Bitcoin (BTC) is preparing to close the year above $40,000, having surged over 160% since the start of 2023. Investors are optimistic, and market observers expect a stronger rally in 2024. However, questions remain about how high the leading cryptocurrency can climb in the next year.
Crypto analyst Stockmoney Lizards suggests 2024 could be a significant year for Bitcoin, driven by strategic events that could propel its price. The analyst anticipates a price surge past $100,000 if a spot Bitcoin ETF is approved in the US.
The US Federal Reserve’s potential interest rate cuts are highlighted as a key factor, with three expected cuts in the coming year possibly boosting the crypto market, particularly Bitcoin. Another driving force is the anticipated Bitcoin halving in April, which historically tends to increase prices by reducing new BTC supply.
Additionally, the EU’s Crypto Assets Law (MiKA) set for June could significantly shape cryptocurrency regulations, enhancing institutional investor confidence and wider market adoption.
Trading expert Tradingshot predicts Bitcoin could reach $65,000 by August 19, 2024, anticipating a parabolic rally driven by ETF speculation and the upcoming halving. A consolidation phase might occur before testing the all-time high of around $69,000.
Microstrategy’s Michael Saylor sees 2024 as a pivotal year for Bitcoin, with a spot ETF approval potentially being a game-changer. He expects a demand shock followed by a supply shock post-halving, setting the stage for significant market dynamics and a potential two to tenfold increase in demand.
Robert Kiyosaki boldly predicts Bitcoin could hit $120,000 in 2024, driven by major events such as a BRICS nation’s announcement of a gold-backed cryptocurrency. He suggests this could diminish confidence in the US dollar, leading to inflation and recommending traditional safe-haven assets like gold and silver, alongside a significant rise in Bitcoin’s value.