Bitcoin Price Projection for 2024: $150k Is Still Feasible
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Bitcoin is poised for a significant upswing, with experts predicting a towering valuation of over $150,000 by the end of 2024. A crucial determinant of this bullish trajectory hinges on the United States’ sanctioning of spot Bitcoin exchange-traded funds (ETFs).
A Look into Fundstrat’s Bitcoin Price Analysis
Fundstrat, a renowned investment research boutique, recently shared its outlook on Bitcoin’s future. In a notable discussion on CNBC’s Squawk Box, Tom Lee, Fundstrat’s Managing Partner and Research Chief, emphasized the potential outcomes of successful Bitcoin spot ETF applications. According to Lee, the approval of these ETFs would tilt the scales in favor of Bitcoin’s supply-demand dynamics, fostering significant price gains.
Delving into specifics, Lee voiced a compelling scenario, stating, “Given the approval of a US-centric spot Bitcoin ETF, the subsequent demand is likely to surpass Bitcoin’s daily supply, pushing its value upwards to a possible $180,000.” It’s worth noting that while Europe already hosts several spot Bitcoin ETFs, the potential surge aligns exclusively with the U.S. greenlighting these investment tools.
U.S. Dominance in Crypto-Related ETFs
The U.S., undeniably a significant player in the financial arena, accounts for a staggering 97.7% of global trading volume for crypto-associated ETFs. This insight comes from Bloomberg’s senior ETF analyst, Eric Balchunas, who speculates that post the approval of spot Bitcoin ETFs, the U.S. could dominate up to 99.5% of the market share.
Even when the U.S. denies ETF applications, Bitcoin’s forthcoming halving event in April 2024 could still drive a substantial price rally. This cyclical event, which results in a drop in Bitcoin supply, will naturally induce an increased clearing price. However, Lee opines that while an increase is inevitable, hitting the six-figure mark may remain elusive.
June witnessed Wall Street magnates, including Fidelity, Invesco, Wisdom Tree, and Valkyrie, joining BlackRock in submitting applications for Bitcoin spot ETFs to the SEC. Yet, the SEC’s decision means some might remain in limbo till 2024.
Analyst Projections and Differing Opinions
Bloomberg ETF specialists Eric Balchunas and James Seyffart project a 65% likelihood of Bitcoin spot ETFs securing approval. This prediction reflects a marked rise post-BlackRock’s submission.
However, the path to Bitcoin’s grand valuation isn’t universally agreed upon. Adam Back, Blockstream’s CEO, anticipates Bitcoin touching $100,000 just before the halving event. Contrastingly, Jesse Myer from Onramp, a Bitcoin investment enterprise, believes the market might only adjust to new realities a year or more post-halving. He confidently remarked, “Bitcoin won’t surge to $100k before the next halving.“
As 2024 approaches, the crypto world eagerly awaits the potential impact of ETFs and halving events on Bitcoin’s value. Whether it reaches the lofty projections remains to be seen, but one thing’s for sure—the next few years are poised to be pivotal for Bitcoin enthusiasts and investors alike.
None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.
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