It has been a stellar year for Bitcoin (BTC) as the coin has enjoyed over 150% growth after a very poor 2022. Early indicators suggest that 2024 could be an even better year for crypto’s number one token with many analysts even predicting it will hit $100k.
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There are also two massive driving forces coming in 2024 that should positively impact Bitcoin. The next Bitcoin halving event will take place in April and this historically causes Bitcoin to pump. If we are following the historic price pattern of Bitcoin it also means a new all-time high will come along with it.
Then we have Bitcoin ETF potential approval which could come in a matter of weeks. The ETF news has been a positive factor in 2023 and could be massive if approved by the SEC. Bitcoin could also benefit from a new token called Bitcoin Minetrix (BTCMTX).
This new project could revolutionize the way millions of people mine Bitcoin in the future and thus could have a very positive driving effect. The token is actually still going through presale so let’s take a deep dive into why it can not only be a successful project on its own but also help Bitcoin pump.
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Bitcoin Minetrix- The solution that provides a cheaper and greener way to mine Bitcoin
At initial viewing, readers can be excused for thinking that Bitcoin Minetrix is sort of a niche crypto. It is designed to make mining Bitcoin much more simple for the everyday crypto enthusiast. However, if you look at the presale figures, you can see everyone wants a piece of this token. Over $5.6 million has already been raised as Bitcoin Minetrix shatters its targets week after week.
It is clear that this project could be huge for the whole market. Before we get into how its solution will work let’s look at what the problem is. As readers will already know, the Bitcoin mining process has come under fire from outside forces concerned about the amount of energy data centers use to mine the currency.
What they might not be familiar with is that many potential miners also dislike the data center setups. Ironically, as Bitcoin has become more popular the problem with mining has also gotten worse. It only takes place in massive data centers on an industrial level scale. This eliminates all but the ultra-wealthy from being able to mine a currency that is supposed to pride itself on an ethos of decentralization.
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How a combination of cloud mining and staking will decentralize mining again
A solution for this issue has already been tried but it has failed. Cloud mining, which was heralded as a way to allow everyday investors to mine, involves individuals getting into cash contracts with companies that lease mining equipment. In theory, the individuals can then mine their own Bitcoin.
However, the sector is full of scammers and even if you find a legit company the deposits they charge are astronomical, and then they also take a share of the yields making the whole process not worth the hassle. Luckily, by adding staking to the mix the investors can gain the power back.
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The stake-to-mine system is fairly straightforward. Staking is the backbone of the community and works just like any other project. Investors can stake their tokens and earn a very decent APY which at the moment is estimated to be 109%. Over 382 million tokens have already been staked which bodes well for the security of the project.
Investors remain in control so they can also unstake and sell their tokens at any time. Then there is the third option, which is they can exchange their tokens for mining credits. These secondary ERC-20 tokens are then burnt in exchange for mining time or a share of the yields. A greener and cheaper way to mine that gives power back to the investor and could even help Bitcoin pump in 2024.
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Bitcoin has enough things going in its favor to suggest $100k is within its reach
It bodes well for 2024. As we mentioned, historically Bitcoin halving events caused the price of Bitcoin to shoot up and 2024 should be no different. Analysts also believe that a potential recession is on the horizon for next year, this will have negative effects on the dollar which will in turn cause Bitcoin price to soar.
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Finally, we have the Bitcoin ETF progress that as we mentioned above could be approved in early January. We already have proof that ETF progress can have a hugely positive impact on Bitcoin and the market.
When BlackRock, the world’s largest asset management company, first filed with the SEC for a spot Bitcoin ETF the whole market was affected and started pumping. Then on October 24th, BlackRock’s proposed spot bitcoin ETF turned up on a list maintained by the Depository Trust and Clearing Corporation with the ticker IBTC. Bitcoin pumped by 12% that day, its largest one-day pump in over 6 months.
Considering these are only small developments, if and when the Bitcoin ETFs get approval it will likely have an even greater positive effect on Bitcoin. Considering all the above positive factors that are potentially going to help Bitcoin it is easy to see it hit $100k in 2024.
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Conclusion
So there we have it. Although we have to remember that the crypto market is notoriously volatile and is subject to outside factors that can influence prices, we still think Bitcoin has enough going for it to hit a new high in 2024. Perhaps Bitcoin Minetrix will lend a helping hand. On its own, the miming solution project is set for a huge 2024 and could be one of the best-performing tokens of next year.
Source: https://www.analyticsinsight.net/bitcoin-price-prediction-2024-btcs-maximum-price-heights-amid-etfs-and-halvings-is-100k-incoming/