After a rough ride in the bear market in 2022, the buzz around the upcoming Bitcoin halving event has made a strong comeback, injecting a much-needed dose of optimism into the investor community.
Many analysts are giving bullish price predictions for Bitcoin after its halving takes place. While these predictions initiate a new wave of excitement among investors, they are also causing head-scratchers by creating confusion.
To assist investors in sorting through these predictions and setting more down-to-earth expectations for their Bitcoin investments, we have put together this blog. Here, we will discuss all the Bitcoin price predictions trending in the market and their possibility of coming true in 2024.
Top Bitcoin Price Predictions for 2024
Below are the eight trendiest Bitcoin Price predictions for 2024, given by some reputable sources:
Coincodex Bitcoin Prediction
A well-established cryptocurrency data website, Coincodex, predicted Bitcoin to trade between $27341 and $1,18,102 in 2024. It made this prediction according to the bullish sentiments developing in the crypto space, as the Fear & Greed Index has inclined towards greed from fear in the past few weeks. Bitcoin recorded over 50% green days in the last 30 days with good volatility.
Bernstein Bitcoin Price Prediction
If you think that Coincodex price prediction for Bitcoin post halving is over the top, wait till you hear the prediction released by Bernstein.
A famous investment research firm, Bernstein, gave a $150k mark to Bitcoin price for 2024. This prediction came in after the firm’s optimism about the Bitcoin Spot ETFs that may get approval in the U.S. soon. Bernstein analyst Gautam Chhugani conveyed that the U.S. Securities and Exchange Commission approved the first Bitcoin spot ETF of the USA in the first quarter of 2024. Since these ETFs will drive institutional investors in Bitcoin by giving them an indirect exposure to this asset, they could catalyze Bitcoin adoption and its pricing.
Notably, the $150 Bitcoin price prediction by Berstein is nearly five times the current BTC price of $34000 and over double the all-time high of Bitcoin, which is $68,789.63.
Standard Chartered Bitcoin Price Prediction
Standard Chartered, a leading International banking group, also gave optimistic Bitcoin price predictions 2024. It predicted a $50,000 price for Bitcoin by the end of 2023 and $120,000 by the end of 2024. The same bank previously predicted a $100,000 value for 2024 in April. But it then reconsidered its prediction after watching the bullish sentiments about Bitcoin getting more potent due to various factors.
Berenberg Bitcoin Price Prediction
One of the world’s oldest Investment banks, Berenberg, pitched in its
$56,630 price prediction for April 2024, considering the next Bitcoin halving scheduled for the same time. This prediction by Berenberg is its estimation of Bitcoin surge due to rising institutional interest in it and the upcoming halving that will reduce the supply of new bitcoins.
Fundstrat Bitcoin Price Prediction
Fundstrat, a prominent fundamental and technical investment research firm, forecasted in August 2023 that Bitcoin could surge to $1,80,000 before its next halving event scheduled for April 2024. When Fundstrat made this prediction, bitcoin needed a 521% price hike to meet the prediction. It suggested Bitcoin ETF as the primary fuel to drive up the Bitcoin price in the upcoming months.
The digital asset lead of Fundstrat, Sean Farrell, explained that the Bitcoin ETF launch will raise the daily demand for BTC to $ 125 million while the daily demand will only be $25 million. Thus, the BTC price would need to increase to meet the gap in daily demand and supply. Considering this data, Fundstrat predicted $180k for BTC before halving in April 2024.
Blockstream CEO Bitcoin Price Prediction
In the series of commentating on Bitcoin Price, the CEO of Blockstream, Adam Back, also expressed a bullish stance by predicting an ATH of over $100,000 price before Bitcoin halves in 2024. Adam is confident that Bitcoin will hit a new ATH before the next halving event. He also agreed to bet with a fellow X user that Bitcoin would hit $100,000 by March 31, 2024. Earlier in February, Adam made another bullish prediction, stating that Bitcoin could reach $10 million by its 6th halving of 2032.
BitQuant Bitcoin Price Prediction
BitQuant is another popular Crypto name that sees a rosy future for the first cryptocurrency ever. In September, BitQuant stated that BTC's target for the upcoming halving event is $250,000. Still, before that, the coin will already hit a new ATH of $69000. The firm also predicted several pullbacks for Bitcoin to hit the $250k mark post-halving.
Onramp Co-founder’s Bitcoin Price Prediction
Jesse Myers, the Onramp co-founder, denied the possibility of Bitcoin surging to $100k before the next halving. In August 2023, Jesse posted on X that the market would only “price in” post-halving. He further stated that the market will take over the 12-18 months post-halving.
After looking at all these predictions, it's clear that big-shot investors are optimistic about the next Bitcoin halving. But there is a hitch – these guesses are all over the map, making it challenging for regular folks to know which to bank on.
So, let's switch gears and dig into more info to get a better handle on the situation.
Two factors back all the predictions:
* Bitcoin Next halving in April 2024
* Bitcoin Spot ETF approval by SEC
We will now discuss both these factors to understand their credibility.
Firstly, Bitcoin halving has always been a key derivative in driving a tremendous bull market in the crypto space. The first halving that reduced bitcoin block reward from 50 to 25 BTC made bitcoin surge from $12 to $1030 in less than a year. It was a mind-boggling surge of 8500% due to the rising investor demand, growing acceptance, and perception of bitcoin scarcity due to reduced supply. 210,000 blocks were mined by then.
Then, after four years, came the second bitcoin halving in 2016. Until then, Bitcoin has gained more acceptance and popularity. When the Bitcoin mining reward was reduced to 12.5 BTC from 25 BTC during this event, the asset’s price again moved upward. It rose from $651 to $20,089 in the next 1.5 years.
The third Bitcoin halving occurred in 2020 amid various global uncertainties, notably the COVID-19 pandemic. On May 11, 2023, the block reward was reduced to 6.25 BTC from 12.5 BTC when Bitcoin traded at $8787. The coin then reached $66,000 within 18 months after this event.
All these historical halving events are paving the way for bullish forecasts about the Bitcoin price after the next halving, too. Investors and firms expect a similar price surge again in April 2024 after the fourth bitcoin halving. However, while many investors are expecting the bitcoin price to cross the $100k mark, several other firms have also given a bit less bullish estimation. For instance, JPMorgan Chase has projected $45000 as the bull case scenario for Bitcoin.
But looking at the previous exponential surges of Bitcoin during the first three halvings, it is likely that Bitcoin will only cross the $100k mark in the next one. Thus, the predictions stating Bitcoin to surge anywhere between $100k to $148k can turn true if the market experiences similar rallies again. However, it is not possible to determine the exact timeline for this breakthrough. It can occur anywhere between the second half of 2024 to 2026. The occurrence of any black swan event or major bitcoin adoption event can affect the actual price change in the king crypto.
One such event that can act as a catalyst in the Bitcoin price surge around halving is the Bitcoin Spot ETF approval. Over half a dozen top asset management firms have applied for Bitcoin Spot ETF to the U.S. SEC (Securities and Exchange Commission). These include multiple investment giants like ARK Invest, Blackrock, WisdomTree, Fidelity, Wise Origin, Valkyrie, and Invesco. Out of them, Cathie Wood’s ARK Invest application for Bitcoin Spot ETF is at the forefront, with an application expiry of January 10, 2024. Regulators must either reject or accept ARK Invest’s application for Bitcoin Spot ETF by January 10, 2023. Analysts are sure that if this ETF gets approval, many other Bitcoin Spot ETFs will also get SEC approval within weeks, driving Bitcoin price to new highs.
The anticipation around Bitcoin ETF getting approval has been strengthening since the win of Grayscale (the world’s leading crypto asset manager) against the SEC. Earlier, the SEC had rejected Grayscale’s application to convert its Bitcoin trust into a spot Bitcoin ETF. But the court has now instructed the SEC to reconsider its decision. This win of Grayscale ignited new hopes among investors that the SEC will now approve the Bitcoin Spot ETF applications.
ARK Invest’s CEO, Cathie Wood, also recently expressed confidence that the SEC can approve multiple Bitcoin ETFs by the end of 2023 or early 2024. Another sign of these applications getting approval is the direct involvement of BlackRock, the world’s largest asset manager, in applying for Bitcoin ETFs. The firm has an impeccable track record of getting approval on 575 applications and only one rejection.
Thus, there are multiple signs indicating that the SEC may approve the Bitcoin Spot ETFs in the upcoming months. If that happens, a heavy inflow of funds is expected into Bitcoin, giving it a stellar rally like never before.
Considering all these things, none of the above predictions is entirely out of the question. As per our research and analysis, we predict that the Bitcoin price could surge to $125k by the middle of 2025. This could happen sooner if the Bitcoin ETFs get approval from the SEC before halving and get a good response from other prominent investors.
Can BTC Hit $100K in 2024?
As 2023 has begun its final bow, the key question in crypto heads is if Bitcoin could hit $100k in 2024. The answer to this question depends on the SEC’s decision over Bitcoin ETFs and other geopolitical events that could happen in 2024. If 2024 begins with the approval of ARK Invest’s Bitcoin ETF, it will open the impending floodgates of funds from institutional investors in Bitcoin.
The vice president of Canaan, a key Bitcoin mining equipment provider, Davis Hui, expressed his belief that a supply deficit of new BTC post-halving 2024 will drive its price to $100k in the same year. A panel that included Bitcoin mining ecosystem executives from UAE, Kazakhstan, and Singapore supported this prediction, giving Bitcoin halving as the main reason.
Moreover, if BlackRock’s or ARK Invest’s application gets approved, it could open the door for their other peers to enter the fray. In that case, the cumulative capital flow into Bitcoin could lead to record-breaking moments for the crypto market. Thus, the groundwork looks promising for Bitcoin. The collective potential of it getting higher adoption with the interest of institutions like BlackRock and its unavoidable scarcity crunch gives a strong case for Bitcoin’s upward movement.
Thus, Bitcoin can hit a $100k value in 2024 if things go in its favour.
A Word of Caution
History suggests that Bitcoin’s stellar rise comes with equally skydiving corrections. The last year is also a fresh example of how quickly things change in the crypto space due to the persisting ripple effect. While there are strong chances of some big things happening around Bitcoin, it is also true that the highly volatile nature of cryptocurrencies makes predicting anything about them with certainty nearly impossible. Despite a high chance of BlackRock’s ETF getting approval, rejecting its application could give significant price falls to BTC.
So, always remember the saying, “Hope for the best but prepare for the worst”. Expect the harmonious interplay of events in favour of Bitcoin, but also prepare an exit strategy if you are planning to invest.
Disclaimer: The content provided in this BTC price prediction blog is purely for informational purposes and should not be considered financial advice. Cryptocurrency markets are highly volatile and subject to rapid fluctuations. Any investment or trading decisions based on the information presented here are at your own risk. It is recommended to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.
