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Following the SEC’s green light for multiple spot Bitcoin ETFs on January 10, Bitcoin’s price continues its correction cycle as many had anticipated. Nonetheless, with the upcoming halving of block rewards this year, a rise in the value of the largest cryptocurrency is expected. Here are Bitcoin price predictions for 2024 from two experts.
Markus Thielen: BTC Will Reach $70,000 by Year’s End
Markus Thielen from the digital asset research firm 10X Research recently forecasted that Bitcoin’s price will average $70,000 before the end of the year.
In a recent investor note, Thielen stated, “The macro environment, monetary developments, the US election cycle, and the increasing demand from TradFi investors allocating funds to spot Bitcoin ETFs make a Bitcoin rally to $70,000 seem reasonable.”
DecenTrader: Bitcoin to Drop to $37,800 with Block Reward Halving
The crypto market intelligence platform DecenTrader recently predicted that Bitcoin’s spot price will melt by 10 percent and drop to as low as $37,800 before finding support from the block reward halving. In a recent blog post, DecenTrader noted, “This means that Bitcoin has about 30 days from now to go through a correction phase before encountering the anticipated FOMO demand.”
However, DecenTrader also mentioned that the outlook for Bitcoin in 2024 continues to be positive.
“Buy During Price Dips”
Buying during price dips is an important accumulation strategy for marketable assets such as stocks, ETFs, and cryptocurrencies. In an article penned by Richard Best, a 30-year veteran of the financial services industry on Investopedia, it is recommended to buy during price dips, stating:
Try buying instead of selling when prices fall. Accumulating more shares of stocks even as they fall ensures dollar-cost averaging and allows you to build your portfolio with a lower cost basis.
