Bitcoin, since its birth in 2009, has continually revolutionized the financial world. Here’s what are the expectations for its price at the end of 2024?
Bitcoin with a number of potential pro-growth catalysts
The year 2023 brought many happy moments for BTC investors. After all, the price of Bitcoin rose by more than 120%. Meanwhile, forecasts for 2024 are equally promising. After a period of this market optimism, the new year may bring further increases associated with a potentially imminent bull market.
Several key events promise to be market drivers. Bitcoin’s upcoming halving of rewards for miners is one of the main events. This reduction, is scheduled for May 2024. So far, it has always resulted in an increase in the value of BTC, which again may affect the overall market trend.
Another important factor turns out to be legal settlements, such as issues between cryptocurrency exchanges and the US Department of Justice. Decisions in these cases could remove legal and financial uncertainty, which in turn could increase investor confidence in blockchain-based assets.
The potential approval of ETFs for Bitcoin could also prompt increased interest from traditional investors.
Altcoins may gain momentum
Other cryptocurrencies, such as Ethereum and Dogecoin, have also experienced changes in 2023, although their price trajectories and technological developments differ from Bitcoin.
Ethereum, the second-largest cryptocurrency by market capitalization, changed its consensus to Proof-of-Stake (PoS). This move was aimed at making the organic network more efficient and sustainable, which affected its price and market position. Ethereum’s price rise in 2023 promises to continue this trend.
Despite individual characteristics, altcoin prices are often linked to BTC price movements. Thus, Bitcoin, as the pioneer of cryptocurrencies, often determines the overall direction of the market.
Experts have no doubt – the price of BTC will rise
Cryptocurrency market experts point to a potential increase in the price of Bitcoin in 2024, in many cases estimating its value at well over $100,000.
Analyst Geoff Kendrick of Standard Chartered predicts that Bitcoin could reach a price of exactly $100,000 by the end of 2024. However, this is a very balanced voice.
Much more optimistic is Adam Back, CEO of Blockstream. He predicts that Bitcoin will reach $100,000 even before halving, only to later rise to $700,000 within a year or two.
Bernstein predicts that Bitcoin will be worth $150,000 by January 2025. In contrast, financial platform Matrixport calculates that Bitcoin will reach a price of $125,000 by December 2024.
All in all, 2024 promises to be a promising year for Bitcoin and many other cryptocurrencies. Halving, regulatory changes in the U.S. and increased interest from traditional investors could lead price values that are even hard to imagine at the present moment.
