Bitcoin, the cryptocurrency that has been a buzzword in the investment world for years, is poised for an unprecedented leap in 2024. According to a comprehensive report, the price is expected to shatter records, projecting an all-time high that has both investors and crypto enthusiasts on the edge of their seats.
A New Peak on the Horizon
The digital currency, currently trading around $43,000, is forecasted to soar to a record-breaking $88,000 (€82,000) throughout 2024. Finder, a leading UK fintech firm, spearheaded a study with 40 crypto industry experts, culminating in a bullish outlook for Bitcoin. The study predicts that it could stabilize around $77,000 by the end of 2024. This anticipated rise marks a significant milestone in the cryptocurrency’s journey and a potential windfall for investors.
Expert Insights and Speculations
The crypto industry is abuzz with speculations about Bitcoin’s potential climb to an average peak of $87,875 in 2024. Some experts even see it reaching heights of $200,000. However, it’s crucial to consider the other side of the coin. The report also suggests that its price could dip to an average low of $35,734 by year-end, with some predictions going as low as $20,000.
What’s Fueling Bitcoin’s Ascent?
The Impact of the BTC Halving Event
A significant factor that could catapult the value is the much-anticipated “BTC halving event” in April 2024. More than half of the experts surveyed by Finder expect this event to trigger a price surge. A halving event, occurring every few years, slashes the reward for mining Bitcoin transactions in half. The upcoming halving is set to reduce the mining reward from 6.25 bitcoins to 3.125, consequently decreasing the supply of new Bitcoins and potentially driving up the price.
Perspectives from Industry Experts
Kadan Stadelmann, CTO of blockchain platform Komodo, said in the report that it is under considerable pressure, not only due to the halving event but also because of the growing interest from major companies and institutional investors. This increased demand is likely to push its value further.
Moreover, the approval of 11 Bitcoin ETFs (exchange-traded funds) by the US Securities and Exchange Commission is expected to attract more buyers. These ETFs simplify trading crypto related investment funds on US stock exchanges for individual investors.
Bitcoin price predictions: How much more could the cryptocurrency rise in 2024? | Euronews https://t.co/rGCgygcIVP
— Bitcoin Bonafide (@BitcoinBonafide) February 6, 2024
John Hawkins, senior lecturer at the University of Canberra, believes that cryptocurrency is still little more than a speculative bubble. “If the new spot Bitcoin ETFs are popular, there could be a temporary price increase. But, in the medium to longer-term, I still regard Bitcoin as a speculative bubble,” said Hawkins, adding there were high expectations about similar ETFs entering the market in 2021, but the price crashed later.
Looking Towards 2030: What Investors Need to Know
By 2030, it is projected to potentially reach $366,935 (€341,878), with a truncated mean expected price of around $220,708 (€205,636). Currently, the majority of panelists (58%) suggest that now is the time to buy it, while 38% advise holding, and 5% recommend selling.
The Importance of Informed Decision-Making
Cryptocurrencies, including Bitcoin, are not regulated in the UK, lacking protection from the Financial Ombudsman or the Financial Services Compensation Scheme. This underscores the importance of thorough research and cautious investment strategies. Always consider that relying solely on information from any source, including this one, comes with its own risks.
A Bright Future with Cautious Optimism
The predictions for Bitcoin’s future are certainly exciting, painting a picture of a cryptocurrency on the verge of a significant breakthrough. With expert insights, economic factors, and technological developments converging, It stands at a pivotal moment. Investors and enthusiasts alike should keep an eye on this dynamic market, armed with knowledge and a prudent approach to navigate the ever-evolving landscape of cryptocurrency investment.