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thisCrowd - Audio Read
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In 2023, Bitcoin underwent a substantial rally, surging by 152% for the year, following a challenging 2022 marked by notable collapses and legal issues involving major cryptocurrency exchanges like FTX and Binance. The industry now looks forward with optimism, attributing the renewed enthusiasm to two pivotal factors: the upcoming Bitcoin “halving” and the potential approval of a Bitcoin exchange-traded fund (ETF) in the U.S.
The halving, a programmed event occurring every four years, reduces the rewards for Bitcoin miners by half, limiting the total supply of Bitcoin to 21 million. Historical trends suggest that previous halving events preceded bullish cycles in Bitcoin’s price.
The prospect of the U.S. Securities and Exchange Commission (SEC) approving the first Bitcoin ETF is another catalyst driving positive sentiments. If approved, this ETF would allow investors to gain exposure to Bitcoin’s price without directly holding the cryptocurrency, potentially attracting a broader range of investors, including large institutional players.
Several industry experts and commentators have made bold predictions regarding Bitcoin’s price for 2024:
- Mark Mobius: $60,000
- Mobius, who accurately predicted Bitcoin’s drop in 2022, expects a price of $60,000 by the end of 2024. He attributes this forecast to the likely approval of a Bitcoin ETF, increasing interest in the cryptocurrency.
- Bit Mining: $75,000
- Youwei Yang, chief economist of Bit Mining, predicts a high of $75,000 for Bitcoin in 2024, citing the potential approval of a Bitcoin ETF and the halving event as contributing factors.
- CoinShares: $80,000
- James Butterfill, head of research at CoinShares, foresees significant changes in the digital asset landscape in 2024, driven by potential ETF approvals. He suggests that a 20% increase in assets under management could propel Bitcoin to $80,000.
- Nexo: $100,000
- Antoni Trenchev, co-founder of Nexo, reinstates his earlier $100,000 prediction for 2024, citing the twin boost from the Bitcoin halving and potential ETF approvals.
- Standard Chartered: $100,000
- Standard Chartered maintains its $100,000 prediction, emphasizing the impact of ETF approvals and the positive influence of the halving on Bitcoin’s price.
- Carol Alexander: $100,000
- Finance professor Carol Alexander predicts Bitcoin will trade within the $40,000 to $55,000 range in Q1 2024. The resolution of SEC charges against Coinbase and Binance is expected to pave the way for ETF approval, potentially driving Bitcoin to a new all-time high of $70,000 by the end of 2024.
- Matrixport: $125,000
- Matrixport projects Bitcoin to reach $63,140 by April 2024 and $125,000 by the end of the year, citing inflation models and favorable macroeconomic conditions.
- CoinFund: Up to $500,000
- Venture capital firm CoinFund has one of the most ambitious predictions, suggesting Bitcoin could reach between $250,000 and $500,000 in 2024. They highlight factors such as a weakening dollar, decreasing real yields, and the potential influx of funds post-launch of a Bitcoin spot ETF.
While opinions vary, many in the industry express optimism about Bitcoin’s future, anticipating continued growth and the potential for new all-time highs in the coming year.
