Following Bitcoin’s (BTC) resurgence, surging past the $40,000 mark as the year concludes, the overall market sentiment is notably optimistic about the asset’s potential for further gains in the coming year. A variety of catalysts underpins this positive outlook.
Despite this lingering optimism, a pivotal question looms: what heights can the maiden cryptocurrency reach in the new year? Numerous experts have stepped forward to provide their insights on how Bitcoin is likely to perform in 2024.
Recognizing this, Finbold has compiled the perspectives of various experts on Bitcoin’s projected price for 2024.
Bitcoin price analysis chart. Source: TradingView
The analyst identified March as pivotal, emphasizing the Federal Reserve’s potential interest rate cuts. If the Fed executes three anticipated cuts in the upcoming year, it could significantly impact the cryptocurrency market, possibly creating favorable conditions for Bitcoin.
Another key catalyst is the Bitcoin halving in April, occurring approximately every four years. This event historically uplifts Bitcoin prices as the block reward reduction diminishes the supply of new bitcoins.
Furthermore, the analysis underscored the significance of the Markets in Crypto-assets (MiCA) Law in the European Union, scheduled for June. This legislative development is poised to shape cryptocurrency regulations. Regulations are crucial for broader crypto adoption, especially in gaining trust from institutional investors.
Bitcoin likely to experience a parabolic rally
According to crypto trading expert TradingShot, Bitcoin is potentially on track to hit $65,000 by August 19, 2024. With weeks remaining before the upcoming halving, a potential acceleration in the current phase, driven by ETF speculation, could propel Bitcoin into the final period before a parabolic bull cycle rally.
In a December 11 post on TradingView, the analysis highlighted an underlying trend line on the Weekly Relative Strength Index (RSI), providing an additional indicator for traders considering accumulation before the anticipated all-time high test.
Bitcoin price analysis chart. Source: TradingView
“Speaking of the 1W RSI, on top of the previous, very accurate pattern, I have identified an underlying trend-line (dashed) which shows that after it made a fake-out break above it, the RSI pulled-back on the recent lows Support, where the price’s 0.5 Fib and 1W M50 cluster was. You can use that as an additional indicator to accumulate more BTC before the ATH gets tested,” the analyst noted.
Bitcoin poised for a ‘major bull run’
Michael Saylor, the Executive Chairman of MicroStrategy, has built a reputation of being among the leading supporters of Bitcoin, and he views 2024 as pivotal for the asset’s price trajectory.
Saylor emphasized the potential game-changing impact of the approval of spot ETF in January, stating that it could be the most significant development on Wall Street in 30 years.
According to Saylor, the approval of spot ETFs will provide mainstream investors and institutions with a high-bandwidth compliant channel to invest in Bitcoin, marking a crucial shift from the dominance of leveraged ETFs and traditional crypto investors. He anticipates that this development will trigger a substantial demand shock in the market.
Following the anticipated demand shock, Saylor foresees a supply shock in April following the halving. The combination of increased demand and reduced daily supply sets the stage for significant market dynamics.
Saylor believes that these factors, coupled with the scarcity and desirability of Bitcoin as a long-term asset, will contribute to a significant bull run in 2024. While the exact extent of the increase remains uncertain, Saylor suggests that the market could witness a two to tenfold rise in demand, driven by the convergence of supply shock and heightened institutional interest.
“I think we’re expecting 2024 to be a major bull run for the asset class. We just don’t know how far the asset’s going to run at this point,” he said.
Possible U.S. dollar’s death could be a blessing for Bitcoin
Renowned financial educator and author of the personal finance book “Rich Dad Poor Dad,” Robert Kiyosaki, made a bold prediction, foreseeing Bitcoin reaching $120,000 in 2024. Kiyosaki’s projection is anchored in a series of impactful events set to unfold.
According to Kiyosaki, the BRICS nations (Brazil, Russia, India, China, and South Africa) will unveil a gold-backed cryptocurrency, signaling a significant shift in the global financial landscape. The announcement is expected to trigger a cascade effect, leading to a loss of confidence in the U.S. dollar, causing trillions of dollars to flood into the United States.
August 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die. Trillions of US $ rush home. Inflation through the roof. Buy Gold, Silver. Bitcoin to $120k next year.
— Robert Kiyosaki (@theRealKiyosaki) July 11, 2023As a result of this massive repatriation of funds, inflation is anticipated to soar, prompting Kiyosaki’s recommendation to invest in traditional safe-haven assets such as gold and silver. However, he predicts that Bitcoin, the leading cryptocurrency, will experience a remarkable surge to $120,000 within the following year.
It is essential to acknowledge that, despite the prevailing optimism and existing catalysts, cryptocurrency prices can experience significant fluctuations.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
