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Bitcoin Price Prediction: How to predict Bitcoin prices?
Bitcoin is a global digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public block chain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoin values have arisen and fallen over time, usually based on the perceived value of different cryptocurrencies. A greater understanding of Bitcoin prices is necessary to make informed predictions about them.
To predict what the price of Bitcoin will be in the near future, it is important to understand the following:
1) Bitcoin is deflationary - as more bitcoins are created, the overall value of them declines.
2) Bitcoins are value-based - they don't have an intrinsic value like gold or silver. Instead, they were created as a medium of exchange for other goods and services.
3) There is no single source of supply for Bitcoins - they're created through mining. This means that each time a new block is mined, new bitcoins are created.
4) Bitcoin is decentralized - this means that there is no single person or organization who can control or manipulate the value of Bitcoin.
Now that you understand how Bitcoin works, it's time to get started on predicting its price. Here are some tips to help you do so:
1) Look at past price predictions - it can give you a good idea of how much you should expect the price to rise or decline in the near future.
2) Consider factors such as supply and demand - how much demand there is for Bitcoin before it begins to hyper-inflate will help determine its price.
3) Use a prognostic tool - such as TradingView's Bitcoin Price Prediction tool - to get a more in-depth understanding of what's happening with the currency and what could lead to a rise or fall.
4) Be patient - while price predictions are important, real-world events could mean a different result. So take your time and make your predictions based on the information you have at hand.
As always, don't forget to follow TradingView on Twitter, Facebook, and LinkedIn for real-time updates on Bitcoin price predictions and more!
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