Bitcoin (BTC-USD) has been the subject of intense speculation and volatility in recent times. In the midst of these dynamics, bullish Bitcoin price predictions prevail. In fact, some of them reach the $1 million mark. One of the reasons for that is the much-anticipated halving event. Other key catalysts include the recent collapse of U.S. banks, inflation, and amplified demand for alternative financial systems. That being said, market analysts have become far more optimistic on the future of Bitcoin, including:
Bitcoin Price Predictions 2024: Dan Tapiero
Three market analysts have emerged with bold predictions, anticipating Bitcoin could hit $100,000 by 2024. For example, crypto analyst Dan Tapiero says BTC could pass $100,000 during the latter half of 2024 or 2025. Tapiero shared his forecast during an interview with Scott Melker. In fact, according to Tapiero, Bitcoin may trade sideways for the duration of 2023. Shortly after, he expects to see $100,000 around the halving event. Among other contributing factors named by Tapiero was the adoption of blockchain technologies by states and companies.
Bitcoin Price Predictions: Standard Chartered Bank
Geoff Kendrick, the head of crypto research at Standard Chartered Bank, also believes Bitcoin could test $100,000 next year. This optimistic outlook is based on several factors, including the turmoil in the banking sector, the upcoming Bitcoin halving event, and the expected conclusion of the Federal Reserve’s rate hikes. Kendrick also highlights the nearing end of the Federal Reserve’s tightening cycle as a favorable factor for Bitcoin’s future performance. The correlation between Bitcoin and the Nasdaq suggests that if there is a broader improvement in risk-on assets, Bitcoin is expected to trade more favorably.
The upcoming Bitcoin halving event in 2024 is considered a powerful catalyst that could contribute to future price increases. Additionally, regulatory changes aimed at facilitating investor access to the market, such as the introduction of digital asset ETFs and stablecoin regulations, could boost Bitcoin even more.
Prediction 2024: PlanB
According to the pseudonymous analyst PlanB, known for his Stock-to-Flow (S2F) BTC price prediction model, Bitcoin will pass $100,000. PlanB also believes this will happen shortly after the next halving event. The model evaluation of Bitcoin’s price is based on parameters such as scarcity and the relationship between BTC’s existing supply and its production rate. PlanB states that the coin reached a cyclical low of $15,000 in Nov. during the FTX collapse. He suggests that in case Bitcoin reaches $32,000 shortly, the next possible price target of $100,000 can be reached soon after the 2024 halving event.