its Next Bull Run? 

Factors Influencing BTC Price

Understanding what shapes the price of Bitcoin is crucial when considering whether Bitcoin is dead or if it will rise again. Several key factors contribute to the volatility and trajectory of Bitcoin price:

1. Market Sentiment: The sentiment of market participants plays a significant role in Bitcoin price movements. Positive news, institutional adoption, and investor optimism can drive prices up, while negative sentiment can lead to selloffs.
2. Adoption and Acceptance: Wider adoption, both by individuals and institutions, can have a positive impact on Bitcoin price. As more businesses and financial entities embrace Bitcoin, its value tends to rise.
3. Regulatory Developments: Regulatory changes can influence Bitcoin price. Government regulations, such as bans or legitimization, can lead to price fluctuations.
4. Bitcoin Halving Events: Bitcoin halving, which occurs approximately every four years, reduces the rate at which new Bitcoins are created. Historically, this event has been associated with significant price increases, as it limits the supply of new coins.
5. Market Supply and Demand: Bitcoin’s limited supply of 21 million coins affects its price. When demand exceeds supply, prices tend to rise, and vice versa.
6. Economic Uncertainty: Bitcoin is often seen as a hedge against economic instability and inflation. During times of economic uncertainty, more investors turn to Bitcoin as a store of value, which can boost its price.
7. Technological Developments: Advancements and changes in the underlying technology of Bitcoin can influence price. For instance, improvements in security, scalability, or efficiency can attract more users and investors.
8. Bitcoin Stock-to-Flow Model: The stock-to-flow model is a popular framework for predicting the future of Bitcoin price. It relates the existing supply of Bitcoin to its new production and has been used for Bitcoin price predictions.
9. Market Volatility: Bitcoin price is highly volatile. Sudden price swings can attract traders and speculators, impacting its value.

Considering these factors, it’s clear that Bitcoin price is influenced by a combination of market dynamics, technological advancements, and global events. This complex interplay of factors makes predicting Bitcoin price in the future challenging. Nevertheless, the resilience it has shown over the years suggests that it may not be dead and could continue to rise in the future.

Latest News: Bitcoin Spot ETF and Upcoming Bitcoin Halving

Keeping abreast of the latest developments is essential when pondering whether Bitcoin is dead, set to rise again, or making accurate Bitcoin price predictions. Two noteworthy news topics are currently in the spotlight, influencing the crypto’s price dynamics:

1. Bitcoin Spot ETF and Its Price Impact:
   • The anticipation surrounding the launch of a Bitcoin Spot ETF (Exchange-Traded Fund) has been generating significant excitement in the crypto space. An ETF would make it easier for traditional investors to gain exposure to Bitcoin without directly owning the crypto.
   • This development could potentially attract large institutional investors and boost Bitcoin price. The prospect of institutional funds flowing into the market is often associated with price increases.
   • While a Bitcoin Spot ETF has been proposed multiple times, the SEC (US Securities and Exchange Commission) has yet to approve one. The approval of a Bitcoin ETF could mark a turning point in Bitcoin adoption and price dynamics.
2. Excitement Ahead of Bitcoin Halving and Its Price Impact:
   • The Bitcoin halving event, which occurs approximately every four years, is a significant event in the crypto’s history. It reduces the rate at which new Bitcoins are created, effectively halving the supply.
   • Past halving events have historically been associated with price surges. As the supply of new Bitcoins dwindles, the scarcity factor kicks in, driving up demand.
   • The next Bitcoin halving event is expected in April 2024. The excitement surrounding this event is already influencing price forecasts, with many predicting that it could trigger another bull run.

In summary, the latest news around a potential Bitcoin Spot ETF and the upcoming Bitcoin halving event are contributing to the ongoing discussion around the future of Bitcoin price. While the ETF approval could open the doors to institutional investments and drive up BTC price, the halving event has a track record of causing significant price movements. These factors, combined with those mentioned in the previous sections, all play a role in shaping Bitcoin’s outlook and its potential to rise again.

Bitcoin Price Prediction: Bulls Eyeing $38K

Currently, as of writing this article – Bitcoin price is trading around $34,400. There is a prevailing bullish sentiment, and an impending bullish move is anticipated. Recent performance indicates a surge beyond critical resistance levels, resulting in a consolidation phase that hints at potential gains. Technical indicators, with an 85% bullish sentiment, support this outlook. The Relative Strength Index (RSI) is above resistance levels, signifying positive momentum.

The Directional Movement Index (DMI) remains bullish, although the Average Directional Index (ADX) suggests some potential consolidation. Short-term projections anticipate a breakout from the consolidation, with Bitcoin potentially surpassing $35,200 and reaching $36,000 in the coming weeks. Bitcoin price predictions for the remainder of 2023 are optimistic, with November expected to push Bitcoin above $35,500 and December potentially propelling it beyond $40,000.

The historical impact of Bitcoin halving events also plays a pivotal role in shaping future price trends. Past halvings have led to significant price surges. For instance, the first halving in 2012 saw Bitcoin price surge from $12 to $964 in 365 days, and the second halving in 2016 took the price from $663 to $2,550 within a year.

The third halving in 2020 was even more remarkable, with Bitcoin price reaching an all-time high of nearly $69,000 within 365 days. The upcoming fourth halving, estimated for March 2024, holds the potential to follow these historical trends and positively influence BTC price. In summary, while challenges and corrections may arise, the crypto market remains optimistic about Bitcoin’s future, with expectations of a bullish trajectory in the coming years, potentially pushing the price to $38,000.

Future of Bitcoin 

While questions like “Is Bitcoin dead?” and “Is crypto dead?” have occasionally arisen, the future of Bitcoin appears to hold significant promise. Factors such as Bitcoin price prediction, the impact of Bitcoin halving events, and Bitcoin price prediction all contribute to the ongoing optimism surrounding the world’s leading crypto.

Bitcoin has consistently demonstrated resilience and the ability to bounce back from price fluctuations. As discussed earlier, historical data and Bitcoin price predictions suggest that the crypto may continue to rise in the coming years, with a potential target of $38,000 in the near term.

One of the pivotal events shaping Bitcoin’s future is the Bitcoin halving, which has historically led to significant price increases due to the reduction in new supply. This event’s potential influence cannot be underestimated, and past halving events indicate the possibility of Bitcoin experiencing another substantial bull run.

Moreover, the stock-to-flow model, a popular framework for predicting Bitcoin price, plays a crucial role in Bitcoin price prediction. This model, which relates Bitcoin’s existing supply to its new production, offers valuable insights into the crypto’s potential price trajectory.

Market dynamics, technological advancements, and global events all contribute to the complex interplay influencing Bitcoin’s future. It is this intricate dance of factors that makes Bitcoin a dynamic and exciting asset, with the potential to rise again and assert its position as a significant player in the world of finance.

In summary, despite occasional doubts about its fate, Bitcoin continues to evolve, adapt, and thrive. The future of Bitcoin remains bright, with bullish sentiments, price predictions, and the upcoming halving event all suggesting that Bitcoin is far from being “dead.” Instead, it’s poised to continue its journey towards new heights.