Following a resurgence last year, optimism for a higher price drive for the world’s largest cryptocurrency asset, Bitcoin, has increased. Expectations within the cryptocurrency community are that the flagship crypto asset will notch a new high, surpassing the previous all-time high in late 2021.
Since the start of the year, analysts, experts, and institutions have made several bullish calls for the digital asset. While the timeline for the bullish rallies differs, the consensus is that Bitcoin will reach a new all-time high by the end of 2024.
Bitcoin’s Rise from Ashes
After a tumultuous 2022 marked by several institutional collapses and severe downturns, Bitcoin’s price shed most of the gains it made in 2021. However, optimism about a spot in the Bitcoin exchange-traded fund (ETF) pushed the digital asset back in October 2023 until year-end.
In that period, Bitcoin doubled its price, hit a new year-high, and crossed the 40K level. However, the asset’s gradual ascent has since stalled following a sell-off that came after the U.S. Securities and Exchange Commission (SEC) approved nearly a dozen spot Bitcoin ETFs.
Presently, Bitcoin is exchanging hands at around $41K, according to data from CoinMarketCap. The present price is a 9.64% drop in the past week. Despite the recent slowdown, general chatter among cryptocurrency investors is that Bitcoin’s value will soar in the coming months.
Experts Bullish Predictions on Bitcoin
Experts, analysts, and cryptocurrency executives are divided on how Bitcoin could soar in the coming months. However, high expectations that have trailed the spot Bitcoin ETF launches continue to inspire bolder predictions.
Renowned cryptocurrency trader and analyst “Plan B” predicts Bitcoin will hit $55K before the halving scheduled to happen in April. Before the end of the year, the veteran trader said the leading digital asset will notch an all-time high of $100k. By 2025, Plan B estimates that Bitcoin will be selling for $532K.
Similarly, hedge fund Skybridge founder Anthony Scaramucci expects Bitcoin to surpass $170,0000. While his prediction is lesser than Plan B’s, the executive’s expectation still places the asset’s price multiple times higher than its current all-time high.
In the same length, renowned cryptocurrency analyst Van de Poppe said Bitcoin will rally ahead of the halving. According to the analyst, the digital asset will skyrocket from $41K by over 630% to $300,000.
In the longer term, Ark Invest CEO and founder Cathie Wood said Bitcoin is on track to reach $1.5 million. The CEO’s statements mirror sentiments amongst several institutional executive heads since late last year.
Meanwhile, Fundstrat’s Tom Lee said Bitcoin could rally past $100K and go as high as $150K by the end of the year. Lee based this prediction on the capital inflow expected to enter the flagship crypto asset following the ETF launches. According to the executive, Bitcoin could see exposure to the $150 trillion in US household wealth.
Expected Bitcoin Price Catalysts
The majority of the bullish predictions on Bitcoin have been anchored on several factors. However, the most prominent two include the halving happening in April and the spot ETFs launched earlier in January 2024.
Spot Bitcoin ETFs
A spot Bitcoin ETF is an investment vehicle that gives traditional investors access to Bitcoin. While there have been several attempts over the years to launch one, the regulator’s firm remained firm until financial heavyweights like BlackRock and Fidelity moved in last year.
On January 11, the SEC green-lighted all of the pending spot Bitcoin ETF applications. Since then, issuers have reported that billions of dollars worth of funds have flown into the funds. The continued injection was sustained despite a sharp decline in Bitcoin’s price.
The prevailing sentiment is that the ETF has transitioned Bitcoin into an institutional-grade investment asset. Thus, more capital infusion is expected in the coming weeks as traditional investors move in and gain exposure to the flagship crypto asset.
Bitcoin Halving
The halving is a significant event for Bitcoin as it slashes the rewards miners earn for validating and confirming transactions. At the same time, the halving also helps constrict Bitcoin’s supply by reducing the number of Bitcoin released into circulation.
Historically, the periods following the halving have been marked by a Bitcoin price surge. Expectations are that the upcoming halving will inspire an increase in Bitcoin’s value alongside the ETF launches.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
