Bitcoin has reached an all-time high for the third time in the past few days. Against the backdrop of the cryptocurrency's growth, members of the crypto community have shared their expectations for the coin.
We have compiled a forecast for #Bitcoin from representatives of the crypto industry into one overview. We discuss the potential levels that #BTC may reach in the near future according to market participants' opinions.
What's happening with Bitcoin
On March 14, 2024, Bitcoin once again reached an all-time high (ATH). This time, according to CoinMarketCap, the peak was recorded at $73,600.
The first breakthrough of Bitcoin's #ATH occurred on March 5, 2024. On this day, the cryptocurrency reached a new all-time high, surpassing the previous peak set on November 10, 2021, at $68,789. Bitcoin had never before reached an ATH before the halving. It's worth noting that the next halving, reducing Bitcoin mining rewards by half, is scheduled for late April 2024.
Why Bitcoin is Rising
There are several reasons behind Bitcoin's rise. The first is the approaching halving. This event creates a shortage of BTC in the market, pushing the cryptocurrency's price upward. Bitcoin has already experienced three halvings: in 2012, 2016, and 2020. Each reduction in the mining rate of the cryptocurrency has been followed by a growth cycle. There are strong grounds to believe that the 2024 halving will also propel BTC to new highs.
The shortage of bitcoins in the market due to the 2024 halving may be particularly acute this time due to investors' interest in spot Bitcoin ETFs. The long-awaited launch of trading with this instrument in the US took place in January 2024. Spot Bitcoin ETFs democratize cryptocurrency investments. The high demand for the instrument forces issuers to buy BTC. Their actions have accelerated the rise in the cryptocurrency's price.
The positive dynamics of Bitcoin are also supported by expectations of the US Federal Reserve's imminent move to lower the key interest rate. Such changes could increase the attractiveness of high-risk assets like cryptocurrency.
Political news also fuels the digital assets market. Former US President, and current participant in the 2024 presidential race, Donald Trump has begun courting the votes of representatives of the crypto industry. The politician stated that he does not intend to pressure the digital assets market in case of victory in the elections. Previously, Trump had repeatedly criticized Bitcoin. Pressure on the crypto community did not prevent him from profiting from NFTs.
Where BTC is Headed: Bitcoin Forecast
Many members of the crypto community see the potential for further growth in BTC.
Doctor Profit
Trader Doctor Profit's Bitcoin forecast suggests a cryptocurrency rise in the near future to $76-78 thousand.
Peter Brandt
The cryptocurrency community has also rallied behind the popular trader Peter Brandt, who managed to accurately predict the crypto winter of 2018 and many other movements in BTC. According to him, Bitcoin today is the best tool for storing savings, with no human-invented analogues as of yet.
Philakone
Many believe that the bull rally will propel BTC to $200,000. For example, this Bitcoin forecast is supported by crypto blogger Philakone. According to his calculations, the cryptocurrency will reach the specified level by the end of 2025.
Gert van Lagen
Analyst Gert van Lagen, in turn, believes that the $200,000 level is achievable in the near future. He sees prerequisites for the parabolic growth of BTC. His Bitcoin forecast does not rule out a breakthrough of $200,000 by May 2024.
“Coosh” Alemzadeh
The Bitcoin forecast with parabolic growth was endorsed by crypto blogger "Coosh" Alemzadeh. However, the targets he outlined for BTC were more modest than those indicated by Gert van Lagen. "Coosh" Alemzadeh depicted the projected trajectory of the cryptocurrency on the chart.
Scofield
Scofield, the trader, in turn, believes that within the next 3-4 months, BTC will be able to reach $150,000.
Scient
Cryptoblogger Scient gave a much more modest Bitcoin price forecast. According to him, BTC is expected to reach a local peak at levels of $81-83 thousand in April 2024. After that, he anticipates a cryptocurrency correction to $58-60 thousand, followed by a recovery by the third quarter with a renewed push towards $100,000.
Inmortal
The analyst Immortal declined to provide figures. Instead of precise forecasts, he noted that BTC had entered uncharted territory where it faced no resistance.
Arthur Hayes
Arthur Hayes also refused to provide precise figures in his forecasts, the co-founder of BitMEX.
Ki Young Ju
Ki Young Ju, Co-founder and CEO of CryptoQuant, believes that the digital asset market is only halfway to euphoria. According to this logic, the crypto industry still has room for growth.
Conclusion
#HotTrends Numerous voices within the crypto community project further growth for BTC:
Doctor Profit foresees a rise to $76-78 thousand in the near term.
Peter Brandt emphasizes Bitcoin's superiority as a store of value.
Philakone anticipates a rally propelling BTC to $200,000 by 2025.
Gert van Lagen and “Coosh” Alemzadeh envision parabolic growth, with targets potentially surpassing $200,000 by May 2024.
Scofield predicts BTC could reach $150,000 within the next 3-4 months.
Scient offers a more conservative estimate, anticipating a peak around $81-83 thousand in April 2024, followed by a correction and subsequent recovery towards $100,000.
Immortal and Arthur Hayes refrain from providing specific figures, noting Bitcoin's uncharted territory and the absence of resistance.
Ki Young Ju suggests that the crypto market is only halfway to euphoria, indicating further room for growth.
