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The king of cryptocurrencies reached its peak at $69,000 during the bull season of 2021. However, a bear market followed. Unlike previous bear seasons, BTC dropped below its previous all-time high (ATH) level of $20,000. This was an unforgettable example demonstrating that historical data does not always work.
How Much Will Bitcoin Be Worth in 2024?
The artificial intelligence chat bot, ChatGPT, has provided an answer to the question everyone is curious about for the upcoming year. According to ChatGPT, the price of Bitcoin (BTC) could surpass the all-time high of $69,000 during the expected bull season next year. However, three key factors need to be present for this to happen.
First, there needs to be an increase in investor sentiment and demand. Second, a successful halving and positive momentum. The halving, which is expected to occur in April next year, is one of the most important reasons for the anticipated rise.
Every four years, the reward rate per block that miners receive is cut in half, resulting in a scarcity of supply. Historically, the price of BTC has increased after previous halvings.
The Future of Cryptocurrencies
Considering the current uncertainty, especially in the United States, the most important thing for the future of BTC and altcoins is the establishment of a regulatory environment. A favorable resolution of the case between Ripple and the SEC could benefit the entire industry and lay the foundations for implementing a comprehensive regulatory framework in the world’s largest economy.
On the other hand, after the collapse of FTX, American politicians have found an opportunity for a thorough examination. They can take steps towards the necessary regulations by investigating this incident.
The approval of a Spot Bitcoin ETF can play a significant role in increasing the aforementioned investor sentiment. Unlike futures contracts, a spot ETF could require asset management companies to accumulate a substantial BTC reserve through Coinbase Custody Services, leading to a decrease in circulating supply and a potential increase in price.
Furthermore, numerous influential figures, including Robert Kiyosaki (author of the bestselling book “Rich Dad, Poor Dad”) and Adam Back (CEO of Blockstream), have stated that the Bitcoin price could reach a six-figure target in the not-too-distant future.
