A common question that you hear if you are involved in cryptocurrency is whether Bitcoin will ever drop to its original price.
This question depends on one important criterion – what was the initial price of Bitcoin?
Bitcoin has existed for nearly a decade and has ranged in price from worthless to over $20,000 per BTC.
Don’t worry, this article will answer that question and offer a potential timeline for when Bitcoin can return to its original price.
What was the initial price of Bitcoin?
This is the first answer that must be given when attempting to figure out when Bitcoin will return to its initial price.
For the sake of this article, we will not use the worthless value of Bitcoin at its inception because we do not believe that Bitcoin will ever drop to zero.
There are simply too many people that trust the blockchain ecosystem too much for the price to have such a dramatic decrease.
Instead, we will use a more reasonable initial price for Bitcoin – the price of Bitcoin at the beginning of the 2017 bull market, which was about $1,000 per coin.
Is it possible for Bitcoin to return to its initial price?
With that price point as our reference, is it possible for Bitcoin to drop to $1,000 BTC per coin?
We, and most experts, are of the opinion that Bitcoin will not drop that much at any point in the future. It would simply be too large of a drop for the cryptocurrency.
Remember, the lowest Bitcoin got after the crash in 2018 was around $4,000 per BTC. And that was a fairly large drop that many believed could be the end of cryptocurrency.
Of course, Bitcoin recovered over the next few years.
When can Bitcoin fall back to its initial price?
The one caveat to our prediction is a sad situation to think about, but it is possible.
Bitcoin could return to its initial, worthless price if a major hacking event occurs on the Bitcoin blockchain.
For instance, if users start losing bitcoin from their wallet, then that would erode all trust in the cryptocurrency. And we would expect a significant price drop.
In fact, that scenario would likely mark the end of Bitcoin. It would even have the potential to completely destroy cryptocurrency.
How likely is it that Bitcoin becomes worthless?
Bitcoin has been around for nearly a decade with no security issues related to the blockchain. Sure, there have been plenty of scams that have used bitcoin because of its immutable and untraceable nature, but the blockchain itself has remained secure.
With that important information on our mind, we find it extremely improbable that Bitcoin experiences any sort of major hacking event that will cause the cryptocurrency to become worthless.
What is the lowest that Bitcoin’s price can fall?
We have historical precedent for the lowest price that Bitcoin can drop – it’s about an 80% decrease in the price of the coin.
That appears to be the trend after every Bitcoin crash. And there is no indication that this trend will not continue into the future.
The good news is that Bitcoin always rises to new heights after every crash. These crashes are simply road bumps in Bitcoin’s slow takeover of the current currency system.
Is now a good time to invest in Bitcoin?
We have already predicted that the price of Bitcoin will not fall down to the initial price at the beginning of 2017.
However, this does not mean that Bitcoin is a bad investment. In fact, it appears that Bitcoin is a great long term investment because the price always exceeds previous highs on a long enough timeline.
This is especially true right now. The price of Bitcoin is nearing the previous high with no indication that it will slow down going into 2021.
In fact, the coming months might be the last time you see Bitcoin under $20,000 for the foreseeable future.
That covers it for our prediction on whether Bitcoin will fall back to its initial price.
The short answer: if initial is defined as worthless, then it’s highly unlikely that Bitcoin will ever become worthless. There are just too many investors.
However, things get more interesting when the price is compared to the price before previous Bitcoin booms. In that case, it is within the realm of possibility that Bitcoin could fall to its early 2017 of around $1,000, but we do find that unlikely because cryptocurrency becomes more popular after every Bitcoin market boom.