Bitcoin Price Prediction July Forecast 2021

Source - Capital

What if we don’t have any legal or apex authority who have complete control over money flow in the economy? I simply mean what if we do not have a central bank as a central authority who can directly influence our transactions? 

Yeah! It is possible where people can actually have transactions without any influencers or intermediaries. And it is possible through digital currency or digital money which can be easily transferred from user to user without any intermediary. 

Bitcoin is one of the digital currencies. These currencies are kept as computer files in the digital wallet of each user from where any user can make transactions.

Who Predicts the Prices Of Bitcoin?

As we know the value of the physical currency is assured by the central bank (Reserve Bank of India) but this is not the case with digital money like Bitcoin as there is no such authority responsible to set the price of Bitcoin. So it acts as a commodity where the market forces of demand and supply decide the value of bitcoin. 

If the demand for bitcoin is less and the supply is more then its price would be less. If the demand for bitcoin is more and supply is less then its price would be more. It is like any other commodity market. 

Generally, its price fluctuates so often due to several reasons like risks for bitcoin holders, the unpredictability of its future value, etc. Moreover, there are many sites and even many applications that help us in predicting the future price of Bitcoin. The same we can do by analyzing the market trends but all of that can be reliable to an extent.

Who Are Equity Strategists?

Equity strategists are basically researchers who conduct detailed research regarding the market trends to provide a lucid picture of the market to their clients so that they can have a maximum value for their investment. 

They also provide recommendations to clients regarding important investment decisions like when to invest, how to invest, etc. Similarly, equity strategists also analyze and assess the bitcoin market for their clients as to how the market will be short, is it safe for investment or not? 

Basically, there are two trends in the market: bullish(expected to rise) and bearish (expected to fall). These two trends decide the value of bitcoin.

Who Are Portfolio Managers?

A portfolio is, in the business world, a compilation of all the financial investments like stocks, bonds, cash, funds, etc. A person or a group of persons who manages the portfolio can be called portfolio managers. 

Portfolio managers also play a crucial role in the crypto world as well. They are making trading and exchanges in the crypto world much easier and safer also. A portfolio manager manages multiple accounts and e-wallets.

There are two approaches that portfolio managers follow: passive and active. If they are having a passive approach the investor should expect similar and consistent returns for a long period. 

But if they are having an active approach then the investor needs to be bold as there are financial risks in that. Moreover, this approach may give higher returns or consistently beats the average market returns. 

Bitcoin Market Price in First Week of July

Bitcoin market prices in the first week of July, though having a mixed price range in the reds and greens, were seen to have gained momentum on certain days. The prices up to July 11, 2021, are mentioned below:

1. On July 1, the Bitcoin INR was at Rs. 25,00,918, the price dropped by 2.88%.

2. On July 2, the Bitcoin INR was at Rs. 24,85,071, the price dropped by 0.56%.

3. On July 3, the Bitcoin INR was at Rs. 25,82,357, the price increased by 3.89%.

4. On July 4, the Bitcoin INR was at Rs. 26,42,990, the price increased by 2.31%.

5. On July 5, the Bitcoin INR was at Rs. 25,14,213, the price dropped by 4.96%.

6. On July 6, the Bitcoin INR was at Rs. 25,42,820, the price increased by 0.60%.

7. On July 7, the Bitcoin INR was at Rs. 25,96,928, the price increased by 2.18%.

8. On July 8, the Bitcoin INR was at Rs. 24,54,704, the price dropped by 5.47%.

9. On July 9, the Bitcoin INR was at Rs. 24,91,720, the price increased by 1.46%.

10. On July 10, the Bitcoin INR was at Rs. 24,90,805, the price dropped by 0.09%.

11. On July 11, the Bitcoin INR was at Rs. 25,25,842, the price increased by 1.30%.

Conclusion

The concept of digital currency seems new to us but this is the future. Cryptocurrency has a vast market of exchange where it is not controlled or restricted by any authority. This can be seen as both an advantage as well as a disadvantage because the absence of an authoritative control makes trading easier and freer. 

On the other side, it is also the main reason behind increased fraud and online hacking during transactions. There are many other drawbacks too.

Any person who is planning to make an investment to have quick returns then he may proceed further as it gives excellent returns in short term but not so consistent and predictable in long term. So, one should critically analyze every aspect of it before investing.

Written By - Vineet Kumar

Edited By - Umme-Aiman