2023 was a milestone year for Bitcoin, with an impressive 152% increase. The rise sparked optimism among industry experts and commentators, who expressed confidence in the future of the world’s largest digital currency in interviews with CNBC.
After reaching an all-time high in 2021, Bitcoin faced a turbulent 2022, marked by the collapse of high-profile projects, liquidity problems and bankruptcies.
One of the most infamous events was the bankruptcy of FTX, one of the largest cryptocurrency exchanges in the world, and the conviction of its founder, Sam Bankman-Fried, on federal criminal charges in the US.
At the same time, Changpeng Zhao, former CEO of Binance, also became involved in legal issues, culminating in his departure from the exchange following a $4.3 billion settlement with the US Department of Justice.
The resolution of these high-profile cases has brought relief to the industry, allowing cryptocurrency companies to move forward and overcome malfeasance associated with some of their most prominent figures.
The now revived cryptocurrency market environment heralds the start of a new bullish wave, supported by two crucial factors: the Bitcoin ‘halving’ and the possible approval of a Bitcoin investment fund (ETF) in the United States.
The “halving,” an event that occurs every four years in Bitcoin code, reduces the rewards miners receive by half. This mechanism controls the supply of Bitcoin, the maximum limit of which is 21 million units. Historically, “halving” events have preceded significant increases in the value of cryptocurrency.
Furthermore, expectations are growing around the approval of the first Bitcoin ETF by the US Securities and Exchange Commission (SEC).
After years of resistance, the approval of this ETF would mark a milestone, allowing investors to buy a product that tracks the price of Bitcoin without having to trade it directly on exchanges. The industry hopes this will attract a broader spectrum of investors, especially large institutional investors.
Predictions for 2024
These developments have produced bold predictions about the future price of Bitcoin. For example, Mark Mobius predicts that Bitcoin could reach $60,000 by the end of 2024, driven primarily by the prospect of approval of a Bitcoin ETF.
Bit Mining’s Youwei Yang is even more optimistic, predicting that Bitcoin could reach $75,000 by 2024, driven by both the ETF’s approval and the “halving” scheduled for May 2024.
CoinShares’ James Butterfill shares a similar view, highlighting that the approval of Bitcoin ETFs in the US could significantly change the digital asset landscape by 2024.
Nexo’s Antoni Trenchev reinforces this perspective, predicting that Bitcoin could reach $100,000 by 2024, thanks to the combination of the “halving” and the adoption of several Bitcoin ETFs.
On the other hand, Standard Chartered and Carol Alexander, a professor at the University of Sussex, also predict a price of $100,000 for Bitcoin in 2024.
Alexander emphasizes that the volatility created by professional traders and the resolution of regulatory issues with the SEC, especially regarding Coinbase and Binance, will play a crucial role in this price trajectory.
Matrixport predicts that Bitcoin will reach $63,140 by April 2024 and $125,000 by the end of the year. Finally, CoinFund’s Seth Ginns offers one of the loftiest predictions, suggesting that Bitcoin could rise between $250,000 and $500,000 by 2024.
These predictions reflect not only cautious optimism, but also great expectations for Bitcoin’s future. As the industry prepares for another potentially transformative year, Bitcoin remains one of the most talked about and intriguing assets in the financial world.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
