Bold Bitcoin Predictions for 2024: A 1,000% Rally to $500,000
Industry experts are making bold predictions for the price of bitcoin in 2024, citing various factors such as the halving event and the potential approval of a bitcoin ETF in the US. Commentators have predicted prices ranging from $60,000 to $500,000.
Bitcoin's Rise in 2023
Bitcoin experienced a significant rally in 2023, with its price increasing by 152% for the year. Commentators both inside and outside the cryptocurrency industry expect this upward trend to continue.
However, 2022 was a challenging year for bitcoin, marked by high-profile project collapses, liquidity issues, and bankruptcies. FTX, once one of the largest cryptocurrency exchanges, filed for bankruptcy, and its founder Sam Bankman-Fried faced criminal charges. Binance's CEO Changpeng Zhao also pleaded guilty to criminal charges.
Now that these cases have been resolved, many cryptocurrency executives see it as an opportunity to move forward and leave behind the bad behavior of the industry's poster children.
Factors Driving a New Bull Run
Industry executives are calling the start of a new bull run for bitcoin, with two key factors contributing to this optimism. First is the bitcoin "halving," an event that occurs every four years and precedes a rise in the price of bitcoin. The halving cuts the rewards miners receive for mining bitcoin in half, thereby limiting the supply of bitcoin.
Secondly, there is growing anticipation that the US Securities and Exchange Commission (SEC) will approve the first-ever bitcoin exchange-traded fund (ETF). This would allow investors to buy a product that tracks the price of bitcoin without directly holding the digital currency. The approval of a bitcoin ETF is expected to attract a wider range of investors, including large institutional investors.
Bold Price Predictions for 2024
Various experts have made bold predictions about bitcoin's price in 2024. Mark Mobius expects bitcoin to reach $60,000, driven by the potential approval of a bitcoin ETF. Bit Mining's chief economist, Youwei Yang, believes bitcoin could reach $75,000 due to increased institutional investment and the upcoming halving.
James Butterfill from CoinShares predicts bitcoin prices could reach $80,000, fueled by the approval of bitcoin ETFs and potential interest rate cuts by central banks. Antoni Trenchev, co-founder of Nexo, expects bitcoin to hit $100,000 in 2024, while Carol Alexander, a professor of finance, predicts bitcoin's price could exceed $100,000 by the end of the year.
Even more bullish, venture capital firm CoinFund envisions bitcoin reaching $250,000 to $500,000 in 2024. They believe factors such as the inverse correlation between bitcoin and the US dollar, the approval of BTC and ETH ETFs, and the process of regulatory normalization will contribute to this price surge.