Although 2023 was not easy within the crypto industry, actors inside and outside the ecosystem expect Bitcoin to continue to rebound in 2024.
Bitcoin experienced a notable 155% rally throughout 2023, marking a significant comeback after a challenging 2022 characterized by the collapse of prominent projects and liquidity ups and downs. Despite this return, experts and commentators, both inside and outside the cryptocurrency space, anticipate that this upward trend could continue throughout 2024.
The industry sees this situation as an opportunity to leave questionable behavior behind and move forward. The revitalization of crypto markets, driven by two key factors: The Bitcoin Halving and the possible approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, leads many executives to foresee a new bull run.
Bitcoin price predictions are summarized below.
Mark Mobius: $60,000
Based on the possible approval of a Bitcoin ETF and growing interest in the cryptocurrency, BTC could reach $60K. “There is no justification for that prediction, except that a Bitcoin ETF seems likely and that interest in the cryptocurrency has increased,” Mobius noted.
CoinShares: $80,000
It forecasts a significant change in 2024 driven by the possible approval of Bitcoin ETFs in the United States. “Therefore, while the halving is a known event, other elements, particularly the potential for interest rate reductions, are likely to be significant in shaping the price of Bitcoin going forward,” James said. Butterfill, head of research at CoinShares.
Nexus: $100,000
Antoni Trenchev, co-founder of Nexo and prominent Bitcoin enthusiast, foresees a promising 2024 for the cryptocurrency. According to Trenchev, the combination of the approval of a Bitcoin ETF and the upcoming halving will be key factors in driving its value. He anticipates that these developments could lead Bitcoin to reach $100,000, with the potential to achieve even higher highs in 2025. However, he warns that the path towards this goal will be marked by volatilities, including steep declines and unforeseen challenges.
Carol Alexander: $100,000
She predicts that the resolutions of charges against Coinbase and Binance in 2024 will pave the way for a Bitcoin ETF and a new all-time high. “Before the end of 2024, the price could exceed $100K, but only if Blackrock and Fidelity’s market maker algorithms have the ability to reduce volatility,” said University of Sussex finance professor Carol Alexander.
Matrixport: $125,000
It anticipates an increase driven by ETF approval and favorable macroeconomic conditions.
“Based on our inflation model, the macro environment is expected to remain a robust tailwind for cryptocurrencies. Another decline in inflation is anticipated, prompting the Federal Reserve to likely initiate interest rate cuts,” Matrixport published in its report.
CoinFund: Up to $500,000
Seth Ginns, Managing Partner at CoinFund, highlights several influential factors in the cryptocurrency market. He notes that Bitcoin shows a strong inverse correlation with the dollar and real yields, both of which are trending downward. Additionally, he anticipates a considerable impact from capital inflows following the launch of the Bitcoin Spot ETF. Ginns also expresses enthusiasm for the growing expectation of the approval of Ethereum spot ETFs sometime in 2024, an event that he believes will have significant relevance in the market.
In Conclusion…
These mixed outlooks reflect the general expectation of an exciting year for Bitcoin, with ETF approvals and other fundamental factors playing a central role in price projections. However, experts also warn of inherent volatility and the need for caution amid challenges and unexpected events that could influence the market.
By Leonardo Perez
