Bitcoin price crashes on December 5 and December 9 together wiped more than $2 billion worth of positions from crypto markets. Regardless, BTC is already attempting a recovery and looks strong. The market structure of BTC remains bullish and suggests an uptrend. Bitcoin price today trades at $98,866.0 on 1 PM after hitting a daily high of $99,009.0 today after a 1.23% move on December 11.
Second Bitcoin Price Crash Wipes $1.7 Billion
Bitcoin price crashed 13.53% between December 4 and 5, wiping out an excess of $1.5 billion worth of positions in just 19 hours. On December 9, although the crash was around 6%, it wiped $1.7 billion worth of positions.
On December 4, 5, it was Meitu, dubbed the Chinese MicroStrategy, selling its crypto holdings. On December 9, the unveiling of Google’s quantum chip and high leverage triggered another massive liquidation event worth $1,7 billion. Regardless of this drop, Bitcoin price today is up 1.23% and trades at $98,866.0.
*bitcoin price updated as of 1 PM.
Value of BTC trades at $98,866.0, bringing the year-to-date gain from 56% on October 20 to roughly 132% as of December 11. The YTD performance has slumped due to the recent BTC crash. Although many altcoins have shot up over triple digits, Bitcoin is catching up. Ethereum price’s YTD performance is lackluster, stands around 70%, and is well below BTC.
Although Bitcoin is the largest cryptocurrency by market capitalization, Bitcoin’s popularity is due to its first-mover advantage and its being a secure, decentralized network. In addition, many narratives, like digital gold, inflation hedges, and uncorrelated assets, have kept BTC at the forefront of the crypto market since its inception in 2009.
Bitcoin To End 2024 on Bullish Note
Industry veterans’ speculation of a bull run post-US elections was right, and Bitcoin is likely to end November 2024 on a positive note. Many even expect a six-digit target for BTC by the end of November, and this is due to the historical returns. History shows that Bitcoin has always performed massively in the fourth quarter.
With that said, if Bitcoin price hits a new ATH in November or December, Bitcoin’s market capitalization, which stands at $1,959.8 billion, could finally hit the $2 trillion mark.
Bitcoin’s Market Capitalization
While Bitcoin’s market cap hovers around $1,959.8 billion, with Ethereum, the duo controls nearly 65% of the total cryptocurrency market capitalization. Despite the seven-month consolidation, Bitcoin’s $1.93 trillion market cap remains strong, anticipating it reaching $2 trillion before 2025.
BTC: A composition of 24-hour Trading Volume
Being the top crypto has its benefits; more people tend to flock toward the asset. Likewise, BTC’s 24-hour trading volume stands at $87.6 billion. Binance, one of the largest cryptocurrency exchanges, contributes a major portion of this volume. Binance’s share of BTC’s 24-hour trading volume comprises spot and perpetuals trading. While spot volume hovers around 11%, perpetual volume is 41%. Exchanges like OKX, Bitget, etc, follow Binance.
Notable Bitcoin Blockchain Upgrades
With a market cap of $1.93 trillion, it is necessary for the network to remain secure, decentralized, and scalable. This is possible by upgrading the Bitcoin network regularly.
Here are some notable upgrades the Bitcoin network has received or planned to receive since its inception in 2009.
Key Bitcoin Blockchain Upgrades Since 2009
Here are some key milestone upgrades to the Bitcoin network over the past decade.
2020-2024:
- Taproot Upgrade (2021): Improved Bitcoin’s smart contract functionality, allowing for more complex transactions and enhanced privacy.Muir Glacier Upgrade (2020): Delayed the “ice age” that would have slowed down the network, ensuring the continued smooth operation of Bitcoin.
2017-2019:
- Segregated Witness (SegWit) Upgrade (2017): Increased the block size limit, allowing for more transactions to be processed on the network, and improved the overall scalability of Bitcoin.
- Schnorr/Tapscript Upgrade (proposed): Aims to further improve the efficiency and scalability of Bitcoin transactions, but has not yet been activated.
- SegWit2x (canceled): A proposed upgrade that aimed to increase the block size limit, but was ultimately canceled due to lack of consensus.
2015-2016:
- Bitcoin Core 0.12.0 Upgrade (2016): Introduced several improvements, including better wallet management and enhanced security features.
- BIP66 Upgrade (2015): Standardized the way Bitcoin transactions are verified, improving the overall security and reliability of the network.
2013-2014:
- Bitcoin Core 0.9.0 Upgrade (2014): Introduced a new wallet format and improved the overall performance of the Bitcoin client.
- BIP0016 Upgrade (2013): Enabled the use of payment protocol, allowing for more efficient and secure transactions.
2010-2012:
- Pay-to-Script-Hash (P2SH) Upgrade (2012): Introduced a new type of transaction that allows for more complex payment scenarios, improving the overall flexibility of the Bitcoin network.
- Bitcoin Core 0.6.0 Upgrade (2011): Introduced several improvements, including better wallet management and enhanced security features.
2009-2010:
- Bitcoin Core 0.3.0 Upgrade (2009): One of the earliest upgrades to the Bitcoin network, introducing several key features and improvements.
Bitcoin Price Forecast For Next Month
| Date | Price | Change |
|---|---|---|
| December 11, 2024 | 97462.55 | -0.43% |
| December 12, 2024 | 99290.64 | 1.43% |
| December 13, 2024 | 101389.65 | 3.58% |
| December 14, 2024 | 103554.83 | 5.79% |
| December 15, 2024 | 105412.02 | 7.69% |
| December 16, 2024 | 105509.00 | 7.79% |
| December 17, 2024 | 105465.92 | 7.74% |
| December 18, 2024 | 105709.78 | 7.99% |
| December 19, 2024 | 106086.80 | 8.38% |
| December 20, 2024 | 106022.95 | 8.31% |
| December 21, 2024 | 105795.73 | 8.08% |
| December 22, 2024 | 106122.35 | 8.41% |
| December 23, 2024 | 107555.61 | 9.88% |
| December 24, 2024 | 110278.28 | 12.66% |
| December 25, 2024 | 111262.46 | 13.66% |
| December 26, 2024 | 111471.74 | 13.88% |
| December 27, 2024 | 111247.58 | 13.65% |
| December 28, 2024 | 110930.90 | 13.32% |
| December 29, 2024 | 111173.14 | 13.57% |
| December 30, 2024 | 111939.88 | 14.36% |
| December 31, 2024 | 112531.94 | 14.96% |
| January 01, 2025 | 112752.12 | 15.18% |
| January 02, 2025 | 112488.69 | 14.92% |
| January 03, 2025 | 112181.40 | 14.6% |
| January 04, 2025 | 112162.18 | 14.58% |
| January 05, 2025 | 111550.53 | 13.96% |
| January 06, 2025 | 110274.82 | 12.65% |
| January 07, 2025 | 110505.72 | 12.89% |
| January 08, 2025 | 110618.40 | 13.01% |
| January 09, 2025 | 111826.13 | 14.24% |
Based on Coingape’s Bitcoin price prediction, investors can expect a double-digit rally that leads to a peak of $108,918 as of December 31. While there may be a brief correction, BTC’s trend remains bullish. Bitcoin Price Forecast Between 2025 and 2029
Bitcoin Price Forecast Between 2025 & 2029
| January | $97,676.47 | $112,007.57 | $104,842.02 |
68.6% |
| February | $97,890.39 | $112,075.25 | $104,982.83 |
68.9% |
| March | $98,104.31 | $112,142.94 | $105,123.63 |
69.1% |
| April | $98,318.23 | $112,210.63 | $105,264.43 |
69.3% |
| May | $98,532.15 | $112,278.31 | $105,405.24 |
69.5% |
| June | $98,746.07 | $112,346 | $105,546.04 |
69.8% |
| July | $98,959.99 | $112,413.69 | $105,686.84 |
70% |
| August | $99,173.91 | $112,481.37 | $105,827.65 |
70.2% |
| September | $99,387.83 | $112,549.06 | $105,968.45 |
70.4% |
| October | $99,601.75 | $112,616.75 | $106,109.25 |
70.7% |
| November | $99,815.67 | $112,684.43 | $106,250.06 |
70.9% |
| December | $100,029.59 | $112,752.12 | $106,390.86 |
71.1% |
| All Time | $98,853.03 | $112,379.84 | $105,616.44 |
69.9% |
| January | $102,856.87 | $114,921.11 | $111,146.96 |
78.8% |
| February | $105,684.16 | $117,090.10 | $115,903.05 |
86.4% |
| March | $108,511.44 | $119,259.09 | $120,659.15 |
94.1% |
| April | $111,338.73 | $121,428.08 | $125,415.24 |
101.7% |
| May | $114,166.01 | $123,597.07 | $130,171.34 |
109.4% |
| June | $116,993.30 | $125,766.06 | $134,927.43 |
117% |
| July | $119,820.58 | $127,935.05 | $139,683.53 |
124.7% |
| August | $122,647.86 | $130,104.04 | $144,439.62 |
132.3% |
| September | $125,475.15 | $132,273.03 | $149,195.72 |
140% |
| October | $128,302.43 | $134,442.02 | $153,951.81 |
147.6% |
| November | $131,129.72 | $136,611.01 | $158,707.91 |
155.3% |
| December | $133,957 | $138,780 | $163,464 |
162.9% |
| All Time | $118,406.94 | $126,850.56 | $137,305.48 |
120.8% |
| January | $139,801.17 | $144,684.75 | $169,276.92 |
172.3% |
| February | $145,645.33 | $150,589.50 | $175,089.83 |
181.6% |
| March | $151,489.50 | $156,494.25 | $180,902.75 |
191% |
| April | $157,333.67 | $162,399 | $186,715.67 |
200.3% |
| May | $163,177.83 | $168,303.75 | $192,528.58 |
209.7% |
| June | $169,022 | $174,208.50 | $198,341.50 |
219% |
| July | $174,866.17 | $180,113.25 | $204,154.42 |
228.4% |
| August | $180,710.33 | $186,018 | $209,967.33 |
237.7% |
| September | $186,554.50 | $191,922.75 | $215,780.25 |
247.1% |
| October | $192,398.67 | $197,827.50 | $221,593.17 |
256.4% |
| November | $198,242.83 | $203,732.25 | $227,406.08 |
265.8% |
| December | $204,087 | $209,637 | $233,219 |
275.1% |
| All Time | $171,944.08 | $177,160.88 | $201,247.96 |
223.7% |
| January | $212,511.67 | $218,298 | $243,655 |
291.9% |
| February | $220,936.33 | $226,959 | $254,091 |
308.7% |
| March | $229,361 | $235,620 | $264,527 |
325.5% |
| April | $237,785.67 | $244,281 | $274,963 |
342.3% |
| May | $246,210.33 | $252,942 | $285,399 |
359% |
| June | $254,635 | $261,603 | $295,835 |
375.8% |
| July | $263,059.67 | $270,264 | $306,271 |
392.6% |
| August | $271,484.33 | $278,925 | $316,707 |
409.4% |
| September | $279,909 | $287,586 | $327,143 |
426.2% |
| October | $288,333.67 | $296,247 | $337,579 |
443% |
| November | $296,758.33 | $304,908 | $348,015 |
459.8% |
| December | $305,183 | $313,569 | $358,451 |
476.5% |
| All Time | $258,847.33 | $265,933.50 | $301,053 |
384.2% |
| January | $317,150.58 | $326,144.33 | $372,391.92 |
499% |
| February | $329,118.17 | $338,719.67 | $386,332.83 |
521.4% |
| March | $341,085.75 | $351,295 | $400,273.75 |
543.8% |
| April | $353,053.33 | $363,870.33 | $414,214.67 |
566.2% |
| May | $365,020.92 | $376,445.67 | $428,155.58 |
588.7% |
| June | $376,988.50 | $389,021 | $442,096.50 |
611.1% |
| July | $388,956.08 | $401,596.33 | $456,037.42 |
633.5% |
| August | $400,923.67 | $414,171.67 | $469,978.33 |
655.9% |
| September | $412,891.25 | $426,747 | $483,919.25 |
678.4% |
| October | $424,858.83 | $439,322.33 | $497,860.17 |
700.8% |
| November | $436,826.42 | $451,897.67 | $511,801.08 |
723.2% |
| December | $448,794 | $464,473 | $525,742 |
745.6% |
| All Time | $382,972.29 | $395,308.67 | $449,066.96 |
622.3% |
In the next year, aka 2025, Bitcoin price is likely to stay well above the six-digit territory and shows no signs of correction below it. Coingape’s Bitcoin price prediction data reveals a peak of $104,280.26 in February 2025.
Bitcoin Price Forecast Between 2030 and 2050
2030
2031
2032
2033
2040
2050
| January | $465,154.42 | $481,462.17 | $546,469.67 |
779% |
| February | $481,514.83 | $498,451.33 | $567,197.33 |
812.3% |
| March | $497,875.25 | $515,440.50 | $587,925 |
845.6% |
| April | $514,235.67 | $532,429.67 | $608,652.67 |
879% |
| May | $530,596.08 | $549,418.83 | $629,380.33 |
912.3% |
| June | $546,956.50 | $566,408 | $650,108 |
945.7% |
| July | $563,316.92 | $583,397.17 | $670,835.67 |
979% |
| August | $579,677.33 | $600,386.33 | $691,563.33 |
1012.3% |
| September | $596,037.75 | $617,375.50 | $712,291 |
1045.7% |
| October | $612,398.17 | $634,364.67 | $733,018.67 |
1079% |
| November | $628,758.58 | $651,353.83 | $753,746.33 |
1112.4% |
| December | $645,119 | $668,343 | $774,474 |
1145.7% |
| All Time | $555,136.71 | $574,902.58 | $660,471.83 |
962.3% |
| January | $667,167.08 | $691,240.58 | $802,526.58 |
1190.8% |
| February | $689,215.17 | $714,138.17 | $830,579.17 |
1235.9% |
| March | $711,263.25 | $737,035.75 | $858,631.75 |
1281.1% |
| April | $733,311.33 | $759,933.33 | $886,684.33 |
1326.2% |
| May | $755,359.42 | $782,830.92 | $914,736.92 |
1371.3% |
| June | $777,407.50 | $805,728.50 | $942,789.50 |
1416.4% |
| July | $799,455.58 | $828,626.08 | $970,842.08 |
1461.5% |
| August | $821,503.67 | $851,523.67 | $998,894.67 |
1506.7% |
| September | $843,551.75 | $874,421.25 | $1,026,947.25 |
1551.8% |
| October | $865,599.83 | $897,318.83 | $1,054,999.83 |
1596.9% |
| November | $887,647.92 | $920,216.42 | $1,083,052.42 |
1642% |
| December | $909,696 | $943,114 | $1,111,105 |
1687.1% |
| All Time | $788,431.54 | $817,177.29 | $956,815.79 |
1439% |
| January | $946,061.92 | $979,838.83 | $1,150,786.08 |
1751% |
| February | $982,427.83 | $1,016,563.67 | $1,190,467.17 |
1814.8% |
| March | $1,018,793.75 | $1,053,288.50 | $1,230,148.25 |
1878.6% |
| April | $1,055,159.67 | $1,090,013.33 | $1,269,829.33 |
1942.4% |
| May | $1,091,525.58 | $1,126,738.17 | $1,309,510.42 |
2006.3% |
| June | $1,127,891.50 | $1,163,463 | $1,349,191.50 |
2070.1% |
| July | $1,164,257.42 | $1,200,187.83 | $1,388,872.58 |
2133.9% |
| August | $1,200,623.33 | $1,236,912.67 | $1,428,553.67 |
2197.7% |
| September | $1,236,989.25 | $1,273,637.50 | $1,468,234.75 |
2261.6% |
| October | $1,273,355.17 | $1,310,362.33 | $1,507,915.83 |
2325.4% |
| November | $1,309,721.08 | $1,347,087.17 | $1,547,596.92 |
2389.2% |
| December | $1,346,087 | $1,383,812 | $1,587,278 |
2453% |
| All Time | $1,146,074.46 | $1,181,825.42 | $1,369,032.04 |
2102% |
| January | $1,387,378.67 | $1,426,572.58 | $1,647,465.92 |
2549.9% |
| February | $1,428,670.33 | $1,469,333.17 | $1,707,653.83 |
2646.7% |
| March | $1,469,962 | $1,512,093.75 | $1,767,841.75 |
2743.5% |
| April | $1,511,253.67 | $1,554,854.33 | $1,828,029.67 |
2840.3% |
| May | $1,552,545.33 | $1,597,614.92 | $1,888,217.58 |
2937.1% |
| June | $1,593,837 | $1,640,375.50 | $1,948,405.50 |
3033.9% |
| July | $1,635,128.67 | $1,683,136.08 | $2,008,593.42 |
3130.7% |
| August | $1,676,420.33 | $1,725,896.67 | $2,068,781.33 |
3227.5% |
| September | $1,717,712 | $1,768,657.25 | $2,128,969.25 |
3324.3% |
| October | $1,759,003.67 | $1,811,417.83 | $2,189,157.17 |
3421.1% |
| November | $1,800,295.33 | $1,854,178.42 | $2,249,345.08 |
3517.9% |
| December | $1,841,587 | $1,896,939 | $2,309,533 |
3614.7% |
| All Time | $1,614,482.83 | $1,661,755.79 | $1,978,499.46 |
3082.3% |
| January | $1,912,592.58 | $1,975,978.17 | $2,362,093.25 |
3699.3% |
| February | $1,983,598.17 | $2,055,017.33 | $2,414,653.50 |
3783.8% |
| March | $2,054,603.75 | $2,134,056.50 | $2,467,213.75 |
3868.4% |
| April | $2,125,609.33 | $2,213,095.67 | $2,519,774 |
3952.9% |
| May | $2,196,614.92 | $2,292,134.83 | $2,572,334.25 |
4037.4% |
| June | $2,267,620.50 | $2,371,174 | $2,624,894.50 |
4122% |
| July | $2,338,626.08 | $2,450,213.17 | $2,677,454.75 |
4206.5% |
| August | $2,409,631.67 | $2,529,252.33 | $2,730,015 |
4291.1% |
| September | $2,480,637.25 | $2,608,291.50 | $2,782,575.25 |
4375.6% |
| October | $2,551,642.83 | $2,687,330.67 | $2,835,135.50 |
4460.1% |
| November | $2,622,648.42 | $2,766,369.83 | $2,887,695.75 |
4544.7% |
| December | $2,693,654 | $2,845,409 | $2,940,256 |
4629.2% |
| All Time | $2,303,123.29 | $2,410,693.58 | $2,651,174.63 |
4164.3% |
| January | $2,753,723.75 | $2,916,544.25 | $3,019,295.17 |
4756.4% |
| February | $2,813,793.50 | $2,987,679.50 | $3,098,334.33 |
4883.5% |
| March | $2,873,863.25 | $3,058,814.75 | $3,177,373.50 |
5010.6% |
| April | $2,933,933 | $3,129,950 | $3,256,412.67 |
5137.7% |
| May | $2,994,002.75 | $3,201,085.25 | $3,335,451.83 |
5264.9% |
| June | $3,054,072.50 | $3,272,220.50 | $3,414,491 |
5392% |
| July | $3,114,142.25 | $3,343,355.75 | $3,493,530.17 |
5519.1% |
| August | $3,174,212 | $3,414,491 | $3,572,569.33 |
5646.3% |
| September | $3,234,281.75 | $3,485,626.25 | $3,651,608.50 |
5773.4% |
| October | $3,294,351.50 | $3,556,761.50 | $3,730,647.67 |
5900.5% |
| November | $3,354,421.25 | $3,627,896.75 | $3,809,686.83 |
6027.7% |
| December | $3,414,491 | $3,699,032 | $3,888,726 |
6154.8% |
| All Time | $3,084,107.38 | $3,307,788.13 | $3,454,010.58 |
5455.6% |
Roughly five years from now, aka 2030, Bitcoin’s price will see an explosion to the upside, with an all-time high of $774,474 in the aforementioned year. In the same period, BTC could reach a low of $465,154.42. Based on CoinGape predictions, the average price of BTC in 2050 is between $2.9 million and $3.3 million.
Investors should note that these long-term predictions can change and, hence, should be taken with a grain of salt.
Bitcoin Price Analysis: BTC’s Bullish Market Structure Hints More Growth
Bitcoin price has been consolidating since November 11. But this range is sloping up, suggesting that the trend is still bullish, but it lacks momentum. The market structure, containing key swing highs and lows indicate higher highs and higher lows. The swing highs and lows are marked on the chart using red and blue highlights, respectively.
The Volume Profile shows that starts from November 11 shows three key levels – Value Area High (VAH) at $100,172, Value Area Low (VAL) at $92,401 and Point of Control (POC) at $97,543. VAH and VAL serve as range limit with POC being the point where the highest volume was traded. All three levels can be used as support, resistance relative to the price.
When price forms a range, it is said that there is an agreement between buyers and sellers. This phase is seen after price expands and after the range is breached, price tends to expand again in either direction, depending on the supply demand dynamics.
As an example, BTC retested the VAL on November 26 and bounced, leading to a minor pause around POC, eventually sweeping the range high or VAH. A failure to sustain above this level, lead to an entry into the range, leading to a steep correction. As of December 11, Bitcoin has overcome the POC from the bottom and is attempting to overcome the VAH and flip it as a support floor.
A breakout above VAH coupled with high volume, RSI above 50 and AO above 0 will suggest that the trend has high chances of continuing to the upside. If successful, the next key hurdle for Bitcoin would be $111,850, which is the 261.8% Fibonacci extension of the November 25 to 27 range.
On the other hand, if Bitcoin flips the VAL with spike in volume, it would suggest that balance between buyers and sellers is done and that price is ready to move lower. Such a development would invalidate the bulish thesis as it would lead to a production of lower low below the key swing lows. In this case, BTC will revisit $90,000.
