Bitcoin price predictions: How much more could the cryptocurrency rise in 2024?
Thinking about investing in the popular cryptocurrency? A recent report predicts that Bitcoin will reach a new all-time high in 2024.
It seems like Bitcoin (BTC) is anticipated to experience significant price fluctuations throughout 2024, according to the report from UK fintech firm Finder. The report suggests that Bitcoin could reach a new record high of $88,000 (€82,000) at some point during the year, before settling around $77,000 by the end of 2024.
The study, which involved input from 40 crypto industry specialists, forecasts an average peak price of $87,875 for Bitcoin in 2024, with some experts even suggesting it could climb as high as $200,000. However, there is also a possibility for Bitcoin to experience lows, with the average lowest price predicted to be $35,734 by the end of 2024, and some experts foreseeing it dropping as low as $20,000.
Given the volatility of the cryptocurrency market and the various factors influencing Bitcoin’s price movements, these predictions provide insights into potential scenarios but should be approached with caution as they are subject to change based on market dynamics and other external factors.
What could give Bitcoin a boost in 2024?
Halving events in Bitcoin result in reduced supply, as fewer Bitcoins become available, thereby driving up prices.
Nearly half of the 40 surveyed panelists (47%) anticipate Bitcoin reaching a new all-time high six months post-halving.
Kadan Stadelmann, CTO of blockchain platform Komodo, noted in the report that Bitcoin faces pressure due to the impending halving event and increasing interest from major companies and institutional investors, likely boosting demand.
With the recent approval of 11 Bitcoin ETFs by the US Securities and Exchange Commission, many experts predict an influx of buyers into the market, as these ETFs make it easier for individual investors to trade Bitcoin-related investment funds on US stock exchanges.
Further price escalation could occur if the US Federal Reserve cuts its historically high benchmark rate, potentially directing more liquidity into Bitcoin.
However, John Hawkins, a senior lecturer at the University of Canberra, remains skeptical, viewing cryptocurrency largely as a speculative bubble. He cautions that while new spot Bitcoin ETFs might initially drive prices up, Bitcoin’s speculative nature could lead to fluctuations, recalling similar market expectations in 2021 that ended in a crash.
Over half of the surveyed experts by Finder anticipate price increases following the BTC halving event in April 2024, which refers to the period every few years when the reward for mining Bitcoin transactions is halved, potentially reducing from 6.25 bitcoins to 3.125.
What should investors embrace themselves for by 2030?
In projections, BTC could potentially surge to $122,688 (€114,310) by 2025 and soar even higher to $366,935 (€341,878) by 2030.
However, according to the truncated mean, a statistical measure of central tendency, the expected price by 2030 is approximately $220,708 (€205,636).
Overall, the majority of surveyed experts (58%) advocate for buying BTC at present; 38% recommend holding, while 5% suggest selling.
It’s important to note that cryptocurrencies lack regulation in the UK, and there’s no protection provided by the Financial Ombudsman or the Financial Services Compensation Scheme.