How far can Bitcoin go and what triggers could take the biggest crypto to new heights? Read about it in our special report.
Bitcoin (BTC), the world’s leading cryptocurrency by market capitalization, has fascinated the financial world with its volatile yet promising trajectory.
While its price has been subject to fluctuations throughout its history, the crypto community remains optimistic about Bitcoin’s long-term price prospects. As we kick off 2024, the year of the next Bitcoin halving event, there is renewed interest in predicting the cryptocurrency’s future price movements.
While it is difficult to predict how high Bitcoin can go in each new bull cycle, the crypto community expects the top cryptocurrency to reach its previous high of $69,000 in 2024.
Key factors that may affect Bitcoin price in the future
Key factors that may affect Bitcoin price in the future
Several factors may affect the price of Bitcoin in 2024:
Institutional Investor Acceptance: As more institutional investors, such as hedge funds and pension funds, start investing in Bitcoin, the price of the cryptocurrency is likely to rise. Bitcoin Infrastructure Development: As Bitcoin infrastructure, such as payment processors and exchanges, continues to develop, it will become easier for people to use Bitcoin, which could also drive up the price. Bitcoin Halvings: Halvings have historically been followed by significant price increases. This is because these events usually lead to increased media attention and expectations of Bitcoin, which in theory further fuels price growth.
Bitcoin price predictions for 2024 vary widely, ranging from as low as $30,000 to as high as $120,000 per BTC. In this article, we will explore different perspectives on how far Bitcoin can go in the coming years.
Mike Novogratz
Mike Novogratz, founder of Galaxy Digital, believes BTC value could reach $70,000 if mock Bitcoin exchange-traded funds (ETFs) are approved by the US Securities and Exchange Commission (SEC). In late November 2023, Novogratz said:
“Can we hit old highs by this time next year? Natural.”
The Digital Galaxy CEO also added that the market will see a “pretty successful shift in psychology when the government says you’re allowed to buy Bitcoin.”
Plan B
PlanB, a pseudonymous analyst known for its Bitcoin Stock-to-Flow (S2F) model, has unveiled its own BTC price forecast. According to the analyst, Bitcoin is currently in a “pre-bull market” and on its way to a full-fledged bull market after it halves in 2024.
According to PlanB’s model, the supply-to-flow ratio is expected to increase significantly in 2024, with the projected Bitcoin price eventually surpassing the $70,000 mark.
Willy Woo
Managing Partner at CMCC Crest and Bitcoin analyst Willy Woo suggested in an X (formerly known as Twitter) post on November 21, 2023 that the crypto community will “never see” BTC value drop below $30,000 again.
However, he admitted that his projections could be false, as “anything can happen in markets,” adding that it was “all probabilities.”
Standard Chartered
British lender Standard Chartered also predicts that the Bitcoin rate could reach the $100,000 mark by the end of 2024 as the so-called “crypto winter” is now over.
In an April 2023 analyst note, Standard Chartered’s head of digital assets research, Geoff Kendrick, noted that while “sources of uncertainty remain,” the bank thinks the “path to the $100,000 level is becoming clearer.”
In July 2023, the British bank doubled down on its forecast, saying Bitcoin could reach $120,000 by the end of 2024.
Matrix Gate
A recent report from crypto investment platform Matrixport suggests that BTC could reach the $50,000 level in January. The broader forecast includes BTC reaching $50,000 in January 2024 and $63,160 by May 2024.
However, in another study, analysts made a completely different prediction, suggesting that Bitcoin could fall to a price of $36,000-$38,000 in January before recovering, as the SEC will not approve mock Bitcoin ETF applications.
CryptoQuant
CryptoQuant, an on-chain data insights service, has indicated that Bitcoin’s price could potentially break above $50,000 in early 2024. However, analysts admitted a short-term correction is still possible:
“Caution is advised due to the possibility of a short-term correction, as 86% of the circulating supply is currently in profit and funding rates have been markedly increased.”
CryptoQuant
CryptoQuant’s optimistic outlook is based on the firm’s analysis of various on-chain statistics, including the MVRV Z-score, which measures the deviation of Bitcoin’s price from its fair value.
VanEck
VanEck analysts Matthew Sigel and Patrick Bush claim Bitcoin is poised to break its all-time high in Q4 2024, fueled by a confluence of factors including an increase in voter participation in global elections, mounting evidence of a rejection of the Green lobby’s anti-growth agenda, and a potential victory for Donald Trump in the 2024 presidential election.
“If Bitcoin Hits $100,000 By Dec [2024]we are making a long-term call that Satoshi Nakamoto will be named Time Magazine’s ‘Man of the Year’.”
VanEck
Ali cards
A social media crypto analyst who follows Ali Charts believes that the BTC price could potentially fall to the $37,000 region if it fails to hold its critical support level of $43,000.
This crucial level acts as a litmus test for the market, signaling a bearish turn if breached. But if this support proves to hold, it could trigger a possible BTC rally to $47,360.
Bitcoin price target for 2030
Yassine Elmandjra, an analyst at Ark Investment Management, believes that Bitcoin’s price could eventually exceed $1 million. In an interview with Bloomberg, Elmandjra cited Bitcoin’s underlying technology, growing acceptance by institutional investors and potential to become a global reserve currency as key factors supporting his bullish outlook.
In 2022, Cathie Wood, the well-known fund manager behind Ark Invest, also made a bold Bitcoin prediction, saying the world’s leading cryptocurrency would reach $1 million by the end of the decade.
Bitcoin to $1 million
British cryptographer and cypherpunk Adam Back, who is also the CEO of Blockstream, a blockchain technology company, is convinced that after the halving in 2024, Bitcoin could rise as high as $1 million, as the cryptocurrency can most benefit from an intergenerational transfer of wealth.
While the Blockstream CEO did not provide specific dates, he noted that Bitcoin “will certainly turn physical gold sooner or later,” as the probability of this scenario is high enough for “this halving cycle.” In an X post on December 3, 2023, Back outlined his short-term Bitcoin price outlook, saying he expects the top cryptocurrency to set a new all-time high at $100,000 even before the 2024 halving, which is scheduled is to come in April. 2024.
Frequently Asked Questions
Is Bitcoin a good investment?
Like any cryptocurrency, Bitcoin is an extremely volatile asset, and its price can fluctuate wildly in the short term. Hence, it is not suitable for all investors. However, some believe that Bitcoin has the potential to be a good long-term investment due to its limited supply and growing acceptance by institutional investors.
Will Bitcoin’s price rise?
Predicting Bitcoin’s price is a tough nut to crack as the cryptocurrency market is highly unpredictable. However, some analysts believe that Bitcoin’s price may continue to rise in the long term, driven by factors such as increased institutional acceptance, growing investor demand and the upcoming Bitcoin halving event.
How can I buy Bitcoin?
There are a number of ways to buy Bitcoin. You can buy Bitcoin through a cryptocurrency exchange, a peer-to-peer (P2P) market, exchange it for altcoins through cross-chain bridges, or finally mine it with an ASIC rig.
How many Bitcoins will be mined?
Only 21 million BTC will be mined. At press time, more than 19 million Bitcoins have been mined. However, as noted by IntoTheBlock, nearly 30% of BTC’s supply hasn’t moved in more than five years. It is possible that a large part of these coins are lost forever, analysts claimed in an X post.
When is the next Bitcoin halving?
The next Bitcoin halving is expected to happen in April 2024. This event will halve the reward miners receive for validating transactions: from the current 6.25 BTC to 3.125 BTC. Learn more about Bitcoin halvings in our special report.
Can Bitcoin Reach $1 Million By 2030?
No one can say for sure. Ark Investment Management analyst Yassine Elmandjra and Blockstream CEO Adam Back both predicted that Bitcoin’s price could eventually exceed $1 million, but analysts’ predictions may be inaccurate and have been wrong in the past.
Can you earn free bitcoins?
You can earn free bitcoins through various methods, although the amount you can earn may be relatively small. Here are some ways people have earned or can earn free bitcoins:
Faucets: These are websites or apps that give out small amounts of Bitcoin for completing tasks, watching ads, or playing games. Airdrops: Sometimes new cryptocurrencies distribute free tokens or coins to holders of an existing cryptocurrency like Bitcoin. Bounty programs: Some blockchain projects offer rewards in the form of bitcoins or other cryptocurrencies for completing tasks, such as marketing activities, bug reporting or content creation. Referral programs: Certain platforms offer rewards for referring new users. By sharing referral links and getting people to sign up, you can earn a percentage of their activity on the platform. Mining pools and cloud mining services: Some mining pools or cloud mining services offer sign-up bonuses or promotional offers that can provide you with a small amount of free bitcoins initially. Interest on Bitcoin holdings: Some platforms and services offer interest for keeping your bitcoins with them. However, this may involve risks and may not be truly free as it often requires you to deposit and hold a certain amount of cryptocurrency. Microtasks and Freelancing: Platforms sometimes pay bitcoins for completing small tasks or freelance tasks. Note, be wary of scams or offers that seem too good to be true, and always do your research and use reputable platforms when engaging in any activity to earn free bitcoins.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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