Bitcoin Analyst Predicts $80,000 Price in 2024
A prominent analyst predicts that Bitcoin could reach an all-time high price of $80,000 by 2024. This optimistic forecast is based on a trifecta of catalysts: potential approvals of Bitcoin spot ETFs, the upcoming Bitcoin halving in April, and growing demand from enterprises.
In 2023, Bitcoin rallied by over 150% and has continued to show strength in the beginning of 2024. However, it is still 33% away from its all-time high established in November 2021.
Analysts Expect Approval of Bitcoin Spot ETFs
Industry experts believe that the Securities and Exchange Commission (SEC) will approve Bitcoin spot ETFs by January 10, 2024. This is the deadline for applications filed by ARK Investments and 21Shares. Analysts speculate that the SEC will also approve applications from other players to prevent a first-mover advantage.
One journalist even speculates that Bitcoin ETFs may be approved this week.
Bitcoin ETF Flows Could Boost Price
AllianceBernstein, in a recent report, stated that the availability of spot Bitcoin ETFs could draw increasing institutional liquidity inflows, pushing up the Bitcoin price as the year progresses. They expect up to $5 billion in inflows in the first half of 2024 and $10 billion in the second half.
The analysts believe that ETF flows could lead to a gradual but significant increase in Bitcoin’s price due to advertising and branding efforts by applicants.
Bitcoin Halving and ETF Demand
The upcoming April 2024 Bitcoin halving will cut new rewards for miners in half. Combined with the demand for Bitcoin spot ETFs, this could enhance the potential of the upcoming bull market cycle.
Bitcoin Minetrix Presale Raises Over $7.2 Million
Bitcoin Minetrix is a new project that allows users to cloud mine Bitcoin easily. It is an Ethereum-based platform that requires no technical expertise or hardware. Users stake BTCMTX in exchange for Bitcoin mining credits, which can be burned for cloud mining power and free Bitcoin.
The ongoing presale for Bitcoin Minetrix has raised over $7.2 million. The project’s rewards may rise in tandem with the anticipated rise in Bitcoin’s price, potentially bolstering the BTCMTX price.
Hot Take: Potential for Bitcoin to Reach New Heights
With potential approvals of Bitcoin spot ETFs, the upcoming halving, and growing demand from enterprises, there is optimism that Bitcoin could reach an all-time high price of $80,000 by 2024. This forecast is supported by analysts who expect significant inflows from ETFs and the potential for a bull market cycle. Additionally, projects like Bitcoin Minetrix offer new opportunities for cloud mining and potential rewards. As always, it’s important to do your own research before making any investment decisions.
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