Bitcoin Predictions for 2024: Experts Forecast Price Surge
Bitcoin had a significant rally in 2023, with its price surging by 152% for the year. Despite a rough 2022 marked by high-profile collapses and bankruptcies, industry insiders believe that the rise of bitcoin will continue.
The Road to Recovery
Now that the bankruptcy cases of FTX and Binance are resolved, cryptocurrency executives see an opportunity to move forward and leave behind the bad behavior of these companies. The renewed fervor in the crypto markets is attributed to two factors: the upcoming bitcoin “halving” and the potential approval of a bitcoin exchange-traded fund (ETF) in the U.S.
The halving, which occurs every four years, reduces the rewards for bitcoin miners by half. This event helps maintain a cap on the supply of bitcoin, which will only ever reach 21 million coins. Previous price cycles have shown that halving often precedes a rise in bitcoin’s price.
There is also growing excitement about the potential approval of a bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). This would allow investors to buy a product that tracks the price of bitcoin without directly holding the digital currency. The industry hopes that this will attract a wider range of investors, particularly large institutional investors.
Bold Predictions
Industry experts have made some bold predictions about bitcoin’s price in 2024:
Mark Mobius: $60,000
Mark Mobius, who correctly forecasted bitcoin’s drop in 2022, predicts that it could reach $60,000 by the end of 2024. He attributes this prediction to the potential approval of a bitcoin ETF, which has generated increased interest in the cryptocurrency.
Bit Mining: $75,000
Youwei Yang, the chief economist of Bit Mining, believes that bitcoin could reach a high of $75,000 by 2024. He cites the potential approval of a bitcoin ETF and the upcoming halving as factors that will constrain the supply of bitcoin and attract institutional investment.
CoinShares: $80,000
James Butterfill, head of research at CoinShares, expects significant changes in the digital asset landscape in 2024. He predicts that the approval of bitcoin ETFs and potential interest rate reductions by central banks could propel bitcoin’s price to $80,000.
Nexo: $100,000
Antoni Trenchev, co-founder of Nexo, predicts that bitcoin could hit $100,000 in 2024. He attributes this to the twin-turbo boost from the halving and the approval of spot ETFs. Trenchev also believes that new digital tokens and projects will contribute to further price increases.
Standard Chartered: $100,000
Standard Chartered maintains its prediction that bitcoin will reach $100,000 in 2024. The bank believes that the approval of multiple ETFs and the impact of the halving will drive this price surge.
Carol Alexander: $100,000
University of Sussex professor Carol Alexander accurately predicted bitcoin’s price movements in previous years. She forecasts that bitcoin will trade within a range of $40,000 to $55,000 during Q1 2024 due to professional traders creating volatility. After settling charges against Coinbase and Binance, she expects ETF approval and a rise to a new all-time high of $70,000. She concludes that the price could exceed $100,000 by the end of 2024 if market makers can reduce volatility.
Matrixport: $125,000
Matrixport projects that bitcoin will reach $63,140 by April 2024 and $125,000 by the end of the year. They attribute this price increase to expected interest rate cuts and geopolitical factors that support cryptocurrencies.
CoinFund: Up to $500,000
Venture capital firm CoinFund has one of the highest price predictions for bitcoin in 2024. They expect bitcoin to reach between $250,000 and $500,000 due to a decrease in the dollar’s value, inflows after the launch of BTC spot ETFs, and potential approval of ETH spot ETFs.
Hot Take: Bitcoin’s Future Price Surge
The future of bitcoin’s price in 2024 looks promising according to various experts in the cryptocurrency industry. With potential approval of a bitcoin ETF and an upcoming halving event, industry insiders believe that bitcoin could reach new all-time highs. However, caution should be exercised due to market volatility and geopolitical factors that could impact its price. While specific predictions vary from $60,000 to as high as $500,000, the general consensus is that bitcoin’s price will continue its upward trajectory in the coming years.
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