In 2023, bitcoin will hit a remarkable value of 156%. Its value went up approximately from $16,000 to over $42,000. This was a major recovery for bitcoin after the big collapse in the previous years. To see the increasing value of Bitcoin in 2023, many investors started believing in it. They think that there is a huge chance that the U.S. SEC (Securities and Exchange Commission) will approve the Bitcoin ETF.
Following its peak in 2021, bitcoin falls into difficulties in 2022. These hurdles included many other failures, like the downfall of prominent projects, liquidity issues, and business failures.
Back then, Sam Bankman-Fried, who started the FTX, was found guilty of breaking seven laws by US federal prosecutors.
In the same year, the CEO of Binance, Changpeng Zhao, admitted to different illegal activities. In this way, he had to resign from his position and pay a big fine of $4.3 billion. Zhao’s fine is considered one of the biggest amounts a company has ever paid to the US government to settle a legal case.
Bitcoin ETF Approval:
The cryptocurrency market gets excited because they think that the US SEC might approve the Bitcoin ETF in 2024. Investors are also feeling positive about this big achievement, as the bitcoin price reaches more than $44,000 in 2023.
Last week, a crypto analyst suggested that the US might approve the special Bitcoin investment fund. If it happens, it could result in a “sell the news” situation; the BTC price may go down to $32,000.
The SEC is close to approving the first-spot bitcoin ETF after many failures over the last 10 years. Well, the ETF approval would be a game changer for investors and the cryptocurrency market.
After passing through many problems, Bitcoin hit $42,208 in 2023. Insights from this article will provide you with information about the predictions made by experts about the price of Bitcoin in 2024.
Mark Mobius:
In 2022, Mark Mobius, founder of Mobius Capital Partners LLP, thought that the price of bitcoin would drop to $20,000, but it rallied instead. Then he stuck to the $10,000 forecast for 2023, but that didn’t happen either.
Bitcoin price prediction given by Mark: bitcoin might reach $60,000 in 2024 by the end of the year. Mobius mentioned that there is no specific reason for his prediction except for the possibility of a bitcoin ETF, which seems likely and has increased the interest of investors in cryptocurrency.
Youwei Yang:
The chief economist, Youwei Yang, believes that in 2024, bitcoin prices could go as high as $75,000. This might increase because there are chances that the bitcoin ETF could be approved by the SEC. As well, May 2024’s “Bitcoin Halving” could result in a limited Bitcoin supply.
”I anticipate Bitcoin will be trading around $25K to $75K in 2024 and $45K to $130K in 2025,” Yang said in an emailed note.
While there are possibilities for high prices, not all investors will profit due to market volatility and human tendencies toward fear and greed.
Yang highlighted that ETF approval remains the biggest story for Bitcoin in 2024. He advises that investors should be very careful when making decisions because some big cryptocurrency companies like Linux and FTX have fallen recently.
CoinShares($80,000):
James Butterfill, head of research at Coinshares, thinks that 2024 will bring big changes in digital assets like Bitcoin. It is driven by the potential approval of bitcoin ETFs in the U.S. Estimations suggest a 20% increase in investment, reaching around $3 billion, which could push bitcoin prices to $80,000.Meanwhile, if the central banks cut the interest rate, it would “play a decisive role” in boosting bitcoin. Butterfill said.
Thus, while the halving is a known event, other parameters, practically the interest rate reduction, can also be important in shaping the bitcoin price in the future. Butterfill said.
Matrixport: $125,000:
Matrixport, a company that describes itself as a crypto financial service firm, said in November that Bitcoin would reach $63,140 by April 2024 and $152,000 by the end of next year.
“Based on our inflation model, the overall economy will keep supporting cryptocurrencies.
Another decline in inflation is expected, prompting the Federal Reserve to initiate interest rate cuts,” Matrixport said. “Combined with geographical crosscurrents, this strong support should make bitcoin reach new high points in 2024.”
Nexo’s Antoni Trenchev ($100,000):
Antoni Trenchev, a noted bitcoin bull and co-founder of cryptocurrency exchange Nexo, believes bitcoin could hit $100,000 in 2024.
He also gave a bitcoin price prediction in 2022 that bitcoin would hit $100,000, but that didn’t happen; instead, its price collapsed in that year, so he stopped making further predictions. But in a note in December, he gave the bitcoin price prediction that it could reach $100,000 in 2024. He mentioned two things that make this prediction possible: the Bitcoin halving and the possibility of approving the special fund for Bitcoin (ETFs).
“My expectations for 2024 are that the combination of bitcoin halving and spot ETF approval should push bitcoin to $100,000, with the prospect of further highs in 2025,” Trenchev said.
Moreover, he said, “The road to $100,000 will be lined with unexpected obstacles and a significant drop in the bitcoin price.”
Standard Chartered’s ($100,000):
In November, Standard Chartered continued to express confidence in its $100,000 call for Bitcoin, which was first made in April. The bank believes that this is possible because many investment funds called ETFs might get approved. The halving will also boost the price of bitcoin, the bank said.
The steadfast optimism from the bank shows its strong belief in Bitcoin’s potential for long-term growth, even as the market changes.
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