Ryan Lee, senior analyst at Singapore exchange Bitget, has made some interesting Bitcoin price predictions for 2024. This prediction comes after BTC’s negative performance last week.
Bitcoin will trade at $120,000 in 2024 – Ryan Lee
Cryptocurrency data platform Brave New Coin shared Ryan Lee’s New Year Bitcoin outlook divided into three stages in an X post on December 17.
In the short term, Lee expects the Bitcoin price to fluctuate between $32,000-$50,000 depending on the outcome of the approval of a spot ETF in the US. Currently, many cryptocurrency enthusiasts are very optimistic that the SEC has finally granted approval for the launch of a spot Bitcoin ETF after several meetings between the regulator and several asset managers involved.
Bitcoin 2024 Prediction – Bitget Senior Analyst Ryan Lee Picks Price Points for BTC and Other Winners for Next Year 🚀 #Bitcoin2024 pic.twitter.com/LPlhJwgm9w
— Brave New Coin (@bravenewcoin) December 17, 2023
There is a 90% chance this potential approval order will come out between January 8 and January 10, 2024, according to Bloomberg analyst James Seyfarrt. This means that the Bitcoin price could see big moves in the coming weeks.
Regarding the mid-term phase, Ryan Lee predicts that the Bitcoin price will be between $38,000 – $75,000 based on the impact of the halving event, which has historically been known to trigger BTC price increases. This is because the halving event reduces the rate of new Bitcoin mining, creating scarcity and consequently increasing the demand and price of the token.
In the long term, Bitget’s senior analyst expects Bitcoin to trade between $40,000 and $120,000 in 2024. He believes that the main determinant of the current price of BTC will be the US policies and regulations that guide the use of the cryptocurrency.
As of this writing, Bitcoin is trading at $41,874.33, down 0.12% over the past hour. Meanwhile, the token’s daily trading volume decreased by 16.99% and its value stands at $14.85 billion.
BTC trading at $41,921 on the daily chart | Source: BTCUSD chart on Tradingview.com
Mr. Lee’s views on the altcoin market
Along with Bitcoin, Lee also made some interesting predictions about the top tokens in the altcoin market in 2024. Bitget management expects Ethereum (ETH) to outperform BTC and trade between $3,000 and $3,500. Lee predicts that ETH could reach its historic price of $4,900 by the end of 2024.
Meanwhile, analysts expect XRP to continue its trend in a similar way to BTC, reaching a price range of $1 to $1.5 by 2024. Lee also predicts that ADA could reach $1.2 to $1.8 by the time the Cardano ecosystem grows significantly.
Featured image from InfoWorld, chart from Tradingview
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