According to analysts, Bitcoin could reach new all-time highs in 2024.
Bitcoin ETFs and the halving will be the key to the rise in Bitcoin price.
The future of Bitcoin (BTC) is becoming a hot topic, with analysts and traders making bold price predictions.
In 2023 The price of Bitcoin has increased by more than 150% This serves as a prelude to what the currency could experience next year.
Although the increase in Bitcoin price was gradual throughout 2023, it was only in the last quarter that an “explosive” increase occurred, as can be seen in the chart below. TradingView.
For this reason, BTC is raising expectations for 2024 and several analysts and cryptocurrency industry companies have released their forecasts primarily based on two key points.
One of these is the series of applications for spot Bitcoin exchange-traded funds (ETFs) that could be approved by regulators in the United States in early 2024. So far, 14 companies are waiting for the Securities and Exchange Commission's decision. Securities (SEC) of this country. The second factor is the halving, a mechanism through which the amount of Bitcoins miners receive as a reward for their work is reduced by half and is scheduled to take place between April and May 2024.
Matrixport predicts that Bitcoin will be at $63,000 by 2024
One of those who announced their forecast for the price of Bitcoin in 2024 was the investment company Matrixport. In a report, he pointed out that the probability that Bitcoin would rise last December was, on average, 78%. Based on this, the company expected the price of the digital currency to reach $45,000 by the end of the year.
For 2024, Matrixport maintains its optimistic outlook for BTC. One of the arguments focuses on US inflationwhich estimates it could fall from 3.2% to 1.6% in 2024, as shown in the chart below.
That decline would lead to a sustained rally in risky assets like tech stocks and cryptocurrencies, he says.
Bonds would also rise, giving a boost to lower-quality technology stocks and second- and third-tier cryptocurrencies.
Matrixport, investment company.
Other factors that will boost BTC next year include the Bitcoin spot ETFs and the halving, which would lead to a price increase for the coin About $63,000 in Mayas reported by CriptoNoticias.
The halving is the main bullish catalyst for Bitcoin in 2024
Hedge fund Pantera Capital was also responsible for predicting the price of the main digital currency in 2024. In contrast to Matrixport was The American company blamed the halving for most of the blame for BTC's rise next year.
If the demand for new Bitcoins remains constant and the supply of new Bitcoins halves, this will drive the price higher.
Pantera Capital, hedge fund.
In previous years, demand for Bitcoin increased before the halving due to expectations of a price increase. “Historically, Bitcoin bottomed 477 days before the halving, rose before the halving, and then continued to explode,” the fund described in a report.
Pantera Capital's calculations were based on the change in the stock-to-flow ratio at each halving. This is a measure of Bitcoin's scarcity. With this in mind, the company estimates that after the halving, around 480, Bitcoin could surpass $140,000.
SantinoCripto: Bitcoin Could Reach $300.00 After Halving
The trader who identifies himself as “SantinoCripto” assures that the price of Bitcoin could reach $300,000 in the next bullish cycle (not necessarily before the end of 2024), as CriptoNoticias reports
Like Pantera Capital, the specialist assumes that the halving will also be crucial for the digital currency next year. Let us remember that this event fulfills the function of reducing the issuance of Bitcoins over time while approaching the limit of 21 million BTC, which is the maximum that can exist.
For SantinoCripto, it is important to look at the Bitcoin cycles of 2012, 2016 and 2020 and he assures that this will be repeated next year, as can be seen in the chart below.
Although he ensures that it will reach $300,000, he also tries to be conservative and points out that starting at $150,000, the price of Bitcoin will be at an “optimal sales level” as early as next year.
BTC and the United States presidential election
VanEck, a company applying for a spot Bitcoin ETF, expects Bitcoin to exceed $48,000 once the financial instruments are approved and after the halving.
However, the investment fund's forecast does not end there and it assumes that the digital asset will reach an all-time high in the fourth quarter of 2024. The company attributes this increase to next year's US presidential election.
Given the importance of the election, VanEck predicts high volatility in the market. That is why he predicts that Bitcoin can reach $100,000 in December 2024.
If that happens, “it is very likely that Satoshi Nakamoto will be named Time Magazine's 'Man of the Year,'” the company says.
Adam Back: BTC doesn't need an ETF to rise in price
Bitcoiner and Blockstream CEO Adam Back believes that exchange-traded funds are not necessary for Bitcoin price to rise.
Back believes this is obvious from observing previous cycles Bitcoin price tends to rise between six and nine months after the halving.
BTC price reached $69,000 [en 2021] driven by the people who bought it, so why can't it happen again?
Adam Back, CEO of Blockstream.
As for the price of Bitcoin in 2024, the specialist predicts that it will reach $100,000, even before the halving. As already mentioned, this is an event that is scheduled to take place between April and May.
Bitcoin is characterized by being cyclical due to its emissions reduction mechanism, which has always affected the price of the currency, and the entire community surrounding the digital asset predicts that Bitcoin will then exceed its just-reached historical maximum of $69,000 will rise over two years ago. Although it is difficult to determine the possible price, it is clear that the stage is set for a bull market.