As Bitcoin (BTC) continues its push toward a potential new all-time high (ATH), pulling the majority of the cryptocurrency sector with it, finance experts have shared their views of where the price of the flagship decentralized finance (DeFi) could end up by the end of this year.
Indeed, since the beginning of 2024, the maiden crypto asset has raced by nearly 60%, primarily under the influence of a positive sentiment surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC), the upcoming halving, and more.
Taking this optimism and other bullish factors into consideration, many finance analysts agree that Bitcoin could continue to grow its price this year, with their predictions ranging between a modest $100,000, which would still represent a 50% gain from its current price, and a more confident $250,000 or a 275% rally.
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#1 Andy Bitcoinsensus: $100,000
Specifically, a renowned crypto analyst known as Andy Bitcoinsensus has recently shared his view that the Bitcoin price could hit at least $100,000 by the end of 2024, based on how the digital asset has been performing lately, as well as the anticipation of the halving event in the next six weeks.
As he explained, referring to the Fibonacci golden ratio of 1.618:
“We are at least going to hit $100,000 here potentially this year. (…) The successful breakout of an all-time high will at least hit $100,000. (…) We take a look at the ATH at $69,000, the low of the bear market at $15,500, the 1.618 is sitting exactly at the $100,000.”
#2 Matt Hougan: $200,000
Furthermore, the chief investment officer at crypto asset manager Bitwise, Matt Hougan, believes Bitcoin might skyrocket to $200,000 or even higher by the end of 2024 due to a “massive supply-demand dynamic,” as he told CNBC in an interview on February 29.
According to Hougan:
“I think there’s an even bigger wave coming in a few months as we start to see the major wirehouses turn on. But this has been Bitcoin’s IPO moment. It’s in a new era of price discovery and I think prices could go substantially higher from here.”
#3 Hunter Horsley: $250,000
Finally, Hougan’s colleague at Bitwise, CEO Hunter Horsley, has set his prediction even higher – at $250,000 – arguing that Bitcoin has proven its merits for 15 years but “was only accessible to some,” echoing his CIO’s sentiment of Bitcoin ETFs being its IPO moment.
Bitcoin price analysis
At press time, Bitcoin was trading at $66,730, recording a slight pullback of 0.24% in the last 24 hours, but nonetheless growing 12.46% across the previous seven days, and adding up to the 54.95% gain on its monthly chart, according to the most recent data on March 6.
All things considered, the above experts’ views might be correct, and Bitcoin could, indeed, reach their expectations, considering all the influences that they have factored in its advance. However, it is critical to carry out one’s own research and weigh the risks before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
