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8 predictions for the price of Bitcoin in 2024; From 60 thousand to 500 thousand dollars


Some analysts consider the 152% increase in the price of Bitcoin in 2023 and the handling of the two cases of Sam Benkman Fried and Changpeng Zhao as an opportunity for the market to continue growing. These analysts believe that the continuation of the Bitcoin price increase in the new year will be based on two events: the Bitcoin halving and the possible approval of one or more Bitcoin spot ETFs in the United States.

Along with the halving that will come with miner rewards halving and Bitcoin’s supply shrinking, there is growing excitement that the US Securities and Exchange Commission will approve the first spot ETF based on the cryptocurrency after years of opposition.

This means that it will be possible to invest in Bitcoin without the need to buy and hold it. The industry hopes that after this event, they will attract a wider range of investors, especially large institutional investors. Next, we will examine some bold and strange predictions for the price of Bitcoin in 2024 that CNBC made in Report He has paid them himself.

Mark Mobius: 60 thousand dollars

In 2022, when Bitcoin was trading above $28,000, Mark Mobius correctly predicted that its price would drop to $20,000. He believed that the price would then drop to $10,000, although this did not happen in 2023. In his analysis for 2024, Mobius told CNBC that the price of Bitcoin will reach $60,000 by the end of this year. He added:

There is no other reason for this prediction except that the approval of spot bitcoin ETFs seems likely and the interest in this digital currency has increased.

Bitmining: 75 thousand dollars

Youwei Yang, the chief economist of Bitmining, believes that the price of Bitcoin can reach $75,000 by the end of 2024. He also considers the reason for this increase to be the approval of spot ETFs, which will lead to the inflow of capital from institutional investors and halving in May 2024 (May 1403), which will reduce the supply of this asset. In an email note, Young wrote:

I predict that Bitcoin will trade between $25,000 and $75,000 in 2024 and between $45,000 and $130,000 in 2025. Although an increase to higher prices is also possible, not all investors will benefit from it due to market volatility and fear-greed behavior.

Yang explained that the approval of spot ETFs will be the biggest event for Bitcoin in 2024. Of course, given the damage caused by the collapse of the Luna ecosystem and the FTX exchange, investors should be very cautious about when to approve these funds, especially since the issue of digital currencies is also likely to become a political issue during this year’s US presidential election. became.

It’s hard to accurately predict market trends, but a staggered approach, buying in bear markets and taking profits in bull markets, is probably a more effective strategy for those who haven’t bought Bitcoin before.

Coinshares: 80 thousand dollars

James Butterfill, head of research at CoinShares, says that the landscape of digital assets will change significantly in 2024, driven by the possible approval of Bitcoin ETFs in the United States. He told CNBC about this:

This event is expanding the investor base of digital currencies and integrating them with traditional financial markets. Estimates indicate a 20% increase in investment around $3 billion in current assets under management, which could potentially push the price of Bitcoin to $80,000.

Butterfield added:

Meanwhile, the scenario of interest rate cuts by the Federal Reserve can also play a decisive role in increasing the price of Bitcoin.

He stated that the market will also look for factors beyond the halving to affect the price of Bitcoin, which Butterfill believes are already having an impact. He noted:

So, while the halving is a known event, other elements, particularly the potential for interest rate cuts, are likely to be important in shaping Bitcoin’s price going forward.

Nexo: 100 thousand dollars

Antoni Trenchev, a prominent fan of Bitcoin and one of the founders of the Nexo exchange, believes that the price of Bitcoin can reach $100,000 in 2024. He had also announced in 2022 that the price of Bitcoin would reach 100,000, although contrary to his prediction, the asset fell that year.

Trenchev said in a December note that he predicted a $100,000 bitcoin in 2024, citing halving and confirming spot ETFs. He wrote in part of his note:

I expect the effects of the halving and confirmation of spot ETFs to push the price of Bitcoin to $100,000 in 2024. With the perspective that the price will reach its highest level in 2025. Of course, this path will be accompanied by unexpected challenges and the possibility of a double-digit drop in the price of Bitcoin.

Trenchev added that of course tokens and projects that are not yet known will see the most growth this year.

Charter standard: 100 thousand dollars

In November, Standard Chartered Bank reiterated its prediction of a $100,000 Bitcoin price. This will happen as a result of the approval of multiple spot ETFs, the bank said. Standard Chartered noted that Hawing will also support the process.

Carol Alexander: 100 thousand dollars

Carol Alexander, a professor of finance at the University of Sussex, had a relatively good performance in predicting the price of Bitcoin in 2022. He predicted that the price of Bitcoin would drop to $10,000 that year. Of course, the price dropped to around $15,480 that year. Alexander also said in 2023 that the price of Bitcoin will increase to 50,000. It was in early December (mid-December) that the price reached its highest annual level of around $44,700.

He told CNBC that during the first quarter of 2024, Bitcoin will trade in the $40,000 to $55,000 range as a result of volatility created by professional traders. Alexander added that the next step will be when the US Securities and Exchange Commission reaches an agreement with Binance and Coinbase over the charges; An issue that is likely to be required before spot ETFs are approved.

He explained that an agreement is likely in the second or third quarter of the year, and the ETFs will then be approved, which will result in the price of Bitcoin rising to its all-time high of around $75,000. Alexander noted:

Price action then depends on the ability of ETF providers such as BlackRock and Fidelity to equip their market makers not only to supply ETFs, but also to prevent price manipulation on exchanges that would create excessive volatility.

This financial professor concluded:

Before the end of 2024, the price could exceed $100,000, but only if BlackRock and Fidelity’s market-making algorithms are able to reduce market volatility.

Matrixport: 125 thousand dollars

Digital currency financial services company Matrixport, publishing a note in November, predicted that the price of Bitcoin will increase to $63,140 by April and to $125,000 by the end of next year. The company said in its report:

Based on our inflation model, macroeconomic trends are expected to move against digital currencies. Another drop in inflation is expected, which will likely prompt the Federal Reserve to cut interest rates. The volume of money inflows along with increasing geopolitical tensions should push the price of Bitcoin to its highest level in 2024.

Many see the easing of expansionary monetary policy as a positive for Bitcoin, which is seen as a risky asset. Meanwhile, some see Bitcoin as a safe-haven asset in times of heightened geopolitical tensions, though many disagree.

Coinfund: up to 500 thousand dollars

The venture capital company CoinFund has one of the strangest predictions for the price of Bitcoin in 2024. Seth Ginns, one of the directors of this company, told CNBC:

Bitcoin has a strong inverse correlation with the dollar and real interest rates, both of which are currently declining. We also expect significant inflows of capital following the launch of Bitcoin Proof ETFs, as well as increased excitement around the possible approval of Ethereum spot ETFs in late 2024.

He added that he thinks the cryptocurrency industry is in the process of standardizing regulations. Gaines noted that the price of Bitcoin could reach $1 million in the coming cycle, but a more realistic expectation for 2024 would be $250,000 to $500,000.

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