- As this article is written, the price of BTC is trading at $41,890. Two significant factors, particularly the Spot Bitcoin ETF and Bitcoin Halving, are influencing this increase.
- Assuming the Halving process takes place around the middle of 2024, it is likely that Bitcoin’s price could reach the milestone of $100,000.
- BTC is currently below this point. Cathie Wood from Ark Invest supports the token. Her company believes Bitcoin could surpass $1 million soon.
How Will Bitcoin Perform in 2024? Positive and Negative Scenarios for Factors Affecting Bitcoin’s Price!
What Path Will Bitcoin Take in 2024?
Bitcoin has awakened from its slumber and is now planning to conduct serious business. That is, there should be an increase in the value of the token, no matter how high. As this article is written, BTC is trading at $41,890. Two significant factors, especially the Spot Bitcoin ETF and Bitcoin Halving, are influencing this increase.
The SEC has shown positive signs of approving all applications together in early 2024. The industry expects approval by January 10, 2024. This will legitimize Bitcoin and allow for a higher capital inflow into the network. Consequently, supporting its trading on the board by increasing turnover speed.
Another factor is Bitcoin Halving, which occurs every four years and is associated with initiating bullish market sentiment on a macro level. What supports this statement is Bitcoin reducing its supply rate to make the token less available. Bitcoin’s limited availability is inherent to its nature, making it scarce at a higher price.
Assuming the Halving process takes place around the middle of 2024, it is likely that Bitcoin’s price could reach the milestone of $100,000. It is important to note that these speculative claims involve uncertainty about the direction in which they might swing. In other words, one or both could happen, and it might indeed occur without a positive impact. Experts have weighed in on where Bitcoin could stand in the future.
Michael Saylor of MicroStrategy has revealed his intentions to accumulate the token in the coming years. The goal is to achieve long-term leverage from this holding. The return on this accumulation strategy, which began in August 2020, is estimated to be around $2 billion for the current holding of 174,530 Bitcoin tokens. These were acquired at an average price of $30,252. It is speculated to have reached as high as $44,000 at the time of the initial announcement.
BTC is currently below this point. Cathie Wood from Ark Invest supports the token. Her company believes Bitcoin could surpass $1 million soon. This is indeed a visionary thought because BTC price predictions do not exceed $100,000 by the end of 2025. Such a pace will open doors for a brighter surge, but it won’t happen before 2030.
All eyes are on the market value. Despite a 55.49% increase in 24-hour volume, it has decreased by 1.22%, falling to $813 billion. The market value is expected to reach $1 trillion. Many hopes are attached to a trading value of $100,000 as it is an ideal figure for making profits from investors. Most who have accumulated at a time when the token was trading below $20,000 view this figure as nothing but another margin for short-term holders. Long-term holders will, of course, look for a different margin.
Other Possibilities
According to community belief, Bitcoin has been defined as a store of value for all the right reasons. Traders invest their funds and weights in the token to achieve the desired result. Although everything seems to be going in their favor, there are chances that a few factors might not work exactly as intended.
For example, it is still speculation whether the Commission will approve or reject all Bitcoin Spot ETF applications made by companies like BlackRock and Fidelity. The SEC rejecting these applications could leave the community hanging.
Another factor that may not go as expected is the halving process. Some part of the BTC community has said the process could happen without any excitement or hype. While the same reasons are unknown in this regard, it is a safe assumption that the excitement could drop if Bitcoin cannot sustain its momentum.
