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Bitcoin Price Forecast: What Awaits Crypto in 2024?

Many crypto analysts claim that 2024 will be a spectacular year for Bitcoin and other currencies. There are rumors that the price of BTC may double. We invite you to plunge into the world of predictions and determine what caused such a stir.

A Brief Tour into Bitcoin History

Satoshi Nakamoto, the unknown father of crypto, generated the first BTC block on January 3, 2009. Eight years later, its price has crossed the $1 000 mark. The price peak was reached in November 2021, when 1 BTC ≈ $69K. After this, the currency experienced hard times but remained significant and valuable. Take a look at the chart showing price history (2011-now):

Looking at the chart, you may wonder where the price curve will go next. We will paint a general picture of Bitcoin prices by looking at trends and internal processes in the Blockchain.

How Will BTC Perform in 2024?

The answer to this question depends on several criteria. The main ones are trends and results after ETF approval and the 4th Halving. Let's look at each one to predict the possible impact on the Bitcoin rate.

Historical Cycles & Halving

Halving is reducing the creation of new coins in half. This process was initially embedded to prevent exceeding the maximum supply (21 million coins). Mining the first blocks brought 50 BTC, and after the Halving in 2012, miners received 25 BTC. In 2016, Halving reduced coin creation to 12.5 BTC, and in 2020 – to 6.25 BTC.  So, Halving makes Mining unprofitable but focuses us on the value of the Bitcoin resource.

Historically, BTC Halving has become a catalyst for the Bull Run and the growth of cryptocurrency prices. The lion's share of investors believe this event is one of the most vital factors affecting the exchange rate. What to expect from the 4th Halving, which will occur in April 2024 and reduce Mining to 3.125 BTC per block? Let's find out the price behavior for each Halving mark.

It's more logical to take the 3rd Halving because its result is more relevant to the current forecast. One month before it, the price of BTC was $7 060. A month later, you can notice an increase to $9 850 (+12.8%), and after three months – to $11 860 (+35.8%). Considering past Halving processes and calculating the average boost, we will get over 80% (within 1m before – 3m after Halving).

Approved ETF & Forecasts by Top Investors 

There is another crucial thing that affects the price of BTC. On January 10, 2024, The US Securities and Exchange Commission approved the first registered ETF to track Bitcoin. It allows more retail investors to hold crypto indirectly through stocks. Having received a new variable in the equation, famous investors have already used it in their forecasts. Some used strict mathematical methods, and others transferred all the data to AI. They published their calculations and cited quite positive results.

  • Mark Mobius – $60 000
  • Youwei Yang (Bit Mining) – $75 000
  • James Butterfill (CoinShares) – $80 000
  • Antoni Trenchev (Nexo) – $100 000
  • Carol Alexander(professor of finance) – $100 000
  • Matrixport – $125 000

Geopolitics & World Issues

Many events in our world, such as wars or political decisions (increased taxes, etc.) lead to an imbalance in exchange rates. During such periods, people switch to safer means of storing assets, such as gold. Given the centralized system of banks that depend on the state, fiat loses digital money in terms of security. However, many people may refrain from investing in crypto because it remains an unexplored area for them. Therefore, geopolitical problems can both positively and negatively affect the cryptocurrency market.

Trends & Popularity

As you know, trends form crypto prices. Nowadays, the news feeds are bursting with headlines like “Bitcoin is $100K” or “The Halving is Near.” This popularity positively affects the price of Bitcoin and other currencies. Investment and general community support should contribute to price growth after ETF approval and Halving.

To sum up, the Bitcoin price may potentially rise to $60K or even more. Although, we cannot determine precisely how much. This increase will affect the growth of other currencies (ETN, BNB, BFG, etc.) because Bitcoin determines the primary vector of the whole crypto industry. If you prepare for these significant changes, you can use the next Bull Run to make huge money. Therefore, Mr. Fury suggests to hurry up and get some Bitcoins in your wallet!

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