Bitcoin Bulls Charge Ahead: Experts Forecast $88,000 Peak in 2024




Bitcoin, the pioneering cryptocurrency that has captured the imagination of investors worldwide, is poised for a remarkable surge in 2024, according to a new report by UK fintech firm Finder. The study, which surveyed 40 crypto industry specialists, predicts that Bitcoin could soar to a new all-time high of $88,000 (€82,000) throughout the year before settling around $77,000 by the end of 2024.


The report's findings come as Bitcoin's current price hovers around $43,000, underscoring the potential for substantial growth in the coming months. While some experts foresee Bitcoin scaling dizzying heights of $200,000, others caution that it could dip as low as $20,000, reflecting the inherent volatility of the cryptocurrency market.


A key catalyst for Bitcoin's anticipated price surge is the highly anticipated "BTC halving event" scheduled for April 2024. This periodic occurrence, which occurs every few years, involves cutting the mining reward for validating Bitcoin transactions in half. As a result, the supply of new Bitcoins entering circulation will be reduced, potentially leading to higher prices driven by scarcity.


More than half of the experts surveyed by Finder expressed confidence that Bitcoin's price would increase after the halving event, with nearly half (47%) believing that the cryptocurrency will reach a new all-time high within six months of the event.


Kadan Stadelmann, CTO of blockchain platform Komodo, highlighted the dual impact of the halving event and growing institutional interest as potential drivers of demand and price appreciation. "Bitcoin is probably facing a fair bit of pressure, not only because of the expected halving event but also because major companies and institutional investors [are] showing growing interest [in Bitcoin, which] is likely to drive demand," Stadelmann noted in the report.


Fueling this institutional interest is the recent approval of 11 Bitcoin ETFs (exchange-traded funds) by the US Securities and Exchange Commission, which will facilitate easier trading of Bitcoin-related investment funds on US stock exchanges for individual investors.


Additionally, analysts anticipate that a potential easing of the historically high benchmark rate by the US Federal Reserve could unleash a wave of liquidity into the Bitcoin market, further propelling its price upward.


However, not all experts share the bullish sentiment surrounding Bitcoin's future. John Hawkins, a senior lecturer at the University of Canberra, cautioned that cryptocurrency remains a speculative bubble, highlighting the potential for a price crash similar to the one witnessed in 2021 after the launch of similar ETFs.


Despite the divergent views, the majority (58%) of panelists in the Finder survey believe that the current market conditions present an opportune time to buy Bitcoin, while 38% advise holding existing positions, and a mere 5% favor selling.


As the cryptocurrency landscape continues to evolve, investors are advised to exercise caution and conduct thorough research, as cryptocurrencies remain largely unregulated in the UK and devoid of protection mechanisms offered by financial authorities.

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