- After reaching record levels in 2021, Bitcoin faced challenges in 2022, marked by the collapse of high-profile projects, liquidity issues, and bankruptcies.
- In 2023, Binance CEO Changpeng Zhao resigned amid allegations, part of a $4.3 billion deal reached as a result of criminal charges.
- There is growing excitement that the U.S. Securities and Exchange Commission (SEC) will approve its first Bitcoin ETF after years of opposition.
2023 is behind us: What developments will shape Bitcoin in 2024? Current price predictions for 2024!
2024 Bitcoin Price Predictions
In 2023, Bitcoin experienced a significant rise of approximately 152% by the end of the year. According to many commentators speaking with COINOTAG, both within and outside the cryptocurrency industry, many expect this upward trend to continue.
Bitcoin, after reaching record levels in 2021, faced challenges in 2022, including the collapse of high-profile projects, liquidity issues, and bankruptcies. FTX, once one of the world’s largest cryptocurrency exchanges, filed for bankruptcy in 2022. In 2023, its founder, Sam Bankman-Fried, was found guilty of seven charges brought by U.S. federal prosecutors.
Furthermore, in 2023, Binance CEO Changpeng Zhao resigned amid allegations, part of a $4.3 billion deal reached as a result of criminal charges. Following these two high-profile cases, many cryptocurrency executives see an opportunity to put an end to the misconduct of two significant figures in the industry and move forward.
With excitement returning to the crypto markets, industry leaders suggest a new bullish trend based on two key factors: the Bitcoin “halving” and the potential approval of a Bitcoin exchange-traded fund (ETF) in the U.S. The halving, which occurs every four years, is a programmed event in Bitcoin’s code where the rewards for mining are halved, limiting the total Bitcoin supply to 21 million. In previous price cycles, the halving was followed by an increase in Bitcoin’s price.
Simultaneously, there is growing excitement that the U.S. Securities and Exchange Commission (SEC) will approve its first Bitcoin ETF after years of opposition. This would allow investors to purchase a product tracking Bitcoin’s price without going through an exchange and holding the digital currency directly. The industry hopes this will attract a broader range of investors, particularly large institutional investors.
All this excitement is leading to quite bold predictions about Bitcoin’s price. Here are some of them:
Mark Mobius: $60,000
In 2022, Mark Mobius correctly predicted that Bitcoin would drop to $20,000 during a period when it was trading above $28,000. He then made a $10,000 price prediction, which he maintained in 2023. However, this did not materialize, and Bitcoin rallied.
For 2024, Mobius told COINOTAG that Bitcoin could reach $60,000 by the end of the year. Mobius said, “There’s no sensible reason for this prediction,” but he mentioned the likely approval of the Bitcoin ETF and noted that it has “increased interest.”
Bit Mining: $75,000
Bit Mining’s chief economist Youwei Yang believes Bitcoin could rise to $75,000 by 2024. Yang associates the expected price increase with a confirmed Bitcoin ETF and the Bitcoin halving scheduled for May 2024, which will reduce Bitcoin’s supply.
Yang said, “I expect Bitcoin to trade between $25K and $75K in 2024, and between $45K and $130K in 2025.”
CoinShares: $80,000
James Butterfill, Chief Investment Strategist at CoinShares, predicts “significant changes” in the digital asset landscape in 2024, mainly due to the potential approval of Bitcoin ETFs in the U.S. He said, “This long-anticipated development is expected to expand the investor base for cryptocurrencies and integrate them more closely with traditional financial markets.”
Butterfill added, “Forecasts indicate that a 20% increase in investment over current asset management (approximately $3 billion) could push Bitcoin prices up to $80,000.” He also noted that a scenario where central banks reduce interest rates could further drive Bitcoin higher.
The market will also consider factors beyond the halving that could impact Bitcoin’s price. Butterfill concluded, “Although halving is a known event, other factors, especially the likelihood of falling interest rates, will likely be significant in shaping the future price of Bitcoin.”
Nexo: $100,000
Antoni Trenchev, co-founder of Nexo, is known as a prominent Bitcoin bull and believes Bitcoin could reach $100,000 in 2024. In December, Trenchev reiterated his prediction for Bitcoin to reach $100,000 in 2024, based on the Bitcoin halving and the potential approval of multiple Bitcoin ETFs.
Trenchev said, “My expectation for 2024 is that Bitcoin should get to $100,000, propelled by the double turbo of the Bitcoin halving and the approval of a spot ETF, with expectations of even higher in 2025. The road to $100,000 for Bitcoin will be filled with unexpected troughs and double-digit drops.”
He added that the biggest gains would come from “digital tokens and projects that are currently not on the radar.”
Standard Chartered: $100,000
In November, Standard Chartered doubled its April call for Bitcoin to reach $100,000. The bank said this would be achieved with the approval of numerous ETFs and that the halving would be supportive of Bitcoin.
Carol Alexander: $100,000
Carol Alexander, a finance professor at the University of Sussex, successfully predicted Bitcoin’s future price in 2022. She forecasted a drop to $10,000 for Bitcoin in 2022, and it indeed fell to around $15,480. For 2023, Alexander predicted Bitcoin would rise to $50,000, and it reached a yearly peak of about $44,700 in early December.
Alexander told COINOTAG that she expects Bitcoin to trade between $40,000 and $55,000 in the first quarter of 2024, in an environment where “professional traders create volatility.” The next stage will depend on the resolution of charges brought by the SEC against Coinbase and Binance, which may precede the approval of ETFs, as reiterated by other commentators. The SEC sued both Coinbase and Binance in 2023.
Alexander expects these charges to be resolved in the second or third quarter, after which ETFs will be approved, causing Bitcoin’s price to rise to $70,000 and reach a new all-time high.
The subsequent price will depend on ETF providers like BlackRock and Fidelity, relying on their “market-making algorithms’ ability to reduce volatility.”
Alexander concluded, “By the end of 2024, the price could reach $100,000, but only if BlackRock and Fidelity can reduce volatility with their market-making algorithms.”
Matrixport: $125,000
Matrixport released a note in November predicting Bitcoin to reach $63,140 by April 2024 and $125,000 by the end of the following year.
The report stated, “Based on our inflation model, we expect the macro environment to continue providing strong support for crypto. Another drop in inflation is expected, likely leading to the Federal Reserve cutting interest rates. When combined with geopolitical tensions, this healthy amount of monetary support should propel Bitcoin to new highs in 2024.”
Many commentators view loose monetary policy as supportive for Bitcoin since it is considered a risky asset. Some also see Bitcoin as a kind of “safe haven” asset and prefer to allocate money here during geopolitical turmoil, although not everyone agrees with this theory.
CoinFund: $500,000
Venture capital firm CoinFund has one of the highest price predictions for Bitcoin in 2024. CoinFund’s Managing Partner Seth Ginns told COINOTAG in an interview, “Bitcoin has a strong inverse correlation with the dollar and real yields, and both are currently in decline.” He added, “In addition, we expect the entries after the launch of the BTC spot ETF, as well as the growing excitement about the potential approval of ETH (ether) spot ETFs by the end of 2024, to be quite significant.”
Ginns believes the industry is in a “regulatory normalization” process. He added, “I think Bitcoin could reach $1 million in the ‘next cycle,’ but a more ‘reasonable expectation’ for 2024 would be between $250,000 and $500,000.”
These predictions, while exciting, should be taken with caution as the cryptocurrency market is highly volatile and influenced by various factors, including regulatory developments, market sentiment, and macroeconomic conditions.
