The crypto market is amazed by the ongoing Bitcoin price and expects a potential climb to the never-seen prices for the coin. Bitcoin price has soared above the $59,000 value with a market cap of$1,159,980,575,537. How much more value can Bitcoin get this year? Let’s look into that.
Bitcoin Price Analysis For 2024
A major crypto exchange has predicted that Bitcoin will target the $75,000 to $82,000 range this year, where we will see a short-term resistance at the $60,000 mark. There might be occasional fluctuations and changing trends, but there’s a definite chance of seeing a new all-time high by the year’s end.
We are two months into 2024, and Bitcoin has already gained momentum by trading above $ 50k for a month. The last few weeks of the first quarter of this year is assumed to stay elevated for the crypto market, and Bitcoin can power through $60,000.
Bitcoin is only 17% lower than its all-time-high value, and seeing back at that time, it took three weeks for Bitcoin to reach the ATH and five weeks to pass it. In this case, if Bitcoin follows the same pattern this year as well, it will achieve $69K in March and beyond by April.
The market will turn entirely bullish in April because of the halving, causing an upward trend in Bitcoin prices to reach above $62,000. After this, the price is anticipated to be unstoppable for the next few months and close the year around $84,000.
Leading Predictions For Bitcoin Price
Everyone is familiar with Bitcoin’s popularity, and many analysts and top traders have predicted the Bitcoin Price. One of those analyses has come from Standard Chartered, a venerable international banking institution, and forecasted that Bitcoin will surge to $200,000 by 2025.
Tuur Demeester, a famous crypto analyst and early Bitcoin preacher’s prediction, talked about Bitcoin prices wandering between $200,000-$600,000 by 2026. He mentioned government bailouts and stimulus as the primary cause of this. Deemester has previously made predictions about Bitcoin that came out true. In 2019, he posted on his X (formerly known as Twitter) that Bitcoin would reach $50,000-$100,000. That came true during the 2021 bull run as Bitcoin received its all-time-high mark of $69,000.
Tuur’s prediction is based on several factors, including the exchange-traded funds (ETF) and Bitcoin halving. Both these factors will be responsible for reducing Bitcoin’s supply, leading to increased demand in the market.
Conclusion
Bitcoin price is closer to the $60,000 value, and according to analysts, it might cover that within a day. It is the highest value Bitcoin has soared in the last 27 months and is moving towards the ATH. Even though Bitcoin is soaring and indicates a higher value by the end of this year, the expected price will be between $80,000-$84,000. It might attain the above $100,00 range by 2026 if the conditions favor Bitcoin in the right. Read more about what will be my portfolio if Bitcoin hits $100K.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/trending/how-high-bitcoin-price-can-go-in-2024-200k-or-above/
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