Bitcoin’s price trends in the first few months of 2024 have been highly bullish, boosted by various factors. About a year and a half back, this couldn’t be said for Bitcoin (BTC) and the overall crypto market, which was fighting bearish sentiments. The next year witnessed multiple positive developments though, which helped the market recover. Over this period, analysts and experts have revised their Bitcoin price prediction targets owing to the rising optimism.
In January 2024, US regulators also approved a few spot Bitcoin ETFs, which attracted billions of inflows. These ETFs have become a popular avenue for traditional investors to gain exposure to Bitcoin. Coupled with the upcoming Bitcoin halving event, BTC could hit record price levels. In this blog, we will discuss a few popular predictions which have supported Bitcoin’s potential.
Bitcoin’s price trends in 2024
Bitcoin’s potential has been affirmed by its performance in just the first three months of 2024. At the beginning of the year, BTC was trading around $44,000. From the above chart, one can notice the sharp upward trajectory that followed. Bitcoin also surpassed its earlier all-time high trading level, and crossed $73,000 in March 2024. Until April 9 2024, BTC’s year-to-date returns have ranged around 70%!
What led to Bitcoin’s price action being so bullish?
If we refer to the above chart, we can notice a stagnant period for Bitcoin until November 2023. For several months in 2023, Bitcoin was trading below $30,000, unable to achieve a price breakout. In November, the Federal Reserve in the US hinted towards an interest rate hike pause, which sent positive signals to crypto bulls.
Around the same time, talks of a spot Bitcoin ETF also raised Bitcoin’s potential price targets among investors. Once the US Securities and Exchange Commission approved the ETFs in January 2024, there has been no looking back for Bitcoin.
On the other hand, prominent investors and analysts have indulged in Bitcoin’s price analysis, confirming much higher Bitcoin price prediction targets!
In the next section, we shall review a few of these Bitcoin price prediction analyses.
Bitcoin price prediction: What do analysts and experts say?
A number of crypto analysts and experts have always backed Bitcoin’s potential and high price targets. Here are a few whose Bitcoin price prediction targets got the most popular!
Bitcoin price prediction by Standard Chartered
Global banking corporation Standard Chartered (SC) made headlines in 2023 when they predicted Bitcoin would hit $100,000 by the end of 2024. Since BTC has already reached 70% of the target within April 2024, SC bank’s Bitcoin price prediction will likely come true.
Perhaps, with Bitcoin’s surging prices, the bank revised its BTC targets in 2024. It increased 2024’s targets for BTC to $150,000 while claiming it would cross $250,000 in 2025.
Moreover, the bank said, “If ETF inflows reach our mid-point estimate of $75 billion, and/or if reserve managers buy BTC, we see a good chance of an overshoot to the $250,000 level at some stage in 2025.”
Davinci Jeremie
Davinci Jeremie, a content creator, is known for his decade-old video in which he requested everyone buy $1 worth of BTC. As Bitcoin rallied over the years, his video went viral, and his Bitcoin price prediction videos and posts became popular in the global crypto community. In 2022, during the bearish run, Jeremie advised people to buy BTC during the bear market.
At the same time, his videos regularly posted high price targets for Bitcoin and urged his followers to invest in crypto. In one of his latest Bitcoin price prediction videos, he set a target of $500,000 for BTC in 2025.
Bitcoin price prediction by Balaji Srinivasan
Balaji Srinivasan, a tech entrepreneur and popular crypto advocate, bet in 2023 that BTC would reach $1 million within 90 days of his announcement. He eventually lost the Bitcoin price prediction bet, but stated that his bet succeeded in pointing out the drawbacks of the traditional monetary system.
Needless to say, Bitcoin did start picking up pace in late 2023, and his prediction could have led to a wide number of investors turning bullish on Bitcoin’s future.
Cathie Wood
Cathie Wood, CEO of asset management firm ARK Invest, is also a big crypto proponent. Cathie set her Bitcoin price prediction at a whopping $1.5 million by 2030!
Wood was also supportive of the crypto sector amidst the banking crisis in the US in 2023.
Bitcoin price prediction by Michael Saylor
Michael Saylor, co-founder of MicroStrategy, has been one of the biggest advocates of Bitcoin’s future. His firm has regularly invested in Bitcoin, and its current BTC holdings amount to around $14 billion.
Saylor has set his Bitcoin price prediction target for 1 BTC as high as $10 million!
Jurrien Timmer
Jurrien Timmer, who heads the Global Macro Division at Fidelity Investments, has likely made the biggest prediction for Bitcoin to date. He predicts that the value of 1 BTC will reach $1 billion by 2038!
At the same time, Fidelity Investments also launched their spot Bitcoin ETF this year, which has already seen billions of inflows.
Bitcoin’s road to $100,000: Is it possible in 2024?
Since the Bitcoin halving is scheduled to happen any time now, Bitcoin has sufficient time to reach the $100,000 mark this year. A price jump is certainly possible since demand for BTC could increase after the halving event.
The spot Bitcoin ETFs continue to be popular, becoming a popular route for new crypto investors. The current market sentiments in crypto also look bright for several of the above predictions to come true!
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