Bitcoin: where to place a bet and what are the Bitcoin price forecasts?
In 2010, the price of Bitcoin was less than $0.01. In 2024, the price ranges between $42,000 and the $71,000. The word range has been used because it's never fixed and keeps varying depending on a number of factors.
It is this unpredictability and high risk associated with forecasting the price of Bitcoin that attracts traders, brokers, and gamblers. Many gambling and forex platforms such as 7Slots casino allow users to predict or forecast the price of Bitcoin and earn money. While it might sound like a lucrative venture, the volatility aspect of Bitcoin price demands both experts and beginners to tread carefully when putting their money on the line.
What is Bitcoin price forecast?
Bitcoin price forecasting involves speculating on the price of the crypto by buying and selling it via an exchange or a CFD trading account. If your prediction is correct, you earn some profit, which you can cash out in crypto or fiat currency.
When you forecast the price of Bitcoin via an exchange, you purchase and store it in your exchange account. You'll then hold onto it until you are ready to sell to make a profit.
This is not the case when using a CFD trading account. Contracts For Difference (CFDs) are financial contracts that pay money depending on the price of Bitcoin when the trade is closing relative to when it was opening. They allow you to speculate on the price of Bitcoin without actually owning a coin. You can 'short' the price of Bitcoin if you think it will fall in price or go long and 'buy' if you think the price will increase.
Factors Affecting Bitcoin Price Forecasts
Bitcoin is the most volatile cryptocurrency in the market. Its price is affected by many factors, including but not limited to global economic events, the activity of a whale, regulation, as well as demand and supply.
- Global economic events: Inflation fears, economic crises, pandemics, and currency devaluation concerns can make individuals and companies to seek alternatives such as Bitcoin. This boosts the price of BTC and other cryptorurrencies
- Whale activity: In the cryptocurrency industry, a whale is someone who holds a significant chunk of Bitcoin and other coins. Such people are usually influential, and every move they make – especially when they move huge numbers – can impact the market.
- Regulation: Government policies and regulations can significantly affect the price of Bitcoin. Favourable laws can encourage many people to purchase Bitcoin, driving the prices up. When the government cracks a whip on cryptocurrency and crypto-related activities such as mining, as seen in China, the prices tend to fall.
- Demand and supply: This is the biggest determiner of Bitcoin price. The price relies on the basic principles of supply and demand. When the market is flooded with buyers than sellers, the price shoots up. The opposite is true. Additionally, Bitcoin is a deflationary asset. What this means is its supply decreases over time rather than increasing.
These are just a few of the main factors that determine the price of Bitcoin and other cryptocurrencies. These factors are all independent of each other, although they can also collectively affect the price of BTC.
Where can you bet on Bitcoin price forecasts?
Betting on Bitcoin price forecasts can be done on many forex trading websites or cryptocurrency exchanges. Depending on how you want to make your forecasts, you can pick from a host of platforms that operate 24 hours a day, seven days a week. The only condition is ensuring you use a website that operates under strict regulatory supervision, offers you a wide range of assets, and has robust research and analytical tools to help you make predictions – all while upholding competitive, transparent pricing.