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Home»EXCHANGE NEWS»Why Experts Think Bitcoin Will Hit All-Time Highs in 2024
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Why Experts Think Bitcoin Will Hit All-Time Highs in 2024

By Crypto FlexsJanuary 23, 20244 Mins Read
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Why Experts Think Bitcoin Will Hit All-Time Highs in 2024
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Bitcoin is not behaving the way cryptocurrency enthusiasts thought following the SEC’s approval of the Bitcoin ETF. The price rose over the next two days, reportedly reaching $48,000. But the bear’s emotions soon overwhelmed him as the coin was in free fall. The current situation is that BTC is below $40,000 and is trading at $39,811.45.

Nonetheless, experts are confident that Bitcoin will show strength before the end of 2024. Forecasts suggest the BTC price could inch closer to its all-time high of $65,000 before the market opens next year. Needless to say, this is speculation that may not necessarily be true. Most of this is based on the upcoming Bitcoin halving and the Federal Reserve’s interest rate decision. Combine this with the fact that Bitcoin has surpassed silver to become the second most traded commodity ETF.

Factors driving an optimistic outlook

Current highest margin is BTC is on a mission to exceed $48,000.. Only then will the path to $65,000 come into the spotlight. This is not a problem. Because many people believe that a price correction awaits Bitcoin anyway.

Factors driving bullish sentiment toward Bitcoin amid high volatility include:

bitcoin halving

This is scheduled to occur within the year, and many predict that the Bitcoin halving could occur in May 2024. There is historical reference to prove that the price rises during times when Bitcoin supply decreases, and mining rewards also decrease in May 2024. half. The only fear holding the community back is a disappointing response similar to this: Bitcoin ETF approved Application.

The average listing price is expected to be $49,380, reaching up to $57,500 by the end of the year. Additionally, a long-term view on BTC holdings suggests that it could reach $100,000 in the next year or so.

institutional adoption

Institutional investors are expected to show more interest in Bitcoin in 2024. More regulatory clarity and announcements from the Federal Reserve about interest rate cuts are still needed. Nevertheless, an increase in agency activity is inevitable after the first trigger was pulled in October last year.

favorite thing BlackRock and Fidelity More engagement with the segment. This is a key element in providing more accessible investment options for institutional and individual investors. The fact that BTC’s value has increased 75.02% since last year may further drive adoption.

macroeconomic factors

Macroeconomic factors involve aspects of inflation and global economic conditions. It also covers the global geopolitical situation. For example, any type of cross-border currency exchange restricts the flow of fiat currency into or out of a particular region. Moreover, third parties are heavily involved in determining the amount of the cut to be applied to every transaction.

Bitcoin and other cryptocurrencies are removing this principle to eliminate the principle that exchanges must be open at minimal cost for the development of global society and financial inclusion. As inflation strengthens, holders are likely to have less capital at their disposal to diversify their investments. So, it would be clear for them to stick to the options that will definitely make them profitable.

Potential Challenges and Risks

Bitcoin is considered a better store of value, almost comparable to gold, wherever cryptocurrency enthusiasts get the opportunity. What is being ignored is the set of challenges and risks that BTC brings to the table. This involves a lot of volatility, as evidenced by Bitcoin’s recent decline below $40,000 at the time of writing this article.

While CBDCs make sense, there are also regulatory hurdles in several countries, which have acknowledged that cryptocurrencies open the way for uncontrolled leaks and AML activities. Technological progress can only be addressed if the returns are tangible. Against all odds, every country except El Salvador has legalized Bitcoin.

The volatility of Bitcoin and other digital currency prices is still a topic of discussion. They lack usefulness and receive no support from world authorities. Work is almost underway to explore how the benefits can be delivered to people without putting them at risk.

In other words, Bitcoin market cap fell 3.08%, while 24-hour trading volume rose 108.39%.

conclusion

Bitcoin is said to be closer to the psychological level of $38,000 than it is to surpassing its recent high of $48,000. Experts are optimistic that the Bitcoin price will bounce back from the surface below and achieve results without being too dependent on the Bitcoin halving. Some said the price adjustments were merely cosmetic. Others called it the natural movement of the graph.

Traders and investors are advised to perform due diligence and follow responsible investment practices before entering the cryptocurrency world.

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