Here are the boldest Bitcoin price predictions for 2024: 1,000% to $500,000?

Bitcoin surged in 2023, increasing its value by approximately 152% for the year.

Some commentators inside and outside the cryptocurrency industry expect the upward trend to continue.

After hitting all-time highs in 2021, BTC has had a rough 2022, with high-profile project collapses, liquidity issues, and bankruptcies.

That year, FTX filed for bankruptcy, even though it was once one of the largest exchanges in the world. In 2023, founder Sam Bankman-Fried was indicted by U.S. federal prosecutors on seven criminal charges.

In 2023, Binance founder Changpeng Zhao admitted criminal charges, reached a $4.3 billion settlement with the U.S. Department of Justice, and resigned as the company’s CEO.

Now that these two high-profile cases have been resolved, many cryptocurrency operators see this as an opportunity to move forward and distance themselves from the bad behavior of two of America’s most iconic young men.

As enthusiasm returns to the digital currency market, industry executives are calling for a new bull market, mainly based on two things – the Bitcoin “halving” event and the possibility of funds approving Bitcoin ETFs for spot delivery in the United States.

The halving, which occurs every four years, is an event written into the Bitcoin code. As a result, the rewards that so-called miners receive when mining Bitcoin are cut in half. This would keep Bitcoin’s supply cap at a cap of 21 million. In previous price cycles, halvings have occurred before significant price increases.

Meanwhile, excitement is growing that the U.S. Securities and Exchange Commission (SEC) will approve the first Bitcoin ETF after years of opposition. This means investors can purchase products that track the price of BTC without continuing to exchange and hold the digital currency directly. Therefore, the industry hopes to attract more investors, especially large institutional investors.

Along with the excitement, there are some pretty bold predictions about Bitcoin price.

Mark Mobius: $60,000

In 2022, Mark Mobius correctly predicted that the price of the cryptocurrency king would fall to $20,000, while it was trading above $28,000. He then proposed a price of $10,000 and kept it there through 2023. However, as prices continue to rise, this goal has not been achieved.

Mobius said that by 2024, the price of BTC could reach $60,000 by the end of the year.

Mobius said there is “no reason for this prediction” except that a Bitcoin ETF is approved and “this increases interest in cryptocurrencies.”

Bitcoin Mining: $75,000

Youwei Yang, chief economist at cryptocurrency mining company Bit Mining, believes that BTC could reach a high of $75,000 by 2024.

Yang attributed the expected price increase to the approval of Bitcoin ETFs and a push for more institutions to invest in Bitcoin, as well as the May 2024 halving event limiting the supply of new issuances.

Yang said in an email:

“I predict that Bitcoin will trade around $25,000 to $75,000 in 2024 and $45,000 to $130,000 in 2025.”

“While high prices may occur, not all investors will profit due to market volatility and human tendencies toward fear and greed.”

Bitcoin price chartIn 1 day | Source: Tradingview

Yang said that ETF approval remains the biggest news for Bitcoin in 2024 – although investors should be cautious about this considering the self-inflicted losses of major crypto companies such as Luna and FTX, and since this is an election year, cryptocurrencies The topic may become more of a political issue.

“Timing the market is difficult, but for those without early accumulation, a gradual approach — accumulating in bear markets and profiting in bull markets — may be a more effective strategy.”

CoinShares: $80,000

CoinShares research director James Butterfill said the digital asset landscape will undergo “significant changes” in 2024, driven by the potential approval of a Bitcoin ETF in the United States.

“This long-awaited development will expand the investor base of cryptocurrencies and integrate them more closely with traditional financial markets. It is estimated that a 20% increase in investment in current assets under management (approximately $3 billion) could increase the Bitcoin price pushed to $80,000.”

Meanwhile, Butterfield added that central bank rate cuts could also “play a decisive role” in pushing prices higher.

The market will also consider factors beyond the halving, which he said are already priced into Bitcoin and could further impact the price of the leading digital currency.

“So while the halving is a known event, other factors, especially the possibility of a rate cut, may play a significant role in shaping Bitcoin’s future price.”

Nexo: $100,000

Antoni Trenchev, a well-known Bitcoin investor and co-founder of Nexo exchange, believes that BTC may reach $100,000 by 2024.

In 2022, he predicted that the crypto king would reach $100,000, but this did not happen. Instead, prices plummeted that same year. As a result, he declined to make any other price predictions.

But in a report in December, Trenchev restored his forecast for $100,000 in 2024, citing the halving and the possibility of more Bitcoin ETFs being approved.

Trenchev said in a note:

“My expectation for 2024 is that the dual push of the halving and spot ETF approvals will drive prices to $100,000, with higher levels expected in 2025. The road to $100,000 will encounter many unexpected difficulties and double-digit declines.”

Trenchev added that the biggest profits will come from digital tokens and projects that “have yet to gain traction.”

Standard Chartered Bank: $100,000

In November, Standard Chartered raised its April BTC forecast to $100,000, which the bank said would be driven by more ETF approvals.

Additionally, the halving will also support BTC.

Carol Alexander: $100,000

In 2022, Carol Alexander, a professor of finance at the University of Sussex, was quite successful in predicting the future price of Bitcoin.

She predicts that Bitcoin will fall to $10,000 by 2022. That year, BTC hit a low of around $15,480. Alexander said prices will rise to $50,000 by 2023, with Bitcoin reaching yearly highs around $44,700 in early December.

Alexander said that in the first quarter of 2024, BTC will trade between $40,000 and $55,000 because of “volatility caused by professional traders.”

Alexander said the next phase will depend on when the U.S. Securities and Exchange Commission (SEC) resolves the charges against Coinbase and Binance. She agreed with other commentators that this may be necessary before a Bitcoin ETF can be approved. The U.S. Securities and Exchange Commission (SEC) sued Coinbase and Binance in 2023.

Alexander emphasized that the allegations will likely be resolved in the second or third quarter, after which the ETF will be approved and the BTC price will rise to $70,000, a new all-time high.

Prices then depend on the ability of ETF providers like BlackRock and Fidelity to “enable their market makers to not only create ETFs but also prevent “excessive volatility” from “price manipulation” on exchanges.

Alexander concluded:

“By the end of 2024, prices could exceed $100,000, but only if BlackRock and Fidelity’s market-making algorithms reduce volatility.”

Matrix port: $125,000

Matrixport, which calls itself a cryptocurrency financial services company, released a report in November predicting that Bitcoin would reach $63,140 by April 2024 and $125,000 by the end of next year.

“Based on our inflation model, the macro environment is expected to remain a strong driver for cryptocurrencies. A new round of deflation is expected, which could lead to the Federal Reserve starting to cut interest rates,” Matrixport said in the report. Combined with geopolitical countercurrents, this Healthy monetary support should push Bitcoin to new highs in 2024.”

Many commentators believe that looser monetary policy would be beneficial for Bitcoin, which is considered a risk asset. At the same time, some view Bitcoin as a “safe haven” asset for investing in times of geopolitical conflict, although many disagree with this theory.

CoinFund: Up to $500,000

Venture capitalist CoinFund’s price prediction for 2024 is one of the highest.

CoinFund managing partner Seth Ginns said via email:

“Bitcoin has a strong negative correlation with the USD and real yields. Both the USD and real yields are declining. We also expect inflows following the launch of the BTC spot ETF, as well as excitement over the potential approval of the ETH spot ETF in late 2024 It will be considerable.”

Kings added that the industry was in the process of “regulatory normalization.”

Bitcoin could hit $1 million “in the next cycle,” but said a “more reasonable expectation” for 2024 would be between $250,000 and $500,000.

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According to CNBC