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Bitcoin (BTC-USD) has been a hot topic of discussion, with the cryptocurrency flirting around the $45,000 per coin psychological barrier. As the stock market experienced significant gains and potential rate cuts loom, market watchers are eager to forecast the prospects for BTC in 2024.
Disagreement abounds regarding the path forward for Bitcoin in 2024, largely contingent on the avoidance of a U.S. recession and robust economic growth. If these conditions materialize alongside lower interest rates, Bitcoin is likely to sustain its upward momentum.
In a final surge of the ‘everything rally’ that defined 2023, Bitcoin briefly surpassed $45,000 per coin. The cryptocurrency delivered a staggering 150% surge in the past year, outperforming various other investment mediums.
However, this jubilation was short-lived as Bitcoin recently receded by 5%, hovering around $43,000. The market is grappling with an unexpected cold streak, which has also impacted stocks, with the S&P 500 and Nasdaq Composite shedding value on the first day of trade in the new year.
The upcoming “halving” event, built into Bitcoin’s code to halve mining rewards every four years, could potentially bolster the cryptocurrency’s value in the coming months, given its historical impact on BTC’s price.
As analysts weigh in on Bitcoin’s trajectory in 2024, diverse predictions have emerged.
Analyst Forecasts
Mark Mobius, founder of Mobius Capital Partners, expressed optimism, foreseeing Bitcoin climbing to $60,000 per coin by year-end. Meanwhile, Antoni Trenchev, co-founder of Nexo, holds an even more bullish outlook, predicting BTC to reach $100,000 in 2024, citing the halving and potential spot ETF approval as key catalysts.
Adding to the optimism, CoinFund’s Managing Partner Seth Ginns believes Bitcoin could soar to an unprecedented $500,000 per coin in 2024, buoyed by declining yields, potential ETF inflows, and growing enthusiasm for the likely approval of ETH spot ETFs later in the year.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.