- Bitcoin (BTC), the leading cryptocurrency in terms of market value worldwide, has influenced the financial world with its volatile yet promising trajectory.
- Mike Novogratz believes that the value of BTC could reach $70,000 if approved by the U.S. Securities and Exchange Commission (SEC).
- Analyst PlanB, known for the Bitcoin Stock-to-Flow (S2F) model, revealed his own BTC price prediction, indicating that the cryptocurrency could reach $100,000 in 2024.
As Bitcoin approaches the year 2024, various companies and individuals are sharing their predictions. Which predictions stand out?
Predictions for Bitcoin’s Price Performance in 2024
Bitcoin (BTC), the leading cryptocurrency worldwide in terms of market value, has influenced the financial world with its volatile yet promising trajectory. While its price has experienced fluctuations throughout history, the crypto community remains optimistic about Bitcoin’s long-term potential. As 2024 approaches, the year of the next Bitcoin halving event, there is renewed interest in predicting the cryptocurrency’s future price movements.
Estimating how high Bitcoin can rise in each new bull cycle is challenging, but the crypto community generally expects the top cryptocurrency to reach its all-time high level of $69,000 in 2024.
Key factors that could influence Bitcoin’s future price include:
- Adoption by institutional investors: The likelihood of an increase in the price of the cryptocurrency is high as more institutional investors, such as hedge funds and pension funds, begin to invest in Bitcoin.
- Development of Bitcoin infrastructure: As infrastructure such as Bitcoin payment processors and exchanges improves, making it easier for people to use Bitcoin, this could contribute to a price increase.
- Bitcoin halvings: Halving events have historically led to significant price increases. These events typically bring increased media attention and expectations for Bitcoin, potentially accelerating price increases.
Predictions for Bitcoin’s price in 2024 vary widely, ranging from $30,000 to $120,000. In this article, we will explore different perspectives on where Bitcoin could go in the coming years.
Mike Novogratz
Mike Novogratz, Founder of Galaxy Digital, believes that if the value of BTC is approved by the U.S. Securities and Exchange Commission (SEC), it could reach $70,000. In late November 2023, Novogratz specifically stated, “Can we go back to old highs this time next year? Absolutely.”
Novogratz also added that the market would experience a “psychological change” when the government allows “you to buy Bitcoin.”
PlanB
Analyst PlanB, known for the Bitcoin Stock-to-Flow (S2F) model, revealed his own BTC price prediction, indicating that the cryptocurrency could reach $100,000 in 2024. According to the analyst, Bitcoin is currently in a “pre-bull market” and is moving toward a full-fledged bull market after the halving in 2024.
According to PlanB’s model, a significant increase in the stock-to-flow ratio is expected in 2024, ultimately pushing the estimated Bitcoin price to surpass $70,000.
Standard Chartered
The British bank Standard Chartered also predicts that Bitcoin’s price will exceed $100,000 at the end of 2024 as the so-called “crypto winter” has currently ended. In an analytical note in April 2023, Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, mentioned that despite ongoing uncertainties, the path to $100,000 has become clearer. In July 2023, the British bank strengthened this prediction by stating that Bitcoin could reach $120,000 by the end of 2024.
Matrixport
According to a recent report from the crypto investment platform Matrixport, Bitcoin’s price could rise to $125,000 by the end of 2024 because “historically, years when Bitcoin mining rewards are halved tend to be in bull markets.”
Matrixport stated, “When combined with geopolitical crosscurrents, this robust monetary support should propel Bitcoin to new highs in 2024,” pointing to several other factors that could contribute to this bullish outlook, including increased institutional adoption and growing investor demand.
CryptoQuant
According to CryptoQuant, which provides on-chain data analysis, Bitcoin’s price could exceed $50,000 in early 2024. However, analysts acknowledged the possibility of a short-term correction due to the current high profit status of the circulating supply and significantly high funding rates: “Be cautious due to the possibility of a short-term correction with the current circulation supply of 86% being profitable and significantly high funding rates.”
CryptoQuant’s optimistic outlook is based on various on-chain metrics analysis, including the MVRV Z-score, which measures the deviation of Bitcoin’s price from its fair value.
VanEck
VanEck analysts Matthew Sigel and Patrick Bush claim that Bitcoin tends to break its all-time high in the fourth quarter of 2024. Supporting factors for this trend include an increase in global election participation, growing evidence against the anti-growth agenda of the Green lobby, and the potential victory of Donald Trump in the 2024 presidential election.
VanEck stated, “If Bitcoin reaches $100,000 by December 2024, we are making a long-term prediction that Satoshi Nakamoto will be chosen as Time Magazine’s ‘Person of the Year.’
