Considering investing in the popular cryptocurrency? A recent report suggests that Bitcoin is expected to hit a new record high in 2024.
A new report suggests that Bitcoin (BTC) could hit a new record high of $88,000 (€82,000) sometime during 2024. The report, conducted by UK fintech firm Finder, collected predictions from 40 cryptocurrency industry experts. These experts anticipate Bitcoin to settle around $77,000 by the end of the year. The study also looked into Bitcoin’s performance projections up to the year 2030.
Bitcoin Price Predictions for 2024 and Price Fluctuation Estimates
According to the findings of a recent study, Bitcoin is projected to reach an average peak price of $87,875 in 2024. Some experts surveyed even predict it could climb as high as $200,000 during that year.
On the other hand, the study also indicates that Bitcoin’s average lowest price by the end of 2024 could be around $35,734. However, some experts foresee the possibility of Bitcoin plummeting as low as $20,000.
Bitcoin Price Outlook Following Halving Event
More than half of the experts surveyed by Finder anticipate that the price of Bitcoin will rise after the upcoming “BTC halving event” scheduled for April 2024. During these events, the reward for mining Bitcoin transactions is halved, reducing the supply and potentially driving prices upward.
Effect of Halving Events: Currently, miners receive 6.25 bitcoins for validating transactions, which could be halved to 3.125 bitcoins. This reduction in supply typically leads to higher prices in the market.
Expert Predictions: Nearly half of the 40 panelists surveyed believe that Bitcoin will reach a new all-time high within six months after the halving event. Kadan Stadelmann, the CTO of blockchain platform Komodo, noted the growing interest from major companies and institutional investors in Bitcoin, which could drive up demand.
Impact of Bitcoin ETFs: The recent approval of 11 Bitcoin ETFs by the US Securities and Exchange Commission is expected to attract more buyers to the market. These ETFs will make it easier for individual investors to trade Bitcoin-related investment funds on US stock exchanges.
Potential Federal Reserve Actions: Analysts speculate that a cut in the historically high benchmark rate by the US Federal Reserve could further propel Bitcoin prices upward, as more liquidity flows into the cryptocurrency.
Skeptical Views: However, some experts, like John Hawkins from the University of Canberra, remain cautious, viewing cryptocurrency as a speculative bubble. While the introduction of new Bitcoin ETFs could temporarily boost prices, Hawkins warns of potential long-term risks, citing similar events in 2021 that led to price crashes.
Bitcoin Price Predictions and Market Sentiment
According to projections, Bitcoin (BTC) could potentially surge to $122,688 by 2025 and reach an impressive $366,935 by 2030. However, a statistical measure known as the truncated mean suggests a slightly lower expected price of around $220,708 by 2030.
The majority of experts, constituting 58% of panellists, believe that now is an opportune time to buy Bitcoin. Meanwhile, 38% advise holding onto existing investments, and a small 5% suggest selling.
It’s important to note that cryptocurrencies, including Bitcoin, are not regulated in the UK. As a result, investors should be aware that there is no protection from institutions like the Financial Ombudsman or the Financial Services Compensation Scheme.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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