Numerous experts have stepped forward to provide their insights on how Bitcoin is likely to perform in 2024.
Following the resurgence of Bitcoin (BTC), surpassing the $40,000 mark as the year concludes, the overall market sentiment is notably optimistic about the asset’s potential for further gains over the coming year. A variety of catalysts support this positive outlook.
Despite this persistent optimism, a fundamental question arises: what heights can the inaugural cryptocurrency reach in the new year? Below are several experts’ perspectives on the projected price of Bitcoin in 2024.
2024 Will Be Big for Bitcoin
In a message posted on X (formerly Twitter) crypto analyst Stock Money Lizards predicted that 2024 will be a pivotal year for Bitcoin, with notable catalysts driving the potential for substantial growth.
While there is recognition of the possibility of an increase in acceptance with the introduction of a spot Bitcoin exchange-traded fund (ETF), the general consensus suggests an upcoming period of consolidation before witnessing significant developments in the cryptocurrency space.
A notable prediction from the expert is the anticipation that Bitcoin will surpass the $100,000 mark in 2024. The catalysts behind this optimistic projection are strategically timed events that could propel the cryptocurrency to new heights.
The analyst identified March as crucial and emphasized possible interest rate cuts by the Federal Reserve. If the Federal Reserve executes three planned cuts over the next year, it could significantly affect the cryptocurrency market, possibly creating favorable conditions for Bitcoin.
Another key catalyst is the Bitcoin halving in April, which occurs approximately every four years. Historically, this event drives up Bitcoin prices as the block reward reduction decreases the supply of new bitcoins.
Furthermore, the analysis highlighted the importance of the Cryptoasset Markets Act (MiCA) in the European Union, scheduled for June. This legislative development is set to shape cryptocurrency regulations. Regulations are crucial for broader adoption of cryptocurrencies, especially gaining the trust of institutional investors.
Bitcoin Prepares for a Parabolic Rally
According to cryptocurrency trading expert TradingShotBitcoin is potentially on track to hit $65,000 by August 19, 2024. With weeks left until the next halving, a possible acceleration in the current phase, fueled by ETF speculation, could propelling Bitcoin into the final period before a bull cycle parabolic rally.
In a December 11 post on TradingView, analysis highlighted an underlying trendline in the Weekly Relative Strength Index (RSI), providing an additional indicator for traders considering accumulation ahead of the expected all-time high test.
Bitcoin Prepares for a Big Bull Run
MicroStrategy CEO Michael Saylor has emphasized the potential game-changing impact of the approval of a spot ETF in January, saying it could be the most significant development on Wall Street in 30 years.
Saylor says the approval of spot ETFs will provide mainstream investors and institutions with a high-bandwidth supported channel to invest in Bitcoin, marking a crucial shift from the dominance of leveraged ETFs and traditional crypto investors.
The Death of the US Dollar, a Blessing for Bitcoin
According to the renowned financial educator and author of the personal finance book. “Rich Dad Poor Dad,” Robert Kiyosaki, BRICS nations will unveil a gold-backed cryptocurrency, signaling a significant shift in the global financial landscape.
The announcement is expected to trigger a cascading effect, causing a loss of confidence in the US dollar and causing trillions of dollars to flood into the United States, followed by inflation. Therefore, the expert recommends investing in traditional safe haven assets, such as gold and silver.
By Audy Castaneda
