How far Bitcoin might go and what triggers might bring the largest crypto to new heights — read about it in our special report.
Bitcoin (BTC), the world’s leading cryptocurrency by market capitalization, has fascinated the financial world with its volatile yet promising trajectory.
While its price has always been a subject to fluctuations throughout its history, the crypto community remains optimistic about Bitcoin price outlook in long-term potential. As we approach 2024, the year of the next Bitcoin halving event, there is renewed interest in predicting the cryptocurrency’s future price movements.
While it’s hard to predict how high Bitcoin can go in every new bull cycle, the crypto community expects that in 2024, the top cryptocurrency will reach its previous all-time high of $69,000.
Key factors that might affect Bitcoin price in the future
There are a number of factors that could affect the price of Bitcoin in 2024:
- The adoption of Bitcoin by institutional investors: As more institutional investors, such as hedge funds and pension funds, begin to invest in Bitcoin, the price of the cryptocurrency is likely to increase.
- The development of Bitcoin infrastructure: As Bitcoin infrastructure, such as payment processors and exchanges, continues to develop, it will become easier for people to use Bitcoin, which could also drive up the price.
- Bitcoin halvings: Halvings have historically been followed by significant price increases. This is because these events usually lead to increased media attention and expectations from Bitcoin, which, in theory, further fuel price growth.
Bitcoin price predictions for 2024 vary widely, ranging from as low as $30,000 to as high as $120,000 per BTC. In this article, we will explore different perspectives on how far Bitcoin might go in the coming years.
Mike Novogratz
Mike Novogratz, Founder of Galaxy Digital, believes that BTC value might reach $70,000 if spot Bitcoin exchange-traded funds (ETFs) are approved by the U.S. Securities and Exchange Commission (SEC). In late November 2023, Novogratz particularly said:
“Could we go to old highs by this time next year? Of course.”
The Digital Galaxy CEO also added the market will see a “pretty successful shift of psychology when the government says you are allowed to buy Bitcoin.”
PlanB
PlanB, a pseudonymous analyst known for his Bitcoin Stock-to-Flow (S2F) model, also unveiled his own BTC price prediction, indicating the price of the cryptocurrency could reach $100,000 in 2024. According to the analyst, Bitcoin is currently in a “pre-bull market” and on track towards a full-blown bull market after halving in 2024.
According to PlanB’s model, the stock-to-flow ratio is expected to increase significantly in 2024, with the projected Bitcoin price eventually surpassing the $70,000 mark.
Willy Woo
Managing Partner at CMCC Crest and Bitcoin Analyst Willy Woo suggested in an X post on Nov. 21, 2023, that the crypto community “will never see” BTC value going down below $30,000 once again.
However, he acknowledged that his projections might be false as “anything can happen in markets,” adding that it’s “all probabilities.”
Standard Chartered
British lender Standard Chartered also forecasts that the Bitcoin rate will hit the $100,000 mark by the end of 2024 as the so-called “crypto winter” is now over.
In an analytical note in April 2023, Standard Chartered’s Head of Digital Assets Research Geoff Kendrick noted that even though “sources of uncertainty remain,” the bank thinks that the “pathway to the $100,000 level is becoming clearer.”
In July 2023, the British bank doubled down on its prognosis, saying Bitcoin might reach $120,000 by the end of 2024.
Matrixport
According to a recent report from a crypto investment platform Matrixport, Bitcoin’s price could reach as high as $125,000 by the end of 2024 as “historically, the years when Bitcoin mining rewards were halved were generally bullish.”
“Combined with geopolitical crosscurrents, this healthy dose of monetary support should push Bitcoin to new highs in 2024.” Matrixport
The report also cites a number of other factors that could contribute to this bullish outlook, including increasing institutional adoption and growing investor demand.
CryptoQuant
CryptoQuant, a service of on-chain data insights, has indicated that Bitcoin’s price could potentially break above $50,000 in early 2024. However, analysts acknowledged a short-term correction is still possible:
“Caution is advised due to the possibility of a short-term correction, given that 86% of the circulating supply is currently in profit and funding rates are noticeably elevated.”
CryptoQuant
CryptoQuant’s optimistic outlook is based on the firm’s analysis of various on-chain metrics, including the MVRV Z-score, which measures the deviation of Bitcoin’s price from its fair value.
VanEck
VanEck analysts Matthew Sigel and Patrick Bush claim Bitcoin is poised to break its all-time high in Q4 2024, fueled by a confluence of factors, including a surge in voter participation in global elections, mounting evidence of a rejection of the Green lobby’s anti-growth agenda, and a potential victory for Donald Trump in the 2024 presidential election.
“If Bitcoin reaches $100,000 by December [2024], we make a long-shot call that Satoshi Nakamoto will be named Time Magazine’s ‘Man of the Year’.”
VaEck
Bitcoin price target for 2030
Yassine Elmandjra, an analyst at Ark Investment Management, believes that Bitcoin’s price will eventually surpass $1 million. In an interview with Bloomberg, Elmandjra cited Bitcoin’s underlying technology, its growing adoption by institutional investors, and its potential to become a global reserve currency as key factors supporting his bullish outlook.
In 2022, Cathie Wood, the renowned fund manager behind Ark Invest, also made a bold Bitcoin forecast, saying the world’s leading cryptocurrency would reach $1 million by the end of the decade.
Bitcoin up to $1 million
British cryptographer and cypherpunk Adam Back, who’s also the CEO of Blockstream, a blockchain technology company, is convinced that Bitcoin is poised to go as high as $1 million after the 2024 halving as the cryptocurrency will benefit most from an intergenerational transfer of wealth.
While the Blockstream CEO didn’t provide specific dates, he noted that Bitcoin (BTC) “will surely flip physical gold sooner or later” as the probability of this scenario is high enough for “this halving cycle.” In an X post on Dec. 3, 2023, Back outlined his short-term Bitcoin price prediction, saying he expects the top cryptocurrency to set a new all-time high at $100,000 even before the 2024 halving, which is scheduled to arrive in April 2024.
FAQs
Is Bitcoin a good investment?
Like any cryptocurrency, Bitcoin is an extremely volatile asset, and its price can fluctuate wildly in the short term. As a result, it is not suitable for all investors. However, some believe that Bitcoin has the potential to be a good long-term investment due to its limited supply and growing adoption by institutional investors.
Will Bitcoin price go up?
Predicting Bitcoin’s price is a hard nut to crack as the cryptocurrency market is highly unpredictable. However, some analysts believe that Bitcoin’s price could continue to rise in the long term, driven by factors such as increased institutional adoption, growing investor demand, and the upcoming Bitcoin halving event.
How can I buy Bitcoin?
There are a number of ways to buy Bitcoin. You can buy Bitcoin through a cryptocurrency exchange, a peer-to-peer marketplace, exchange it for altcoins through cross-chain bridges, or, eventually, mine it with an ASIC rig.
How many Bitcoins will be mined?
There will only ever be 21 million BTC mined. As of press time, over 19 million Bitcoins have been mined. However, as noted by IntoTheBlock, nearly 30% of BTC supply hasn’t moved in over five years. It’s possible that a large part of these coins were lost forever, analysts alleged in an X post.
When is the next Bitcoin halving?
The next Bitcoin halving is expected to occur in April 2024. This event will reduce the reward miners receive for validating transactions by half: from the current 6.25 BTC to 3.125 BTC. Learn more about Bitcoin halvings in our special report.
