Bitcoin is the first and most known cryptocurrency out there. Therefore, when any changes to it or its characteristics occur, it impacts the entire market.
Recently, Bitcoin has drawn a lot of attention due to its unstoppable rise at the end of 2023. The coin walks into 2024 worth more than $42,000, which made it an attractive investment asset for enthusiasts. Besides, there are many ways you can utilize Bitcoin too, like paying for goods online or buying VPS with Bitcoin.
But how should you strategize using Bitcoin in 2024? Here’s the overview of Bitcoin price prediction for 2024.
Bitcoin’s recent price history
In December 2022, Bitcoin’s price fell to $15,720 due to various economic factors including Russia’s war against Ukraine, inflation, the collapse of payment platforms, etc. However, in 2023 Bitcoin did a full 180, gained more than 80% value by April, and cost little more than $31,000.
August and September were known for the price drop to $26,000.
In November Bitcoin’s price went up to $37k due to the news of the first ever Bitcoin spot ETF.
December has brought the Bitcoin $40,000 value, and January 2024 greeted the coin with $45,000.
And this is what has brought us to this point.
Let’s see what we can expect from Bitcoin in 2024.
Top predictions for the Bitcoin price
There are several noteworthy predictions for the price of Bitcoin. Here are some of them based on the CNBC report.
Bit Mining: Bitcoin can rise to the $75,000
The chief economist of the mining company Bit Mining, Youwei Yang, suggests that Bitcoin is capable of reaching $75,000 before the end of 2024.
The potential rise in Bitcoin’s price is thought to be attributed to the anticipated approval of Bitcoin ETF, resulting in increased investment in Bitcoin. Yang says that the ETF approval would be the main topic in the crypto realm for 2024.
And don’t forget, 2024 is the election year in the US, so the heightened interest in cryptocurrency could be used as additional political leverage.
Mark Mobius: Bitcoin could reach $60k mark
It’s worth mentioning that Mark Mobius correctly predicted Bitcoin drop in 2022. For 2024, he supposes that Bitcoin could very well reach $60,000 before the end of the year.
And again, the forecast is backed up by the probable and even likely ETF approval and increased interest in it in the cryptocurrency world.
CoinShares’s Head of Research: Bitcoin could potentially reach $80,000 in 2024
James Butterfill, head of research at CoinShares, stated that the overall crypto market is likely to undergo significant changes, and Bitcoin won’t be an exception.
The potential approval of the ETF will draw more investments due to the likely integration of cryptocurrency into conventional financial structures. Thus, Bitcoin’s price could rise to as high as $80k.
Antoni Trenchev at Nexo: Bitcoin to hit $100,000
Bitcoin enthusiast and Nexo’s co-founder Antoni Trenchev thinks that Bitcoin could hit the $100,000 mark.
Trenchev has made similar claims before: for example in 2022 – the year that the Bitcoin has flopped. Moving forward, he stepped aside from making any predictions.
However, in December 2023, Trenchev reignited his claim and stated that Bitcoin could rise to the $100,000 price because of the approval of multiple ETFs. He also added that the biggest gains will come from projects “that aren’t even on the radar yet.”
University of Sussex: Bitcoin could surpass $100k
Carol Alexander, University of Sussex professor of finance, has correctly predicted Bitcoin’s price in the past, including a $10,000 drop in 2022 and up to $50,000 rise in 2023.
As for 2024, she claims Bitcoin to be in the $40,000 – $50,000 range in the first quarter of the year, and has the potential to go higher. Professor Alexander explained that the further development of the Bitcoin situation will depend on the time the U.S. Securities and Exchange Commission pulls charges against Coinbase and Binance, which will precede the approval of Bitcoin’s ETF.
As we can see, all predictions are different, but they agree on two things – Bitcoin’s price is likely to rise in 2024, and it could do so due to the Bitcoin ETF approval.
Why Bitcoin could reach $100,000
The ETF approval is still valid in this argument, but there’s another thing that can spark a rise in Bitcoin’s price, and that is the halving event.
Bitcoin halving event implies cutting miner rewards for each transaction block added to the blockchain. It is done to maintain the coin’s price and the scarcity around it. Bitcoin’s halving is carried out every 210,000 blocks, which is a rough equivalent of four years.
Before, the trend involved Bitcoin’s price lowering the year before the halving event and then skyrocketing. If the trend occurs in 2024, Bitcoin could reach more than $100,000 mark.