The crypto space has been on a huge recovery path in 2024 — a year which saw the approval of spot Bitcoin ETFs (exchange-traded funds) in January, deemed by many a landmark decision for the crypto industry. This was followed by the most recent approval of spot Ethereum ETFs in May, and their trading debut in July.
Bulls are getting more bullish by the day, with some putting bitcoin’s price at more than $100,000 before the end of the year. For instance, Bernstein analysts said in a note that it will reach $200,000 by mid-2024, and $500,000 by 2029, according to Decrypt.
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#Bitcoin at $100,000
As of Aug. 26, Bitcoin stood at $63,900 — up 145.1% in the past year, according to CoinGecko.
Peter St. Onge, economist and visiting fellow at the Heritage Foundation, said he predicts Bitcoin to hit $100,000 next year, although the timing is unclear.
“Bitcoin at $100,000 has been a rallying cry for bitcoiners, and it’s now in sight with Powell’s pivot on interest rates,” said St. Onge. “Bitcoin jumped several thousand on the announcement — with gold jumping over $2500 as well — because it signals more inflation from a Fed that’s now trapped by a failing jobs market.”
As he further noted, this is really the first election where Bitcoin (and crypto holders more broadly) have had a voice.
According to the Fed, tens of millions of Americans own crypto, and many of them are passionate, single-issue voters,” he added.
Bitcoin Will Hit a Low of $30,000
According to Matthew Webb, co-founder of wevr.ai, 2025 will be a year of “mostly prosperity for Bitcoin.”
“However, I believe there will be some heavy turbulence. If a recession occurs, I could well see Bitcoin going as low as $30,000,” he said.
He noted, however, that if the new government can steer America out of a recession and into prosperity, he could see Bitcoin hitting $100,000.
“Going over this however will be a hard push in 2025, the psychology of round numbers will cause many investors to sell around $100,000 and it may be hard to power through that sell pressure unless there’s significant positive government support for Bitcoin and the broader cryptocurrency market,” he added.
Vijay Marolia — founder and CIO of Regal Point Capital Solutions — conceded that while price predictions are hard to make, he expects prices to be north of $100,000, “if not soon, next year.”
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