Bitcoin Prices Predicted to Reach $69,000 by Mid-2024
Bitcoin prices are expected to surge to $69,000 by mid-2024, according to analysts. They anticipate that the cryptocurrency will enter an acceleration phase marked by volatility and a sharp rally, potentially resulting in an 88% gain from the current price of $36,500.
Cory Mitchell, an analyst with Trading.biz, stated that bitcoin uptrends tend to move quickly once they gain momentum, often experiencing gains of hundreds of percent in less than a year. Mitchell referred to this phase as the acceleration phase. He further explained that significant gains typically occur about a year and a half after the cryptocurrency hits its bottom, which means the near-90 degree price surge could resume sometime around mid-2024. It is worth noting that bitcoin hit its lowest point in November of last year.
Mitchell highlighted previous instances where bitcoin underwent substantial rallies. In 2013, the cryptocurrency surged 1,200% within approximately 100 days. In 2017, it rallied 1,900% in under a year, and in late 2020, it experienced a 400% rally in about 140 days. However, Mitchell also cautioned that while these upward movements occurred, there were also several pullbacks and price dumps along the way.
Over the past year, bitcoin, the world’s largest asset by market capitalization, has made impressive gains, gaining almost 116%. This growth has helped alleviate concerns regarding bankruptcies within the industry and a generally bearish economic environment.
The recent surge in bitcoin’s value has been largely attributed to the anticipation of spot bitcoin exchange-traded fund (ETF) filings in the United States. It is expected that regulated offerings like these could lead to widespread institutional demand for bitcoin. Demand and usage of regulated instruments have been growing in tandem with bitcoin’s price. On Thursday, bitcoin futures trading on the Chicago Mercantile Exchange (CME) registered the highest volumes worldwide, surpassing even industry leader Binance.
Industry experts have commented on the rise of bitcoin futures trading on platforms like the CME, emphasizing the growing institutional interest in cryptocurrencies. David Lawant, head of research at trading platform FalconX, stated that the popularity of the CME among large traditional financial institutions indicates the significant interest from this particular audience in crypto.
In summary, analysts predict that bitcoin prices could soar to $69,000 by mid-2024, supported by an acceleration phase marked by volatility and a sharp rally. However, it is important to note that historical patterns indicate potential pullbacks and price dumps along the way. The recent surge in bitcoin’s value has been buoyed by the expectation of spot bitcoin ETFs entering the market, which is anticipated to fuel institutional demand for the cryptocurrency. The rise in bitcoin futures trading on regulated platforms like the CME further attests to growing institutional interest in the crypto market.
