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May 8, 2024
(Updated on
Apr 19, 2024

Will Bitcoin Reach Another All-Time High in 2024?

Bitcoin could be in for a bumper year despite a rocky start to 2024 following the ETF launch on mainstream US markets. One of the biggest events this year, which is predicted to have an influence on the price of Bitcoin, is the halving. The next Bitcoin halving is expected to take place around April 2024, which could see the currency's price increase as it becomes more scarce.  

Photo by Thought Catalog on Unsplash

Experts predict that interest rates will rise this year, and many expect investors to consider cryptocurrency a more lucrative investment than they did in 2023. Furthermore, many are considering converting lower-performing coins like ETH to BTC ahead of the expected market surge. Overall, it’s shaping up to be an optimistic year for Bitcoin, with some saying the price could reach the $200,000 mark.

Latest News from the Bitcoin World

Bitcoin’s trading for the year has been nothing less than heart-stopping. To start the year, positivity reigned supreme as the cryptocurrency’s ETF was announced. In the days that followed, Bitcoin slowly gained momentum. This, however, was not to last. By mid-January, some started selling off, plunging the price. Now, Bitcoin has regained its $43,000 price mark, trading up at over 2% from the previous week, potentially indicating investor confidence ahead of the predicted halving expected in financial Q2. In other news, German police confiscated around $2.1 billion, or approximately 50,000 BTC, from two suspects as part of an investigation into pirated materials. Google has also lifted its ban on crypto ETF ads, allowing cryptocurrency trusts to advertise their products mainstream.

BTC Current Market Position

Bitcoin’s current market position stands at $42,000. The trade is 7.27% higher than last week and 5.37% lower than one month ago. The price action has left Bitcoin's market capitalization at $830 billion. Since the start of 2024, Bitcoin has seen a change of 0.90%. You can get more information on the current Bitcoin standing at https://godex.io/.

In 2024, Bitcoin is predicted to trade at an average of $65,724.87, but prices could reach highs of $72,814.39. In 2025, the minimum trade for Bitcoin is expected to be around the $95,689.44 mark, with the cryptocurrency trading on average at $98,318.43. maximum trade for Bitcoin in 2025 is forecast to sit at $110,683.77. The average predicted price for Bitcoin in 2026 is $142,846.62, while in 2027, the average price is expected to reach $207,561.08. The maximum predicted trading price for the world’s largest cryptocurrency in 2026 and 2027 is $166,881.69 and $235,559.48, respectively. In the three years between 2028 and 2030, the price of Bitcoin is forecast to trade anywhere between $291,158.53 and $734,627.63. 

Photo by Pierre Borthiry - Peiobty on Unsplash

The crypto ecosystem is decentralized, meaning it does not receive backing from any central agencies to provide trust in the currency. The volatility of the crypto markets depends on several factors, including supply and demand, the cost of mining, exchanges, politics, legislation, and the media. For example, when looking at supply and demand, if many investors want to buy Bitcoin but there is not enough, the price will be higher. The same happens with Bitcoin in the media; information about the coin reaches consumers, and when the news is good, trades go up, but when the news is negative, investors tend to sell more.

Does Bitcoin Have a Future?

The future of Bitcoin will be dependent on the many factors at play. For now, the future is solid and quite optimistic for the crypto giant. Some predict the price could even reach $200,000 in the near future, and with recent improvements to the Bitcoin blockchain, it does seem possible. If history repeats itself, the Q2 halving will have a significant impact on the price of the coin.

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