Bitcoin, the leading crypto, continues to be a subject of intense speculation and analysis in 2024. Investors are eager to know if Bitcoin will reach an all-time high (ATH) this year, whether it’s a prudent time to buy BTC, and if there are indications of another market crash. Several experts and sources provide insights into these critical questions, offering diverse perspectives on the future of Bitcoin.
Bitcoin set to hit new highs in 2024
Several sources provide varying predictions for Bitcoin’s price in 2024. One crypto analyst suggests a new ATH at $80,000 with a possible low of $30,000 and an average price of $65,000 for the year.
Fluctuations have marked Bitcoin’s recent market performance. The crypto experienced a 12% drop from its recent highs, leading to a pivotal juncture that has investors questioning its future trajectory. The volatility raises concerns about the potential for both upward and downward movements in the coming months.
The decision to buy Bitcoin depends on one’s risk tolerance, investment strategy, and belief in the crypto’s future potential. Investors seeking short-term gains might be swayed by the prospect of Bitcoin reaching a new ATH, as predicted by some sources. However, caution is advised due to the inherent volatility in the crypto market.
Long-term investors may view market downturns as opportunities to accumulate Bitcoin at lower prices. It’s crucial to conduct thorough research, stay informed about market trends, and consult financial advisors before making any investment decisions. Additionally, considering the varying predictions from different sources, diversifying one’s investment portfolio is a prudent strategy to mitigate risks.
Analyzing the possibility of another market crash
Given its history of sharp corrections, the fear of another market crash looms over the crypto space. While some analysts anticipate potential downturns, it is essential to recognize that market dynamics are influenced by various factors, including regulatory developments, macroeconomic trends, and technological advancements.
Investors should stay vigilant and monitor key indicators such as market sentiment, trading volumes, and regulatory developments. Diversifying investments, implementing risk management strategies, and staying updated on market news can help mitigate potential losses in the event of a market downturn.
Some analysts explain that they expect this cycle will be similar to past ones, and that bitcoin typically takes 220 to 240 days after halving to reach a new all-time high. One states “I am expecting a similar outlook, with Bitcoin taking a trip to new all-time highs in mid to late Q4 of 2024, which gives some time for a correction to test investor’s resolve in between.”
Analysts prediction
Several economists predict that the price of bitcoin will rise during the next bull market. Renowned bitcoin analyst PlanB expects that bitcoin will reach an all-time high of $524,000 over the next four years.
Blockware Solutions analysts believe that the 2024 bitcoin halving might boost the price to a stunning $400,000.
VanEck, a global investment fund, has predicted that BTC will reach new all-time highs by the fourth quarter of 2024.
This prediction is influenced by factors such as the US election, the supply shock induced by the halving, and legal changes that may make the crypto commodity as simple to own and account for as ordinary stock.
Despite BTC trading above $43K, a survey revealed that 39% of retail investors predict the price to fall below $20,000 by the end of the year. Furthermore, 39% of the 2,000 customers polled in the United States, the United Kingdom, and Europe believe Bitcoin will continue to exist in the next years, while 42% predict it to die. The research also stated that two-thirds of customers had little or no awareness of digital assets.
Interestingly, retail investors’ pessimistic opinions on cryptocurrencies contrast sharply with those of technical specialists in the business.
Pentoshi, a 750,000-follower industry expert, tweeted that cryptocurrency has been the best-performing asset class over the last decade, not only in terms of financial upside but also “infinite social upside.”
Source: https://www.cryptopolitan.com/bitcoin-soars-to-ath-in-2024-hodl-or-fomo/