As 2023 winds down with bitcoin soaring by 165% since January, numerous luminaries, visionaries, speculators, and market players predict that the leading cryptocurrency’s value will soar even higher in 2024. This week, Markus Thielen, leading Matrixport’s research division, shared insights expecting approval for a spot bitcoin exchange-traded fund (ETF) come January and highlighted that BTC’s value is likely to surge past $50K each by the month’s close.
Analysts Predict Sky-High Bitcoin Prices in 2024, While Some Projections Are More Grounded
Ever since bitcoin’s value ascended past the $35K mark, a flurry of forecasts emerged, with many anticipating a significant surge in bitcoin’s worth come 2024. For example, Bitwise, a well known crypto asset management firm, unveiled ten predictions for the upcoming year, suggesting bitcoin might climb to $80,000. Similarly, the crypto derivatives exchange Bitget projected bitcoin might hit the $100K threshold, amidst other predictions aiming for even loftier heights.
On Dec. 20, 2023, Matrixport’s lead researcher Markus Thielen detailed that his team is expecting a spot bitcoin (BTC) ETF approval in January. “We are expecting the SEC to approve bitcoin Spot ETFs in January,” Thielen wrote. “This should lift bitcoin prices above $50,000 by the end of January 2024.” The researcher added:
Parallels to historical instances, such as the CME Group’s bitcoin futures launch in 2017, we note significant price escalation preceding the event. From the moment the CME confirmed the launch of bitcoin futures until traders could trade those futures, there was a window of six-to-seven weeks with prices rising by +196%.
While numerous forecasts aim high, some 2024 predictions are more grounded. Changelly’s web portal suggests a modest January 2024 bitcoin value, predicting a minimum of $42,156 and an average of $47,240. Yet, looking ahead to 2025, Changelly anticipates a rise, with a minimum BTC price of $70,001 and an average of $81,359. In another vein, a Polymarket prediction market, valued at $24,895, is questioning whether BTC will reach a new all-time high (ATH) by March 31, 2024.
Currently, about 21% of Polymarket’s bettors believe BTC will achieve an ATH by that date, while a significant 81% do not foresee it hitting an ATH by then. As 2023 concludes with bitcoin’s impressive price rise, the crypto community buzzes with anticipation, energized by promising trends.
Projections vary, but the common thread is optimism, with significant events such as a spot bitcoin ETF and the halving event on the horizon possibly catalyzing further growth. Whether reality meets these lofty expectations or treads a more modest path, the journey ahead for bitcoin remains a focal point of global financial discourse.
What do you think about the bitcoin price predictions for 2024? Share your thoughts and opinions about this subject in the comments section below.
