Will BTC hit $1 million in 2024? Bitcoin future breakdown

Bitcoin is back from slumber, and it now means business. That is, there has to be a rise in the valuation of its token, no matter how high it goes. BTC is trading at $41,644.83 at the time of articulating this piece. Speculation around two crucial aspects, namely Spot Bitcoin ETF and Bitcoin Halving, is credited for the rise.

The US SEC has shown positive signs of approving all the applications together in early 2024. The industry expects to receive approvals by January 10, 2024. This would legitimize Bitcoin and enable a higher flow of capital in the network. Thereby, it boosts the rate at which it exchanges hands on the board.

Another aspect is Bitcoin Halving. It occurs every four years and is associated with igniting bullish sentiment at the macro level.

What supports this statement is the fact that Bitcoin halving reduces the rate of supply to make the token more scarce. Bitcoin’s limited availability is inherent to its nature. That makes it scarce at a higher price. The halving process could go live in the middle of 2024. Assuming that happens, Bitcoin’s price will likely rise for a probable achievement of the $100k milestone.

These speculative claims involve the possibility of the pendulum getting stuck in either direction. In other words, either or both may occur. Indeed, they are possible to occur without any positive repercussions. Experts have weighed in to voice their opinion on where Bitcoin could stand in the times to come.

Michael Saylor of MicroStrategy has declared their intention to amass the token in the coming years further. Their objective is to generate long-term leverage from the holding. Profits from the accumulation strategy, which commenced in August 2020, amount to an estimated $2 billion for 174,530 Bitcoin tokens at present. They were acquired for an average of $30,252. Approximately ~$44,000 was the current valuation at the time of the initial announcement.

BTC is now down from that point. Cathie Wood from Ark Invest is backing the token. Her firm has said that Bitcoin could surpass the mark of $1 million any time soon. That is indeed a far-fetched dream, for BTC prediction estimates surpass the $100k maximum by the end of 2025. That pace will open doors to a brighter jump, but not before 2030.

All sights are set on its market cap. Despite a 55.49% increase in 24-hour volume, it has decreased by 1.22% to $813 billion. The market cap is expected to reach $1 trillion.

A lot of hope is riding on the $100k trading valuation because that is an ideal figure for the token to fetch profits from inventors. Most of them accumulated the token at a time when it was trading below $20,000. Reaching or crossing the said mark will result in nothing but handsome profits for short-term holders. Needless to say, long-term holders will then look for another margin to achieve.

Bitcoin has been defined as a store of value for all the right reasons, as the community believes. Traders invest their funds and weight in the token to yield the desired outcome. While a lot appears to go in their favor, there are chances that a few factors may not precisely work for them.

For instance, it is still speculation that the Commission will approve all Bitcoin Spot ETF applications filed by firms like BlackRock and Fidelity. The SEC may end up disappointing the community by rejecting those applications, leaving the community hanging by a thread.

Another factor that may not go as expected is the halving process. A portion of the BTC community has said that the process may happen with no hype or excitement at all. Reasons for the same are less known, but it is safe to assume that excitement will dip if Bitcoin fails to maintain momentum.

All that said, the question remains: Should you invest in Bitcoin right now? It is highly recommended to talk to a financial expert before diverting funds to Bitcoin or any other cryptocurrency. One may alternatively choose to invest funds at a level at which they can afford to lose them with no impact on their usual expenses.