Home Business News Bitcoin is expected to set a new all-time high of $88,000 in 2024

Bitcoin is expected to set a new all-time high of $88,000 in 2024

by Thea Coates Finance Reporter
2nd Feb 24 9:17 am

Bitcoin (BTC) is predicted to reach a new all-time high this year, according to a panel of 40 industry specialists surveyed for Finder’s latest Bitcoin Price Predictions Report.

The panel predicts that BTC will peak at around US$88,000, roughly a 28% increase from BTC’s current all-time high. However, by the end of the year, the panellists expect BTC’s price to drop to around $77,000 before climbing to $123,000 in 2025 and $367,000 in 2030.

GroveX Pty Ltd’s COO Carlo Di Clemente gave a 2024 peak prediction in line with the panel average at $90,000 and an end-of-year prediction of $80,000.

According to Di Clemente, “the Bitcoin halving event in 2024, combined with the approval and launch of a Bitcoin ETF, could set a positive stage for 2024 and beyond, assuming no major unexpected global events or regulatory changes.”

Senior analyst at K33 Research Vetle Lunde thinks BTC will peak at $79,000 in 2024, before reaching $150,000 in 2025. He says ETFs are a huge win for BTC, but will take time to materialise in price effect, as it also introduces structural changes to the market.

“The halving, easing macro conditions and enhanced access through ETFs are fundamentally positive price forces for the year as a whole,” Lunde said.

The majority of panellists (58%), including senior market research analyst at Market Research Future Shubham Munde, expect the upcoming halving event to trigger a bull run.

Munde explains that “historically, BTC halvings have been followed by significant price increases. This trend is expected to continue in the next event.”

However while the majority of panellists expect the halving to trigger a bull run, many panellists note that it will likely be a mixture of events that catalyse the next crypto bull market.

CoinFlip founder and chairman Daniel Polotsky thinks BTC will hit a peak of $100,000 in 2024 and points to a number of events that could trigger a bullish market.

“The Bitcoin ETF approval for institutional and retirement investors, the halving event, inflationary Fed rate cuts, and ongoing political instability could create a perfect storm for Bitcoin in 2024 and 2025,” he said.

Nearly one in five panellists (18%), including Origin Protocol co-founder Josh Fraser, think a bull run will happen before the halving. Fraser thinks Bitcoin will hit a peak of $115,000 in 2024, before ending the year at $110,000.

“Spot Bitcoin ETFs will enable huge amounts of inflows to BTC, especially over the mid to long term. In order to see a full blown bull market, we’ll likely need some form of QE.”

An additional 10% of panellists say the market won’t hit a bull run until later in the year. However 10% say that there won’t be a bull run in 2024 at all, and 5% are unsure if there will be one.

Senior lecturer at the University of Canberra, John Hawkins, doesn’t expect a bull run in 2024. He says that if the new spot Bitcoin ETFs are popular, there could be temporary price increase, but that long term he considers bitcoin a speculative bubble.

“… In 2021 similar claims were made about the BTC futures ETFs as are now being made about BTC spot ETFs. Then the Bitcoin price went up for a while but later crashed,” Hawkins said.

Overall, the majority (58%) of panellists say now is the time to buy BTC, 38% to hold, and only 5% to sell.

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