After Bitcoin surges an impressive 150% in 2023, the crypto world is busy speculating what the year 2024 will hold for the flagship cryptocurrency.
After Bitcoin surges an impressive 150% in 2023, the crypto world is busy speculating what the year 2024 will hold for the flagship cryptocurrency.
As we move into the new year, a series of predictions from industry experts set the stage for what could be another rollercoaster year. Experts’ forecasts are as varied as they are bold, ranging from a conservative $60,000 to a staggering $500,000.
From Cautious to Soaring: Bitcoin Predictions for 2024
The year 2024 begins with an avalanche of predictions about the trajectory of Bitcoin’s price. Experienced investor Mark Mobius pegs it at a modest $60,000, while other industry stalwarts like Bit Mining and CoinShares are a little more optimistic, with projections of $75,000 and $80,000, respectively.
The optimism doesn’t end there: Nexo, Standard Chartered and academic Carol Alexander are all in the $100,000 camp.
Matrixport goes one step further with a forecast of $125,000. Meanwhile, venture capitalist Tim Draper continues to stick with his $250,000 prediction.
But the prize for the most bullish prediction goes to CoinFund, which has predicted that Bitcoin could skyrocket to a staggering $500,000.
A possible turning point for 2024
A major talking point regarding Bitcoin’s potential growth in 2024 is the long-awaited approval of a Bitcoin ETF. Michael Saylor, of MicroStrategy fame, sees this as a pivotal moment for Bitcoin, potentially the biggest Wall Street shakeup in decades.
With heavyweights like BlackRock and Cathie Wood’s Ark Invest in the race to launch a Bitcoin ETF, the stakes are high. ETF analyst James Seyffart has flagged early January as a critical window for potential SEC approval, causing quite a stir in the crypto community.
There is some caution amid this optimism: CryptoQuant analysts have warned of a possible “selling the news” scenario that could see Bitcoin prices fall to $32,000 following ETF approval. However, Blockstream CEO Adam Back believe that this will not be the case.