Top 9 Predictions Of The Future Price Of Bitcoin (BTC)

Key Takeaways

Experts have offered various price predictions, from significant increases to modest growth or declines.

While Bitcoin has shown potential, its price in 2024 is highly dependent on various factors, including macroeconomic conditions, regulatory developments, and market sentiment.

Given the crypto market’s inherent volatility, it is important to conduct thorough research and consider multiple perspectives before making investment decisions.

Named the best-performing asset over a decade, Bitcoin (BTC) has come a long way in only a few years. Even as the COVID-19 pandemic grips attention in early 2020, Bitcoin still commands interest worldwide.

Trading at around $57,450 at the time of writing, it has posted over 9,000,000% gains since July 2010. Within the same period, the S&P has merely tripled, Gold is only 25% up, and some of the best-performing stocks on the Russell 3000 are up only around 3,000%, which pales compared to the financial world’s latest marvel.

In this article, we will explore all the latest news and plans for Bitcoin that are likely to push its price past $60,000. We will also analyze interest in the coin and its past performances, coupled with chart analysis and expert predictions, to see if that target is a possibility for Bitcoin in 2024.

Caleb Franzen’s Bitcoin Price Prediction

In a recent interview with Thinking Crypto, well-known crypto analyst Caleb Franzen predicted that Bitcoin could hit a minimum of $175,000 this cycle. His forecast is based on technical analysis using Fibonacci retracements on a logarithmic scale.

According to historical patterns, Franzen explained that bull markets often retrace to the 161.8% Fibonacci level, measured from the high to the low of the previous cycle peak.

For example, during the 2016-2017 bull market, the 161.8% retracement level suggested a potential peak of around $4,500, but the market soared to about $20,000.

Similarly, in the 2018-2021 cycle, Bitcoin precisely reached the 1.618 Fib extension before transitioning into a bear market.

Applying the same analysis to the current cycle, if we plot the Fibonacci retracement from the November 2021 high to the November 2022 low, Franzen’s analysis suggests Bitcoin could reach at least $175,000 this cycle.

Alessio Rastani And Charlie Burton Bitcoin Price Prediction

In Alessio Rastani’s YouTube video with Charlie Burton about Bitcoin, Burton highlighted that if history is to repeat itself, Bitcoin could put up to $250,000 in a mega-bullish case scenario.

Rastani then asked Burton if an all-time high of $100,000 for Bitcoin is possible, to which Burton said, “It is more than achievable.”

“I think that when Bitcoin really gets moving in a full-blown bull market like it’s in right now, then the ranges can really expand. So, the potential to go to not just all-time highs but to that big psychological level of $100,000, I think it’s doable,” Burton highlighted.

“I mean, it does depend on the sentiment backdrop because I think if the sentiment gets really euphoric at $80,000, then maybe not—it could top off. But I think the ingredients are there for a run to six figures in 2024. Yeah, I can see the potential for that,” Burton added.

JPMorgan Bitcoin Price Prediction

JPMorgan analysts have predicted that Bitcoin’s latest halving in April 2024 could significantly increase mining costs to $40,000 per Bitcoin. This could establish a new price floor for the cryptocurrency, as miners would be less likely to sell their Bitcoin for less than the cost of production.

Historically, Bitcoin’s production costs have often acted as a price floor. This means that the price of Bitcoin has tended to rise to cover the increasing mining costs. Following previous halvings, Bitcoin has often experienced a bull market.

Standard Chartered Bitcoin Price Prediction

Earlier in April this year, Standard Chartered predicted that Bitcoin would reach $100,000 by the end of 2024. Standard Chartered made this prediction based on the weakening banking sector, risk assets stabilizing as the US Federal Reserve ends interest rate hikes, and improvements in crypto mining profitability.

Three months later, Standard Chartered renewed its prediction to $120,000 per Bitcoin. This is because miners are expected to keep more Bitcoin as they anticipate its price increasing, and at the same time, they can sell less Bitcoin to cover their operational costs when Bitcoin’s price is higher.

Fundstrat’s Tom Lee’s Bitcoin Price Prediction

Fundstrat’s renowned Wall Street strategist Tom Lee has consistently maintained a bullish outlook on Bitcoin. Lee reiterated his prediction that Bitcoin could reach a price of $150,000 by the end of 2024. Lee believes that the ongoing distribution of Bitcoin from the defunct exchange Mt. Gox would create a significant buying opportunity as the supply pressure diminishes.

Additionally, a potential easing of Federal Reserve policies and a more favorable macroeconomic environment could make Bitcoin more appealing as a safe-haven asset. Lee anticipates increased institutional interest in Bitcoin, driven by regulatory clarity and the recently launched Bitcoin exchange-traded funds (ETFs).

Pantera Capital Bitcoin Price Prediction

Crypto hedge fund Pantera Capital dived into Bitcoin’s performance around its halving events, suggesting that Bitcoin’s price bottoms about 477 days before a halving and steadily climbs and rallies for another 480 days after the halving.

Based on this data, Bitcoin should have bottomed on December 30th, 2022, but Pantera claims that the actual low occurred on November 9th, 2022, during the collapse of FTX.

Using the framework around Bitcoin’s halving event, Pantera states that Bitcoin would reach $35,000 before the halving and eventually hit $148,000. For now, the first part of the prediction has come true, with Bitcoin hitting $35,000 in November 2023, but we will have to see if Pantera is right about a $148,000 Bitcoin in 2025.

Mark Yusko Bitcoin Price Prediction

Morgan Creek Capital Management’s chief investment officer, Mark Yusko, predicted that Bitcoin could hit $150,000. One reason for this is the potential inflows that BlackRock’s spot Bitcoin ETF could bring.

Yusko estimates that only about $100 billion of readily available Bitcoin is in the market. He notes that BlackRock has about $30 trillion of capital and that if 0.1% of these funds go into the ETF, that is $30 billion Bitcoins purchased from a supply of $100 billion.

Coupled with the reduced supply of newly mined Bitcoin after the next Bitcoin halving event, Yusko believes Bitcoin will experience a parabolic rally, sending its price to $150,000.

Arthur Hayes Bitcoin Price Prediction

If you have been in crypto for a while, you will know Arthur Hayes, former CEO of BitMEX, who frequently publishes controversial take on the macroeconomic environment around financial markets.

On a podcast episode by Tom Bilyeu, Hayes mentioned that a combination of the upcoming Bitcoin halving and the Fed possibly cutting rates to float the financial market could send Bitcoin’s price to its all-time high of about $70,000 by the end of 2024.

However, he also expects Bitcoin to continue rallying in a parabolic fashion after reaching $70,000, potentially reaching $700,000 to a million dollars per Bitcoin.

If this prediction isn’t bold enough, Hayes also shared that, given the current macroeconomic and geopolitical situation, he believes that a depression as severe as the Great Depression will come after Bitcoin and other assets hit their peak.

Cathie Wood Bitcoin Price Prediction

Ark Invest CEO Cathie Wood has made bold predictions on numerous assets, including Bitcoin. This time, however, Wood is just as or perhaps even more bullish than ever on Bitcoin compared to her prediction in 2020.

Wood believes in Bitcoin’s importance as the world’s first decentralized, global, digital, and rules-based monetary system. While the current total crypto market capitalization is about $2 trillion, Wood believes that the crypto market will eventually reach $25 trillion, with more than half of its valuation represented by Bitcoin.

This puts Bitcoin’s market capitalization at over $13 trillion, more than nineteen times what the market currently values, around $688 billion. Her reason is the SEC’s potential approval of spot Bitcoin ETFs, which would drive up the demand for increasingly scarce Bitcoin.

With all this in mind, she made two predictions on Bitcoin’s price: a bear case of $682,000 and a bull case of $1.48 million by 2030. $1.48 million per BTC may seem a lot, but it’s worth noting that seven years is a lot of time in crypto terms, and Bitcoin has been known to defy expectations, one way or another.

Final Thoughts

The ultimate question right now is how high Bitcoin’s price will be in 2024. People are having the same debates as they did way back in 2009 about how Bitcoin might be based on the Greater Fool Theory, which says that “You’re a fool to buy Bitcoin, to begin with, then the only way you can make a profit is by selling your Bitcoin to an even greater fool.”

But as we go through this, you will see the same feelings of fear of missing out (FOMO), and the cycle will keep repeating itself. Interestingly, now that Bitcoin is over 15 years old and worth tens of thousands of dollars, it is becoming harder to ignore and even more challenging for skeptics to come up with something original to criticize it with.

Whose prediction do you agree with? Or do you have your own? Let us know on our official social media channels!