How far will Bitcoin go in 2024? The predictions of 5 analysts

By Hannah Perez

Bitcoin reclaimed the $71,000 mark this week and many expect further increases in the coming months. Can Bitcoin reach a six-digit record mark? Several believe so.

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Analysts at Bernstein, Standard Chartered and Bitwise Share Bullish Predictions for Bitcoin
Will Bitcoin be able to reach a record price level of USD $100,000 in 2024? They think so
Some expect the main cryptocurrency to rise even higher this year, bringing pleasant surprises

Bitcoin (BTC) has been rising in price exponentially in recent months amid a series of bullish factors.

The launch and subsequent success of the first exchange-traded funds (ETFs) of Bitcoin in cash to the US market, the arrival of this type of product to other countries, the fourth halving of Bitcoin and expectations of favorable macroeconomic winds have been some of the drivers behind the recent bull run.

At the middle of March, Bitcoin reached a new all-time price high above $73,000 in a move that convinced many of the imminent advent of a new bull cycle for the cryptocurrency market.

The unprecedented price record occurred before the mining reward reduction event of Bitcoin halfway and amid a huge institutional appetite for ETFs Bitcoin Americans, which marked a key difference from previous cycles. However, many observers seem convinced that the surge is not over.

These five analysts have projected that the world’s largest and oldest cryptocurrency will continue to rise in price in the coming months and could be ready to break new records before the end of the year. Here are five bullish predictions for Bitcoin this 2024, from the most moderate to the most daring.

1. Bernstein: USD $90,000

The corridor Bernstein is optimistic that interest in ETFs Bitcoin spot in the US will continue to push the leading digital currency towards new bullish price marks. The company’s analysts reiterated their bullish approach a week ago, when they repeated their $90,000 price target for Bitcoin before the end of 2024.

The team of Bernstein had previously projected that Bitcoin would close 2024 around the $80,000 mark and raised its bet by about $10,000 in March amid enthusiasm for US ETFs. He has also anticipated a price of USD $150,000 by 2025 and is also optimistic with Ethereumindicating a target price of USD $8,000 by the end of the year.

2. Standard Chartered: USD $100,000 —and higher if Trump wins

Bitcoin It could take a jump in price this 2024, and even more so if Donald Trump is re-elected president of the United States in the November elections. This is at least the opinion of the bank’s analysts. Standard Charteredwho hope that a second Trump term could be beneficial for the regulation of cryptocurrencies and, consequently, its price.

“As we approach the US elections, I hope it reaches $100,000 and then $150,000 at the end of the year in the event of a Trump victory“Geoffrey Kendrick, head of digital assets and forex research at Standard Charteredin a note cited by the media.

The bank analyst’s comment echoed another report from a few days ago in which they were optimistic about the main cryptocurrency in a scenario of victory for the Republican candidate. Standard Chartered had previously indicated a target price for Bitcoin of USD $150,000 at the end of the year and USD $200,000 in 2025.

The banking institution is also bullish for Ethereumand has anticipated that the new ETFs of that cryptocurrency in the US could raise their price to USD $8,000 in the coming months.

3. FS Insight: USD $150,000

the financial analysis company FS Insight shares the same vision as the British bank, with an estimated price for Bitcoin of 150 thousand dollars by the end of the year. This was expressed this week by Tom Lee, the head of research at FS Insight in an interview for CNBC.

The analyst, who serves as an occasional commentator for that news network, justified the expected increase due to the favorable performance of the ETFs of Bitcoin spot in the US and suggested that those closely following the leading digital currency can continue to expect surprises this year, as the funds appeal to a broader demographic.

4. Bitwise: USD $200,000 or above

Along the same lines of ideas, the investment director of Bitwise Asset ManagementMatt Hougan, is one of those who hopes that Bitcoin reach a six-digit price peak as ETFs Bitcoin cash are accepted by an increasingly large mass of institutional investors.

In line with what other leading industry figures have noted, Hougan expects the growing demand for the types of investment products with direct exposure to Bitcoin generate an effect on the dynamics of supply and demand that will drive the price of the digital asset; especially after the halving caused an impact on the supply side.

“I believe that in a few months there will be an even greater wave, as the main banking operators join“, said to CNBC in March the executive on the demand for ETFs, and estimating a price height for Bitcoin between USD $100,000 and USD $200,000 or even “higher than that“this same year.

5. Robert Kiyosaki: USD $350,000 for August

The writer of best sellersRobert Kiyosaki, has long been an advocate of Bitcoinand this year has shared several bullish price forecasts for the cryptocurrency supported —In its great majority— for his critical and pessimistic vision of the economic and political scenario in the United States.

In March, when Bitcoin pointed towards prices never seen before, Kiyosaki shared with his followers his belief that it could reach a price of $300,000 this year, a bet twice as high as the one he had already made by the end of 2023. More recently, this week, he returned to raise his price target, saying he expects Bitcoin will be priced around USD $350,000 per unit next quarter, exactly on August 25, 2024.

Although he clarified that it was his speculation and opinion, he was convinced of one thing: his distrust of American political leaders. Last year, the author of “Rich father poor father” was even bolder when he said the value of the cryptocurrency could skyrocket to $500,000 by 2025.

The goal of 1 million dollars is in sight

There are those who are even more bullish and have the vision that Bitcoin It will be a million dollar asset.

Arthur Hayes, co-founder of BitMEXand Jack Dorsey, founder of Twitter, are some of those who have shown the prediction of USD $1 million in the long term. But probably the biggest defender of this idea is the CEO of Ark InvestCathie Wood, who has reiterated on several occasions the same target price for Bitcoin in 2030, and was recently higher when he projected that the cryptocurrency could be trading around $3.8 million by 2030.

Halfway to seven figures could be in the medium term, according to businessman and investor Chamath Palihapitiya, who recently said that Bitcoin could touch USD $500,000 in 2025. At the time of publication, at an approximate price of USD $71,000 per BTC, this would represent an increase of more than 600%. It will dawn and we will see.

Article by Hannah Estefanía Pérez / DailyBitcoin

Edited image of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.