Noteworthy Growth of Bitcoin Evident, Analysts Debate on Price Trajectory for 2024

By: Eva Baxter

Market Growth for Bitcoin

As Bitcoin, also referred to as 'digital gold', hovers around $67,000, its market cap nears 10% of gold's massive $14.55 trillion, currently standing at an estimated of $1.314 trillion. A year of notable development for Bitcoin was marked by its value increasing by 58%, compared to gold's 5% rise. Moreover, Bitcoin, analysed through its net profit/loss, demonstrated a nearly record high of $3.8 billion in January 2021. This was remarkable on March 14 when it reached around $73,600, showcasing approximately $3.6 billion in net realized profit. An upsurge in institutional investment, a shift towards clearer cryptocurrency regulations, and a growing public embrace of digital assets have attributed to the bullish sentiment around Bitcoin.

Contrasting Analyst Projections for Bitcoin's Future

As analysts lock horns in a debate concerning Bitcoin's price trajectory for 2024, some argue that Bitcoin might surge beyond its current all-time high of $73,750 and potentially reach a staggering $150,000 or even higher. However, contrasting views warn against blind optimism. Technical indicators hint at a potentially bearish pattern following the recent price dip, leading to fears that Bitcoin might revisit and even break recent lows. Despite the differing predictions, it is agreed upon that significant price movement is imminent in the coming months.

Bitcoin's Near Future

Bitcoin's price has started showing a decent increase above the $65,000 zone, attempting an upside break above $68,000 resistance zone. The fate of Bitcoin's price in 2024 remains a mystery, however, with the upcoming Bitcoin halving in April - an event that has historically coincided with price increases - adding another layer of intrigue.