Bitcoin’s (BTC) price nearing the $44,000 mark has increased investor expectations for the leading cryptocurrency. Some experts claim that BTC could reach a new peak by 2024. Here are some of their insights!
Formation That Will Drive Bitcoin’s Rise
Considering the excitement around Bitcoin ETFs, the likelihood of BTC reaching new highs seems probable. BTC’s price movement continued its upward trend last week, nearing the $44,000 threshold. According to CoinMarketCap, BTC showed an increase of over 3% last week. At the time of writing, the leading cryptocurrency is trading at $43,912.86 with a market value of over $860 billion. While BTC’s price is steadily increasing, Bitcoin News recently shared a tweet suggesting that the cryptocurrency’s price could soon surge.
Analyst PlanB, who developed the Stock-to-Flow (S2F) model, predicts that Bitcoin could exceed $100,000 in 2024 and reach a price of $532,000 by 2025. The forecast was made at a time when Bitcoin ETFs are a topic of discussion in the market. Moreover, experts believe that if ETFs are approved, investors can expect BTC’s price to reach new highs.
Analyst Comments on BTC
Furthermore, another popular cryptocurrency analyst, Crypto Tony, suggested that if ETFs are approved, he expects BTC to reach $50,000. Although the $100,000 figure seems ambitious and it may be too early to make such predictions, the analyst has good news for investors.
Following consecutive statements from analysts, a different cryptocurrency analyst known as Captan Faibik on Twitter revealed that BTC’s Bollinger Bands are tightening on the daily chart. The analyst expects BTC to continue its rise and its price to increase in the coming days. According to data from CryptoQuant, BTC’s binary CDD is trending upwards. This could mean that the movements of long-term investors over the past seven days have been below average. Additionally, as indicated by BTC’s Coinbase Premium, the sentiment among American investors is predominantly in favor of buying.
