A slurry of catalysts and historical behavior could catapult bitcoin ($BTC ) to as high as $160,000 in a widely expected bull market that analysts say could be underway in 2024.
Expected demand for bitcoin from several spot exchange-traded funds (ETF) in the U.S., the upcoming halving and growth in broader stock markets on the back of rates cut could buoy bitcoin prices to at least $50,000 in the short-term, on-chain analysis firm CryptoQuant said in a Wednesday report shared with CoinDesk.
We argue that bitcoin and crypto markets could have a positive year in 2024 mostly amid the effects from: 1. The market valuation cycle, 2. Network activity, 3. The bitcoin halving, 4. The macroeconomic perspective, 5. Bitcoin spot ETF approval and 6. Growing stablecoin liquidity,” analysts at CryptoQuant said.
“On-chain valuation and network metrics signal bitcoin remains well inside a bull market and may be targeting $54,000 in the medium term and $160,000 as this cycle price top,” they said.
Bitcoin has historically rallied after its halving event – which automatically decreases the supply of new coins in the open market – and traders are likely pricing in the event that’s next scheduled for Apri2024.