Bitcoin (BTC) is expected to reach a new record of $88,000 throughout the year, before it settles around $77,000 at the end of 2024, according to a new report.
The cryptocurrency’s current price sits at around $63,000.
UK fintech firm Finder carried out a study based on expert price predictions of 40 crypto industry specialists on how Bitcoin is expected to perform through to 2030.
Bitcoin, it found, is likely to hit an average peak price of $87,875 in 2024, with some experts predicting it will climb as high as $200,000.
On the flip side, the average lowest price Bitcoin could hit by the end of 2024, is seen as $35,734, the report said, with some predicting it will fall as low as $20,000.
What could give Bitcoin a boost in 2024?
The Spot Bitcoin ETFs have been a tremendous factor in the growth of Bitcoin. After the SEC approved the ETFs in the U.S., retail investors showed a great deal of interest, leading to Bitcoin surpassing its all-time high.
More than half of the experts Finder surveyed expected the price to increase after a so-called “BTC halving event” in April 2024. A halving event refers to a period every few years when the reward for mining Bitcoin transactions is cut in half. As things stand, those validating Bitcoin transactions currently get 6.25 bitcoins, which could go down to 3.125.
The Bitcoin halving event happens every four years in which BTC rewards to its miners are cut by 50%, (the miner’s payout will be reduced to 3.125 BTC). This event is usually viewed as positive for Bitcoin’s price, as it helps in contracting supply. Historically, halving has been seen as a great sign for bringing momentum to Bitcoin’s price.
Can Bitcoin Reach $100,000 by 2025?
Reasons Why Bitcoin Can Hit $100,000
- Institutional Involvement Through Bitcoin Spot ETFs
- Bitcoin Price’s Historical Correlation With Halving Events
- Corporate Adoption Driven by FASB Rule
- Countries Adoption of Bitcoin To Hedge Fiat Inflation
- Fed’s Expected Rate Cuts Could Drive Bitcoin Price High
- Bitcoin As Inflation Hedge
- Bitcoin Price Expected To Mirror Gold’s Action After 2003 ETF Launch