Bitcoin (BTC) price is volatile and is affected by multiple factors, making it a challenge to accurately predict its future direction. According to current market data, Bitcoin is trading at around $101,336, down 2.70% in the past 24 hours.
Analyst Predictions for 2024:
$75,000: Yuwei Yang, chief economist at Bit Mining, believes that Bitcoin could reach this level by 2024, based on increased institutional investment and a shrinking supply resulting from the expected halving in May 2024.
$100,000: Anthony Trenchev, co-founder of Nexo, expects Bitcoin to reach this price in 2024, citing the potential approval of Bitcoin ETFs as a catalyst.
$125,000: Matrixport forecasts that Bitcoin could reach this price by the end of 2024, driven by low inflation and easing monetary policy.
$150,000: Seth Janes of CoinFund believes that Bitcoin could range between $250,000 and $500,000 in the next cycle, with a reasonable expectation of $150,000 in 2024, based on increased investment flows and ETF approvals.
Factors affecting the price:
ETF approvals: Could lead to increased institutional investment.