The Biggest Cryptocurrency Story of 2023: The Rise of Bitcoin
In 2023, the most significant cryptocurrency story was the surge in the price of Bitcoin. After reaching a record high of nearly $68,000 in November 2021, Bitcoin experienced a bear market throughout 2022 due to the Federal Reserve’s rate hikes. However, by January 2023, Bitcoin had already gained over 70%, outperforming other major assets.
The news of BlackRock planning to launch a Bitcoin exchange-traded fund (ETF) in June 2023 further fueled Bitcoin’s rally. The price soared to almost $35,000, more than double its value at the beginning of the year. By December, Bitcoin surpassed $42,000 and had more than two-and-a-half times its New Year’s Day price.
What Can We Expect from the Bitcoin Price in 2024?
The fourth Bitcoin halving is scheduled for April 18, 2023, which is expected to decrease the supply and potentially lead to price increases. Historically, the Bitcoin price has risen after previous halvings. Additionally, optimism surrounding SEC approval for a Bitcoin ETF is likely to continue driving the price upwards.
Standard Chartered’s head of digital assets research, Geoff Kendrick, forecasted that Bitcoin could reach $100,000 by the end of 2024. He cited banking sector turmoil and a stabilization of risk assets as factors contributing to this prediction. Kendrick later updated his forecast, suggesting that Bitcoin could reach $50,000 this year and $120,000 by the end of 2024.
Hot Take: The Future of Bitcoin’s Price
With its impressive performance in 2023 and upcoming events like the halving and potential ETF approval, the Bitcoin price is expected to continue its upward trajectory. The path to $100,000 and beyond seems clearer, attracting more investors and potentially influencing other cryptocurrencies as well. Keep an eye on Bitcoin’s price action as it could be the big story of 2024 in the crypto world.
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