Bitcoin Price Predicted to Reach Six Figures in 2024
Date: 2023-12-31 Author: Dima Zakharov Categories: BLOCKCHAIN
The Bullish Outlook:
2024 is poised to be a pivotal year for Bitcoin as analysts foresee a bullish surge in its price. This optimism stems from several factors, with one of the most significant being the expected approval of a Bitcoin-based exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Analysts believe that a positive decision is likely to come in the early weeks of January. This anticipation has already led to a price increase, with Bitcoin reaching a peak of $44,000 in December and maintaining levels above $40,000 ever since.
The ETF Impact:
The introduction of a Bitcoin spot ETF is expected to make the digital asset accessible for trading on the U.S. stock market. This development is anticipated to attract investments from major organizations like BlackRock, while also bringing in new investors. The potential influx of capital into the Bitcoin market could further boost its price.
The Halving Event:
Another key factor contributing to the bullish outlook is the Bitcoin halving scheduled for April next year. This event is significant as it limits the supply of Bitcoin while reducing miners' rewards from 6.25 BTC per block to 3.125 BTC. Historically, Bitcoin's price has surged before and after halving events, and experts expect the next year to be no different.
Political Influence:
The 2024 U.S. presidential elections also play a role in Bitcoin's future. Surveys indicate that at least 40% of voters consider a candidate's stance on Bitcoin and other cryptocurrencies important. Candidates like Robert F. Kennedy Jr. have pledged to ease regulatory restrictions on Bitcoin if elected. Others, such as Vivek Ramaswami, Asa Hutchinson, and Dean Phillips, have followed suit, expressing their intent to alleviate regulatory pressure on crypto companies.
Conclusion:
Experts concur that these combined factors are likely to propel Bitcoin to a new all-time high. Matrixport estimates that by the end of 2024, the leading cryptocurrency could reach a peak of $125,000. The crypto community eagerly awaits the unfolding of these events and their potential impact on the digital asset's price.
