Bitcoin was one of the first cryptocurrencies to emerge and is the most well-known worldwide. It first gained attention in 2008, sparking interest among the public. Many were initially skeptical about this currency and were convinced it would not survive for more than a couple of years. However, Bitcoin has shown its resilience and potential, becoming one of the most valuable among other digital currencies. Initially, you could purchase around 1300 bitcoins for one dollar, but today it is valued in thousands of dollars. So, what will be the price of Bitcoin in 2024?
From this artcile you will learn:
- The launch of Bitcoin-based spot ETFs in the US in January 2024 boosted its price to $70,000, reflecting increased market interest and activity.
- Analysts are divided on whether Bitcoin’s surge will sustain or correct by year-end, but acknowledge the undeniable trend in cryptocurrency markets, advising against going against it.
- While Bitcoin’s value is influenced by trader sentiment, historical trends suggest significant growth potential, yet investing remains high-risk due to market volatility and uncertainty.
How often does Bitcoin rise in value?
Since its inception, the price of Bitcoin has constantly fluctuated, sometimes experiencing rapid growth by hundreds of percentage points. These fluctuations have been driven by a series of events.
For instance, the first significant surge occurred when Japan was among the first to recognize Bitcoin as a form of payment in early 2017. In the same year, the Chicago Mercantile Exchange announced the launch of futures contracts on this cryptocurrency. By the end of the year, the price of Bitcoin had increased by over 200%.
Starting in 2020, many large companies, analytical centers, and payment systems began to acknowledge Bitcoin. Consequently, there was a significant increase in demand for it, leading to its rise in value.
What are the prerequisites for Bitcoin growth in 2024?
Another significant factor influencing Bitcoin is the halving, which occurs every four years. The next such event could be observed in April 2024. According to many financial analysts, the halving will once again trigger an increase in the price of Bitcoin. Additionally, experts believe that international economic conditions will contribute to the next surge. For example, the U.S. is expected to lower its key interest rate, along with the inflation rate.
Furthermore, in early 2024, a spot Bitcoin ETF was launched, allowing large American companies to invest in this instrument.
What will be the price of Bitcoin in 2024?
Analysts’ opinions regarding Bitcoin’s growth forecasts for 2024 vary significantly. Some speculate that its price will increase slightly, with no sharp spikes like those seen before. However, others are confident that its price will reach $150,000–$200,000.
- For instance, Tom Lee, co-founder of Fundstrat, predicts that the price of Bitcoin will rise to $150,000. His predictions are based on the upcoming event related to the introduction of spot Bitcoin ETFs. He believes that the U.S. Securities and Exchange Commission will approve this instrument, which indeed happened in January 2024. However, Bitcoin price forecasts have not yet been realized.
- On the other hand, analysts at Pantera Capital predict a price level of $147,000–$148,000 due to the upcoming reduction in cryptocurrency issuance. They argue that a 100% increase is entirely feasible. Marcus Tillen, the head of the analytical department at Matrixport, predicts that Bitcoin will reach $125,000, which he believes will happen during the next halving event.
- The same view is held by Adam Back, CEO of the blockchain company Blockstream. However, he believes that the increase in Bitcoin’s price will occur even before the expected event. However, over the next two years, its price will increase to $700,000.
- Analysts at one of the largest banks, Standard Chartered Bank, predicted a lower price for Bitcoin, suggesting that it will stabilize at $100,000.
- Meanwhile, representatives of the largest bank in the U.S., JPMorgan, are confident that forecasts of $100,000–$200,000 per Bitcoin are unfounded. They predict a price of only $45,000 amid upcoming economic events. However, Bitcoin has already surpassed this mark.
Is it worth buying Bitcoin now?
In January 2024, in the United States, the long-awaited event by many analysts finally took place: the launch of Bitcoin-based spot exchange-traded funds (ETFs). As a result, the cryptocurrency reached its all-time high of $70,000. This phenomenon sparked another wave of increased demand for this digital asset. Speculators also began to show greater activity. And most likely, investors’ expectations will be met by the upcoming halving. However, as mentioned earlier, not all analysts share this opinion. Some believe that such a surge is temporary and that by the end of the year, its price will correct back to its previous level.
As for this cryptocurrency, making an accurate forecast regarding its price is practically impossible. Mostly, Bitcoin’s growth is driven by traders’ emotions. However, the trend remains undeniable. Major analysts remind us of the presence of a trend in any financial market. According to them, it’s unwise to go against it.
In any case, the price of a acryptocurrency adheres to certain rules, and experienced traders can easily determine its direction. As for the main question of whether to invest in Bitcoin at this stage, everyone should decide for themselves. Digital currency, like traditional currency, is an asset with high risks.
Previous events involving Bitcoin have shown that its growth of several hundred percent is entirely possible. Whether the forecasts of leading analysts, international economists, and owners of major financial institutions will come true will only be revealed over time. However, even now, on the eve of upcoming events, significant growth can be observed.