- Market experts have been sharing their Bitcoin (BTC) predictions for the upcoming year with predictions ranging from $45,000 to $250,000.
- The 2024 Bitcoin halving is set to play a major role, possibly ushering in the next bull market for the crypto market.
Bitcoin (BTC) has struggled for the last two years, losing around 65 percent of its value after reaching an all-time high of $69,000. With 2023 remaining with only a few months to go, and BTC prices stagnated for the last couple of months, investors and experts are taking a forecast on the upcoming year. Experts and financial institutions are already speculating where the world’s leading digital asset is headed.
According to many, Bitcoin will continue gaining and is likely to set a new all-time high. Experts point to the upcoming Bitcoin halving and the possibility of a Bitcoin spot ETF being approved as the primary drivers for Bitcoin in the new year.
Bitcoin (BTC) Market Predictions
Tim Draper: Venture capitalist Tim Draper remains optimistic about BTC despite his previous predictions falling short. Draper initially predicted that Bitcoin would reach $250K by the end of 2022. A long-time pioneer of the technology, the investor is still confident that the digital asset will reach this mark in 2024. Notably, he blames the U.S. government for messing up his early prediction, noting that the state is ‘killing the golden goose of Silicon Valley’ through regulations.
— Tim Draper (@TimDraper) May 8, 2023
Adam Back: CEO of Blockstream and long-time Bitcoin advocate Adam Back has predicted that the digital asset will reach the hugely coveted $100,000 price tag. According to Back, this is likely to occur before the 2024 Bitcoin halving in which case it means it is likely to surpass the predicted level.
Pantera Capital: Pantera Capital, an American hedge fund that specializes in cryptocurrencies and with over $4.2 billion in assets under management has also shared a bold prediction. According to the company, Bitcoin will mark a new all-time high by reaching $150,000. The hedge fund points to the April halving which is a rare event that comes every four years. The event maintains scarcity by slashing the mining reward by half.
Chartered Bank: British multinational bank has shared a similar view, predicting that Bitcoin will reach $120,000 next year. The bank has also highlighted the upcoming halving event as the main driver for the rally. As supply falls, the asset demand will increase, pushing prices higher. Historically, the halving has been a bullish event.
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JPMorgan: JPMorgan has shared one of the most conservative predictions for Bitcoin. The American multinational financial services firm has stated that it expects Bitcoin to reach $45,000. This is lower than the current all-time high of $69,000 reached two years ago.
Fundstrat: Independent equity research firm Fundstrat predicts a 521 percent surge in Bitcoin’s price to $180,000 before the April 2024 halving, attributing it to increased daily demand through a potential Bitcoin spot ETF launch.