Singapore exchange Bitget chief analyst Ryan Lee has come up with some interesting bitcoin price predictions for 2024. This forecast comes after btc's negative performance in the past week, where the inaugural cryptocurrency fell 4%, falling below the $42,000 price mark.
bitcoin will trade at $120,000 in 2024 – Ryan Lee
In a post X on December 17, crypto data platform Brave New Coin shared Ryan Lee's projections for bitcoin in the new year, which came in three phases.
In the short term, Lee expects the price of bitcoin to fluctuate between $32,000 and $50,000, as determined by the outcome of the spot ETF approval saga in the United States. Currently, many cryptocurrency enthusiasts are very optimistic about the SEC finally giving the green light to the launch of a spot bitcoin ETF, following multiple meetings between the regulator and various asset managers involved.
bitcoin Predictions for 2024: Bitget Chief Analyst Ryan Lee Picks Some Price Ranges for btc and Other Winners Next Year #Bitcoin2024 pic.twitter.com/LPlhJwgm9w
– Brave New Coin (@bravenewcoin) December 17, 2023
According to Bloomberg analyst James Seyfarrt, there is a 90% chance that this possible approval order will occur between January 8 and 10, 2024, which means that the price of bitcoin may see a significant movement in the next few years. weeks.
As far as the medium-term phase is concerned, Ryan Lee predicts that bitcoin prices will range between $38,000 and $75,000 depending on the effects of the halving event, which is historically known to cause a surge in prices. of btc. This is because the halving event causes a reduced rate of new bitcoin minting, leading to scarcity, which in turn increases demand and the price of the token.
In the long term, Bitget's chief analyst projects that bitcoin will trade between $40,000 and $120,000 in 2024. He believes that the main determinant of the btc price at this time would be the US policies and regulations guiding the use of cryptocurrencies.
At the time of writing, bitcoin bitcoin/” target=”_blank” rel=”nofollow”>trade winds to $41,874.33, with a decrease of 0.12% in the last hour. Meanwhile, the token's daily trading volume has decreased by 16.99% and is valued at $14.85 billion.
<img decoding="async" class="aligncenter size-large" src="https://www.tradingview.com/x/aQ2nhmJE/" alt="bitcoin” width=”1480″ height=”893″ loading=”lazy”/>
btc trading at $41,921 on the daily chart | Source: bitcoin/" target="_blank" rel="nofollow">BTCUSD chart on Tradingview.com
Lee's opinion on the altcoin market
In addition to bitcoin, Lee has also given some interesting predictions about the top tokens in the altcoin market by 2024. The Bitget executive expects ethereum (eth) to be able to overtake btc and trade between $3,000 and $3,500. By the end of 2024, Lee predicts that eth could reach an all-time high price of $4,900.
Meanwhile, the analyst expects dollars awaiting significant growth of the Cardano ecosystem.
Featured image from InfoWorld, chart from Tradingview
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