Bitcoin Powers Ahead with 160% Surge in 2023; Could Reach $160K in 2024

By: Isha Das

Snapshot

In an incredibly robust performance in 2023, Bitcoin surged forwards with a 160% return, showing stark differences in global markets. Notably, U.S. trading sessions spearheaded this growth with an increase of 75%, emerging as a dominant player in the digital assets market this year. Comparatively, the E.U. held a respectable middle-ground with a 37% return, whereas the Asian market trailed behind with 22%, as reported by Velo Data.

Over the majority of the year, the E.U. and U.S. markets have displayed similar return rates, closely tracking each other at an approximate 35% rate. However, U.S. market took the lead in October, showing a marked bullish trend to affirm its dominance. In contrast, the Asian market experienced setbacks with negative cumulative trading sessions in June and September, relegating it to a third-place position.

Looking ahead to 2024, analysts suggest that Bitcoin could scale up to reach $160,000. This projection is based on historical trends observed after Bitcoin's halving event, which reduces the supply of new coins in the open market. The next scheduled halving event is slated for April 2024, with traders already likely anticipating and adjusting to this market development.