Throughout 2023, Bitcoin (BTC) has been preparing to close the year above $40,000, with a rise of over 160% since the beginning of the year. Investor optimism in BTC has increased, and many market observers expect an even stronger surge in 2024. Despite this ongoing optimism, an important question arises: How high can the largest cryptocurrency climb in 2024?
2024 Could Be a Significant Year for Bitcoin
Cryptocurrency analyst Stockmoney Lizards suggests that 2024 could be a significant year for Bitcoin, with notable driving forces increasing the largest cryptocurrency’s potential for growth. The analyst particularly expects Bitcoin’s price to surpass $100,000 if a spot Bitcoin ETF is approved in the US. The underlying driving force behind this optimistic forecast is strategically timed events that could propel Bitcoin to new heights.
The analyst points to potential interest rate cuts by the Federal Reserve (Fed), highlighting March as a significant threshold. According to Stockmoney Lizards, if the Fed proceeds with the expected three rate cuts next year, this will significantly move the cryptocurrency market upward, particularly creating favorable conditions for Bitcoin.
Another driving force highlighted by Stockmoney Lizards is the Bitcoin halving expected in April, which historically tends to increase prices due to the reduced flow of new BTC supply.
Furthermore, the analyst emphasized the importance of the Crypto Assets Law (MiKA) planned for June in the European Union. This legal regulation will fully shape the cryptocurrency regulations in the region. Regulations are very important for increasing the confidence of institutional investors and for the wider adoption of the cryptocurrency market.
Bitcoin Anticipated to Make a Parabolic Rally
According to trading expert Tradingshot, Bitcoin could be on its way to reaching $65,000 by August 19, 2024. The analyst expects Bitcoin to enter the final stage before a parabolic rally, potentially accelerating due to ETF speculation and the approaching block reward halving.
In an analysis presented on December 11, Tradingshot emphasized a fundamental trend line in the weekly Relative Strength Index (RSI), suggesting a consolidation phase before testing the all-time high near $69,000.
Bitcoin Prepares for ‘A Major Bull Run’
Michael Saylor, Chairman of Microstrategy and one of Bitcoin’s biggest supporters, sees 2024 as a very important year for the largest cryptocurrency. Saylor highlights the game-changing effect of a spot ETF approval in January 2024, potentially being one of the most significant developments on Wall Street in the last 30 years.
Saylor believes that the approval of spot ETFs will provide mainstream investors and institutions with a high-bandwidth compatible channel to invest in Bitcoin, significantly changing the dominance of futures ETFs and traditional crypto investors. He anticipates this development to trigger a significant demand shock in the market. Following the expected demand shock, Saylor foresees a supply shock in April after the block reward halving. He believes the combination of increased demand and decreased daily supply will lay the groundwork for significant market dynamics.
Saylor is confident that all these factors, due to Bitcoin’s limited supply and high demand, will support the big bull run in 2024. Although the full extent of the rise remains uncertain, Saylor suggests a two to tenfold increase in demand could be seen due to the approaching supply shock and growing institutional interest.
The Demise of the US Dollar Could Propel Bitcoin
Famous financial educator and author of the popular book “Rich Dad Poor Dad,” Robert Kiyosaki, has a bold prediction that Bitcoin could reach $120,000 in 2024. Kiyosaki’s forecast is based on a series of major events that are expected to unfold.
According to Kiyosaki, BRICS countries (Brazil, Russia, India, China, and South Africa) will announce a gold-backed cryptocurrency, signaling a significant shift in the global finance world. He expects the announced cryptocurrency to gradually undermine confidence in the US dollar, potentially bringing trillions of dollars back to the US.
Anticipating an increase in inflation in the US as a result of this massive influx of funds, Kiyosaki advises investing in traditional safe-haven assets like gold and silver. However, he also predicts a notable rise in Bitcoin to $120,000 within the next year.
