Leaders in the cryptocurrency space are excitedly announcing the start of a exciting bull run. A growing number of industry participants are now calling for bitcoin to hit all-time highs in 2024, with a price target of $100,000 or more.
2023 has seen an extraordinary rise in the value of bitcoin, with the rally exceeding one hundred percent. The general sense of optimism among industry participants and analysts points to a shared conviction that this momentum will last until 2024.
crypto Optimism: The $100,000 bitcoin Prediction
Comments on social media made by Blockstream CEO Adam Back indicating that he believes bitcoin (btc) would likely reach $100,000 before the next halving created a mixed reaction within the cryptocurrency community.
That's what I've been saying, my bet is $100,000 before the halving.
— Adam Back (@adam3us) December 2, 2023
There is a general sense of positivity in bitcoin's ability to exceed expectations and reach new heights as conversations about its potential continue to gain momentum.
Given the significant rise the cryptocurrency has seen this year, many are more hopeful about bitcoin's future and see a trajectory that will take it well beyond the bull market predicted for 2024.
“It seems like 2023 was a year to prepare for the bull market that is yet to come. But the sentiment is very hopeful for 2024 and 2025,” Pascal Gauthier, CEO of Ledger, told CNBC last week in an interview.
Macro analyst and CFO Dan Tapiero expressed a strong opinion on bitcoin, in the next bull run. Although several well-known investors have already projected that the price of bitcoin will range between $500,000 and $1 million over the next 10 years, Tapiero has a cautious prediction of $100,000.
“bitcoin at $100k by this date” Dan Tapiero and Raoul Pal crypto prediction for 2024 | @remove it https://t.co/tGtPuNxTVF
– Enzo Calamo (@EnzoCalamo) November 25, 2023
ETFs and forecasts hint at a pre-halving rally
Several market investors who were expecting a bull run after the halving are now reassessing their expectations in light of recent developments in ETFs. CoinDCX VP of International Markets Vijay Ayyar noted that there may be a surge before the halving that would take many investors by surprise and cause the price to rise significantly.
btc market cap currently at $813 billion on the daily chart: TradingView.com
As a crypto financial services company, Matrixport published an article last week predicting that bitcoin will reach $63,140 by April 2024 and $125,000 by the end of that year.
And, as for the findings of Matrixport's analysis, its inflation model indicates that macroeconomic conditions will persist offering solid support for cryptocurrencies.
The model predicts that inflation will continue to decline, raising expectations that the US Federal Reserve will begin to reduce interest rates in reaction to these economic circumstances.
In addition to captivating investors, the story of the development of this bull run highlights the continued resilience and promise of the cryptocurrency market. The year 2024 is just around the corner and everyone is eagerly waiting for these lofty expectations to come true.
At the time of writing, bitcoin was rapidly gaining ground and posting a strong $41,689 in the last 24 hours, Coingecko data shows.
Featured image from iStock
