Robert Kiyosaki, Tom Lee of Fundstrat and “PlanB” presented optimistic predictions for the future price of Bitcoin. Contrasting opinions come from analysts such as Philakone and Crypto Rover, who foresee a possible short-term correction, and Peter Schiff, who anticipates regulatory challenges that will affect the value of BTC.
There was a significant rally in the price of Bitcoin in the early days of 2024, with a peak of around $49,000 reached a day after the US SEC approved multiple BTC spot ETFs (including BlackRock’s application). However, since then, the asset has been in a downtrend and eventually stopped at its current level of $41,300 (according to data from CoinGecko).
It would be interesting to follow BTC’s price performance throughout 2024 (which has yet to offer many other major events), so some forecasts will be examined below.
Kiyosaki’s Forecast
Robert Kiyosaki – a well-known investor and author of the bestseller “Rich Dad, Poor Dad” – recently predicted that the leading cryptocurrency is heading towards the $150,000 mark. He also plans to buy BTC, gold, and silver with “fake fiat US dollars.”
Before that, Kiyosaki urged people to pay close attention to the upcoming Bitcoin Halving (scheduled for April 2024). The event occurs every four years and halves miners’ rewards. It causes reduced supply growth that could trigger a rally in BTC prices (assuming demand stays the same or increases). Historically, halvings have been followed by unprecedented bull runs.
The Ultimate Bulls
Tom Lee of Fundstrat and popular X (Twitter) user “PlanB” have made even more optimistic bets. The first imagined that BTC could rise to $100,000-$150,000 in 2024 and skyrocket to $500,000 within five years. PlanB stated that the stock-to-flow model predicts a price of $532,000 after the halving.
“In 2019, when BTC was $4000, I wrote the S2F article, asking for $55K BTC. People said he was crazy. Today, BTC costs $40,000 and the S2F model predicts $532,000 after the halving in 2024. People say it’s impossible,” the analyst said.
The most shocking forecast came from Samson Mow (CEO of development studio Pixelmatic), who believes that sooner or later, the price of Bitcoin would reach a staggering $1 million per coin.
Enter Bears
On the other hand, X user @Philakone thinks BTC could experience a correction in the coming months, setting a target between $37,000 and $34,000 “sometime between March and June.” However, the trader remains bullish in the long term, expecting “a strong accumulation phase” that will lead to a bull market from Q3 2024 to Q4 2025.
Crypto Rover suggested there is a huge amount of “untapped liquidity,” which might result in BTC’s plunge below $40,000. Similar to Philakone, he believes the asset would thrive in the long run.
One person who foresees only a drop in the value of Bitcoin is Peter Schiff. The economist, who is among the harshest critics of cryptocurrency, recently claimed that Gary Gensler (chairman of the US SEC) approved spot ETFs after being ” backed into a corner.”
As such, Schiff believes that the regulator’s head could soon implement “new onerous crypto regulations” that could increase the cost of BTC transactions and negatively impact the price of the asset.
Meanwhile, numerous X users opposed the theory, recalling that Gensler had already given Bitcoin commodity status, removing it from the SEC’s jurisdiction.
By Audy Castaneda
