Leaders in the cryptocurrency space are excitedly announcing the start of an exciting bull run. A growing number of industry participants are now calling for Bitcoin to hit previously unheard-of all-time highs in 2024, with a target price of $100,000 or more.
2023 has seen an extraordinary increase in the value of Bitcoin, with a rally that has exceeded a hundred percent. The general sense of optimism among industry participants and analysts alike points to a shared conviction that this momentum will last far into 2024.
Crypto Optimism: The $100,000 Bitcoin Prediction
The social media comments made by Blockstream CEO Adam Back, indicating that he thinks Bitcoin (BTC) would probably reach $100,000 before the next halving, created a mixed reaction within the cryptocurrency community.
That’s what I’ve been saying, my bet is $100k befofe the halving.
— Adam Back (@adam3us) December 2, 2023
There is a general sense of positivity in Bitcoin’s ability to surpass expectations and achieve new heights as conversations about its potential continue to gain momentum.
Given the significant rise that the cryptocurrency has had this year, many are becoming more hopeful about the future of Bitcoin and see a trajectory that will carry it well beyond the predicted bull run of 2024.
“It feels that 2023 was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for 2024 and 25,” Pascal Gauthier, CEO of Ledger, told CNBC last week in an interview.
Macro analyst and financial manager Dan Tapiero voiced strong opinion about Bitcoin, come the next bull run. Although a number of well-known investors have already projected that the price of bitcoin will hover between $500,000 and $1 million throughout the next 10 years, Tapiero has a cautious prediction of $100,000.
“Bitcoin to $100k By This Date” Dan Tapiero & Raoul Pal Crypto Prediction 2024 | @scoopit https://t.co/tGtPuNxTVF
— Enzo Calamo (@EnzoCalamo) November 25, 2023
ETFs And Forecasts Hint At Pre-Halving Surge
A number of market investors who were expecting a bull run after the halving are now reevaluating their expectations in light of recent developments in ETFs. Vice President of International Markets at CoinDCX Vijay Ayyar pointed out that there may be a surge before the halving that would take a lot of investors by surprise and cause the price to move significantly higher.
BTC market cap currently at $813 billion on the daily chart: TradingView.com
As a crypto financial services company, Matrixport published a paper last week predicting that bitcoin will hit $63,140 by April 2024 and $125,000 by the end of that year.
And, as to the findings of Matrixport’s analysis, their inflation model indicates that the macroeconomic conditions will persist in offering robust backing for cryptocurrencies.
The model predicts that inflation will continue to decline, which raises anticipation that the US Federal Reserve will start lowering interest rates in reaction to these economic circumstances.
In addition to captivating investors, the story of this bull run’s development highlights the cryptocurrency market’s continuing endurance and promise. The year 2024 is just around the corner, and everyone is looking forward to seeing these lofty expectations come true.
At the time of writing, Bitcoin was fast gaining traction and registering a strong $41,689 in the last 24 hours, data by Coingecko shows.
Featured image from iStock