After Bitcoin rallied an impressive 150% in 2023, the crypto world is busy speculating what 2024 might hold for the flagship cryptocurrency.
As we step into the new year, a range of predictions from industry experts sets the stage for what could be another rollercoaster year. Experts ‘ forecasts are as varied as they are bold, from a conservative $60,000 to a staggering $500,000.
From cautious to sky-high: Bitcoin predictions for 2024
2024 is kicking off with a flurry of predictions for Bitcoin’s price trajectory. Seasoned investor Mark Mobius pegs it at a modest $60,000 while other industry stalwarts like Bit Mining and CoinShares are a tad more bullish, with projections of $75,000 and $80,000, respectively.
The optimism doesn’t stop there – Nexo, Standard Chartered, and academic Carol Alexander are all in the $100,000 camp.
Matrixport takes it up a notch with a $125,000 forecast. Meanwhile, venture capitalist Tim Draper continues to stand by his $250,000 prediction.
But the prize for the most bullish prediction goes to CoinFund, which has predicted that Bitcoin could soar to an eye-popping $500,000.
A potential game changer for 2024
A major talking point for Bitcoin’s potential growth in 2024 is the much-anticipated approval of a Bitcoin ETF. Michael Saylor of MicroStrategy fame sees this as a pivotal moment for Bitcoin, potentially the biggest Wall Street shake-up in decades.
With heavyweights like BlackRock and Cathie Wood’s Ark Invest in the race to launch a Bitcoin ETF, the stakes are high. ETF analyst James Seyffart has earmarked early January as a critical window for possible SEC approval, setting the crypto community abuzz.
There’s some caution among this optimism – analysts at CryptoQuant have warned of a possible “sell the news” scenario that could see Bitcoin prices plummeting to $32,000 post-ETF approval. However, Blockstream CEO Adam Back believes that this will not be the case.