The approval of several spot Bitcoin ETFs on January 10 has led to a price correction for Bitcoin, which was widely anticipated by market observers. However, with the expected halving event of Bitcoin block rewards in the current year, experts believe the value of Bitcoin could increase. This abstract encapsulates the prognostications provided by two authorities in the field regarding Bitcoin’s price trajectory for the year 2024.
Markus Thielen Predicts a Climb to $70,000
Digital asset research firm 10X Research’s Markus Thielen envisions Bitcoin’s price to ascend to an average of $70,000 by the end of 2024. Thielen argues that several factors, including the macroeconomic environment, monetary policies, the US election cycle, and growing interest from traditional finance investors in Bitcoin ETFs, support a potential rally to this price level.
DecenTrader Foresees a Temporary Dip to $37,800
Conversely, DecenTrader, a crypto market intelligence platform, expects the spot price of Bitcoin to undergo a 10 percent retraction, potentially reaching a low of $37,800 prior to the boost provided by the halving event. According to DecenTrader, Bitcoin might experience a downward correction within the next 30 days but will then likely benefit from a surge in demand driven by fear of missing out (FOMO). The platform maintains an overall optimistic view for Bitcoin’s performance in 2024.
The Strategy of Purchasing on Downturns
The technique of buying during price declines is a well-regarded tactic among investors of assets like stocks, ETFs, and cryptocurrencies. Richard Best, with 30 years in the financial services industry, suggests in an Investopedia article that investors take advantage of price dips to accumulate assets. He promotes the method of dollar-cost averaging and building a portfolio with a more attractive cost basis by purchasing additional shares even as prices drop.
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