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Oct 10, 2024
4:19 AM
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It has been a year-long series of bullish markets with Bitcoin reaching an all-time high at $73.8K on March 14 this year. This high was in sheer contrast to the lowest point BTC traded at $24,228.77 in 2023.
While Bitcoin had its humble beginnings when it was launched in January 2009, after fifteen years, the first cryptocurrency in history has radically changed the world’s financial markets and amassed a $1.43 trillion worldwide market value.
Events such as Bitcoin halving, and Bitcoin ETFs approval have contributed to the increase of the Bitcoin price. However, in spite of the history made with the threshold, experts and investors had many things to say about the cryptocurrency.
In this article, we will be exploring various predictions by experts, and what could likely happen if their predictions happen to be true.
Let’s get started on this interesting journey.
Price Prediction Before Bitcoin’s All-Time High
Before Bitcoin reached an all-time high, some experts predicted that the Crypto token would surpass $69,000. Here are some experts’ views that eventually became reality:
BitQuant
BitQuant in September that before April 2024, Bitcoin would rise over its present top of $69,000.
After halving in 2024, BitQuant established a target price of approximately $250,000, anticipating a new all-time high. Four pullbacks are included in the projection, highlighting the cyclical nature of Bitcoin.
Matrixport’s Bullish Prediction
Similarly, in their research from December 1st, Matrixport predicted that Bitcoin would reach $63,140 by April 2024, based on past trends, the halving of mining rewards, and positive macroeconomic prospects.
The company says that historical data, which includes cycles of mining reward halving and bad markets in the past, validates its prediction of a three-year bull market, with 2023 exhibiting a notable upward trend.
The research also highlights the significance of macroeconomic variables as major forces pushing Bitcoin to new heights in 2024, such as projected interest rate reduction and falling inflation.
Matrixport was optimistic, predicting that following the impending halving event, Bitcoin will reach $125,000.
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Standard Chartered’s Price Prediction
Lastly, its initial projection for Bitcoin to $120,000 by the end of 2024 from $100,000. The financial organisation projects that miner profitability will rise and that the net supply of Bitcoin will decrease, indicating a positive trajectory for prices.
It is worth noting that Bitcoin crossed the $60K threshold and while many investors are hoping it reaches $100K others have little faith in the crypto coin to reach the anticipated all-time high.
Let’s look at what some experts have to say about the future of Bitcoin now that it has reached a new all-time high.
Bitget
The digital asset trading and cryptocurrency exchange Bitget has also identified a number of critical elements affecting the course of the Bitcoin market going forward.
These include the Federal Reserve’s interest rate decisions and possible rate reductions, organisations like BlackRock’s licensing of Bitcoin ETFs, the impending half of the value of Bitcoin, and regulatory changes meant to facilitate market access.
As a result, the exchange also mentioned that the market’s optimism regarding better regulatory conditions is fueled by recent court decisions, especially those pertaining to Grayscale’s Bitcoin Trust conversion to an ETF and BlackRock’s Bitcoin ETF which .
Future of Bitcoin: Boom or Burst?
Micheal Sayloe, the co-founder and chairman of MicroStrategy, a software development company has been throwing weight behind Bitcoin in recent years. His company began investing in Bitcoin in August 2020 and since then consistently bought tokens.
Currency, with holdings worth more than $15 billion at current prices, MicroStrategy has more than under its possession.
According to Micheal Sayloe on the , “Bitcoin would keep going higher and there is no reason it can’t get to $10 million a coin.”
His reason is that valuable assets like gold, artwork, and real estate account for a large portion of global wealth. Since the programming that controls Bitcoin’s supply is fully transparent and predictable, he thinks the cryptocurrency will eventually surpass these other assets as a superior store of value.
Another expert who has something to say about Bitcoin is Senior analyst Nicholas Scriberras from Collective Shift.
“It’s difficult to put any price target out there, as the sky could become the limit depending on the level of adoption and external factors in the market”
Contrary to his opinion, CEO of Ark Invest Cathie Wood recently stated that she thinks Bitcoin will surpass the $1 million dollar milestone considerably sooner than 2030, despite her previous prediction that it may reach an incredible $US1.48 million.
Opinion: What to expect in 2024
Experts such as Michael Saylor and BitQuant have made optimistic and bullish predictions, predicting that the price of Bitcoin will soar to $250,000, $1 million, or even $10 million per coin.
Even taking into account the halving event and greater institutional acceptance, such exponential price increases in a very short timescale seems ambitious, while not impossible.
Nevertheless, Bitcoin has already exceeded predictions, and if it continues to achieve widespread acceptance and regulatory clarity, its scarcity and value as a store of value could eventually drive up prices. Its supply model’s transparency offers it a clear edge over conventional assets.
In the end, it is wise to have a balanced viewpoint, even though the expert predictions present an exciting image of Bitcoin’s possibilities in 2024 and beyond.
While there is no doubt that bitcoin will rise significantly, valuing it might be foolish. More than any particular pricing point, the technology’s real disruption might come from its ability to spur innovation in the finance sector.
Conclusion
The cryptocurrency scene is full of both excitement and concern. Expert forecasts regarding the price and uptake of Bitcoin are astounding; they range from cautious approximations to bold projections that would make it one of the world’s most valuable assets.
Given the inherent volatility and unpredictable nature of the cryptocurrency market, these predictions should be seen with a healthy grain of scepticism; yet, they do provide an intriguing window into a future in which Bitcoin may completely transform the world’s financial system.
Because of its transparent supply chain, decentralised structure, and technological foundation, Bitcoin may prove to be a desirable substitute for conventional fiat money and an appealing investment option for both individuals and businesses.
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