Bitcoin’s 2024 Forecast: From $60,000 To $500,000, Top Experts Share Bold Predictions
January 01 2024 - 2:00PM
NEWSBTC
As the crypto market marches into 2024, various industry experts
and financial analysts have recently cast their respective Bitcoin
(BTC) predictions for the year. Among the voices offering insights,
Mark Mobius of Mobius Capital Partners LLP stands out for his
historically accurate predictions. Having correctly forecasted
Bitcoin’s fall to $20,000, Mobius now envisions a climb to $60,000
by the year’s end. This optimism is further mirrored by Youwei
Yang, chief economist at crypto mining firm Bit Mining, who
projects a high of $75,000 for Bitcoin in 2024. Yang’s predictions
hinge on a combination of the upcoming Bitcoin “halving” event,
which is expected to constrain supply, and the potential inflow of
institutional investments following a spot ETF approval in the US.
Related Reading: Crypto Analyst Says History Shows What Might Be
Next For Bitcoin, But Is It Good Or Bad? The Catalysts Behind The
Predictions The notion of a spot Bitcoin ETF approval in the US is
a central theme in these bullish forecasts. The expectation of such
an event has stirred excitement within the crypto community,
drawing parallels to similar financial instruments and their impact
on associated markets. James Butterfill, head of research at
CoinShares, believes that a spot ETF approval in the US would mark
a “significant change” in the digital asset landscape, potentially
integrating cryptocurrencies more closely with traditional
financial markets. As for the prediction, Butterfill noted:
Estimations suggest that a 20% investment increase from current
assets under management (around US$3 billion) could potentially
propel Bitcoin prices to US$80,000. Butterfill additionally pointed
out that potential interest rate reductions by central banks might
significantly contribute to an increase in Bitcoin’s value. 2024
Bitcoin Predictions above $100,000 Raising the prediction bar,
Antoni Trenchev, co-founder of the cryptocurrency exchange Nexo and
a well-known Bitcoin advocate, maintains his prediction that
Bitcoin could soar to $100,000 in 2024. Despite initially
projecting this target for 2022, Bitcoin’s price took a downturn
instead of hitting the anticipated high. Reaffirming his stance,
Trenchev attributes his renewed $100,000 forecast for 2024 to the
upcoming Bitcoin halving and the possible green light for several
spot Bitcoin ETFs in the US. Trenchev anticipates that these two
factors will act as a dual catalyst, driving Bitcoin’s value to the
$100,000 mark, with prospects of even higher peaks in 2025.
Trenchev, however, cautions about the volatile journey towards this
target, predicting fluctuations and significant dips along the way.
In addition to Trenchev’s projections, Standard Chartered and
University of Sussex finance professor Carol Alexander also
envisions Bitcoin potentially hitting $100,000 in 2024. Alexander
suggests this is contingent on the capacity of market maker
algorithms from major financial institutions like Blackrock and
Fidelity to moderate market volatility. Echoing these sentiments,
Matrixport, a firm specializing in crypto financial services,
projects that Bitcoin will hit $125,000 by the end of the year. The
firm noted: Based on our inflation model, the macro environment is
expected to remain a robust tailwind for crypto. Another decline in
inflation is anticipated, prompting the Federal Reserve to likely
initiate interest rate cuts. Combined with geopolitical
crosscurrents, this healthy dose of monetary support should push
Bitcoin to new highs in 2024. Venture capital firm CoinFund offers
one of the most ambitious predictions, with managing partner Seth
Ginns forecasting Bitcoin’s value to range between $250,000 and
$500,000 in 2024. Ginns attributes this potential surge to factors
like the declining correlation with the dollar and real yields, the
anticipated impact of newly launched BTC spot ETFs in the US, and
the excitement over possible ETH spot ETFs. Featured image from
Unsplash, Chart from TradingView
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