By: Eliza Bennet
As crypto enters 2024, experts predict Bitcoin’s growth ranging from $60,000 to a staggering $500,000. The crypto market starts the year on a bullish note with Bitcoin hitting its highest level since April 2022 exceeding $45K. All eyes remain on the upcoming decision of the U.S. Securities and Exchange Commission (SEC) concerning a Bitcoin spot ETF.
Historically accurate forecaster, Mark Mobius, envisions Bitcoin's rise to $60,000 by the year end. Chief economist at Bit Mining, Youwei Yang, on the other hand, predicts Bitcoin might hit $75,000 in 2024. Yang's prediction is based on a combination of the upcoming Bitcoin halving event, which is expected to constrain supply, and the potential inflow of institutional investments following a spot ETF approval in the U.S. James Butterfill, Head of Research at CoinShares, has opined the approval would mark a "significant change" integrating the crypto world and traditional financial market.
Raising the bar, Antoni Trenchev, co-founder of Cryptocurrency Exchange Nexo, has predicted Bitcoin reaching $100,000 by 2024. This prediction takes into account the upcoming Bitcoin halving and the possible approval of several Bitcoin ETFs in the U.S. Not lagging behind, finance professor Carol Alexander also foresees Bitcoin hitting $100k. Crypto financial services firm Matrixport projects BTC hitting $125,000 by the year’s end, while Seth Ginns of venture capital firm CoinFund predicts $250,000 to $500,000.
The bullish predictions indicate widespread optimism in the community. However, the journey towards these targets is expected to be volatile, involving significant fluctuations and dips. There can also be positive influence from potential interest rate reductions by central banks, as these can contribute to a Bitcoin value increase. How things unfold depends largely on the SEC’s decision on the Bitcoin spot ETF and other institutional developments.
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