As someone who has been closely following the cryptocurrency market since its inception, I find the predictions for Bitcoin’s end-of-year price quite intriguing. While I believe that Bitcoin will indeed see significant growth this year, my personal opinion leans more towards the conservative side of the spectrum.
Following Donald Trump’s election as U.S. President, Bitcoin experienced an impressive surge, climbing approximately 30% and reaching unprecedented peaks of over $90,000 within just a week.
Currently, analysts are examining potential height or depth that Bitcoin (BTC) may reach by year-end, and they’ve offered their professional forecasts regarding its possible prices to CryptoMoon.
Lennix Lai — OKX: Beyond $100,000
According to Lennix Lai, the top commercial executive at crypto exchange OKX, he anticipates that the value of Bitcoin will surpass $100,000 before the end of trading in 2024.
As an analyst, I’ve been noticing indications that suggest we might be on the verge of a significant growth phase in the crypto sector, potentially propelling Bitcoin (BTC) above $100,000 by the year’s end, according to my perspective.
Currently, as of its latest release, Bitcoin’s value has surpassed $89,000, marking a rise of almost 30% within the past seven days, according to data from TradingView.
On the other hand, Lai cautioned that the current market conditions might have factored in some positive triggers such as the election outcomes and the growth in conventional stock markets. The significant surge in Bitcoin’s value may largely be attributed to temporary enthusiasm among investors.
“It’s important to bear in mind that considerable macroeconomic uncertainty exists.”
Following the election, there might be significant reductions in government spending and changes in tariffs that could unexpectedly shake up financial markets. I’m convinced these adjustments could contribute to a rise in prices, possibly causing the predicted reduction in interest rates by the Federal Reserve to slow down.” (He also mentioned)
He said these factors, combined with geopolitical risks, including the tensions in the Middle East and the US stance on active conflicts, may add further complexity to the market outlook and contribute to short-term volatility.
Tony Sycamore — IG Markets: Low-to-mid $90,000 region
Tony Sycamore from IG Markets predicts that Bitcoin could finish the year within the range of $60,000 to $120,000. He notes that much of the positive effects stemming from Trump’s election have already been factored into Bitcoin’s surge past $90,000 on November 11th.
He also mentioned another point: “It’s likely approaching the stage where certain alternative cryptocurrencies might need to make progress and match the performance of others.
“Ethereum, for example, is trading 20% below its year-to-date high, so I suspect that switching out of Bitcoin and into alts is a theme we will see play out into year-end.”
Josh Gilbert — eToro: $100,000
According to market analyst Josh Gilbert from eToro, the current surge in Bitcoin’s record highs is likely to persist, and he anticipates that Bitcoin could reach a fresh all-time high of $100,000 by the end of this year.
Similar to other analysts, Gilbert pointed out Trump’s presidential victory, decreasing interest rates, a strong US economy, and increasing daily inflows into Bitcoin ETFs as significant factors driving future growth. “This surge hasn’t yet reached the ‘excitement’ levels from retail investors that we’ve seen in past cycles,” said Gilbert.
Even though most people are optimistic about Bitcoin (BTC), Gilbert cautioned that it might temporarily decrease in the coming weeks. However, he acknowledged that the overall trend is so powerful that it’s hard to ignore.
“This asset’s run over the last two weeks has been like a freight train — it’s going to take something big to slow it down.”
Ki Young Ju — CryptoQuant: $58,000
According to Ki Young Ju, the CEO of CryptoQuant, he predicts a potentially less optimistic trend in Bitcoin’s price movement over the coming months.
According to a November 9th update on platform X, Ki predicted that the price of Bitcoin would end the year at approximately $58,974. He attributed this prediction to excessive activity in derivative markets, which he believes could lead to a correction soon.
Ki mentioned that he anticipated adjustments as the Bitcoin futures market became excessively heated, but we’re now in a phase of price exploration, and the market is getting even hotter. If corrections and consolidation happen, the bullish trend might prolong; however, a powerful year-end surge could pave the way for a bear market in 2025.
At the moment, there’s approximately $55 billion worth of active positions on Bitcoin derivatives such as futures and options, according to data from CoinGlass, which indicates a high level of market engagement with Bitcoin.
Pav Hundal — SwyftX: $103,000
According to Pav Hundal, SwyftX’s market analyst, it’s challenging to pinpoint a precise figure, but he anticipates Bitcoin will conclude 2024 trading slightly over the $100,000 mark, as reported by CryptoMoon.
As a researcher examining market trends, I’ve noticed an interesting observation. If we follow the conventional Fibonacci extension method on the high and low points from the previous cycle, it indicates a potential price point of around $103,000 by year-end.
Guy Armoni — HDI Fund: Around $100,000
According to Guy Armoni, the managing partner at HDI Fund, it’s likely that Bitcoin hasn’t reached its highest value for this particular cycle. He anticipates that Bitcoin’s price could rise further if the current trend continues.
Armoni believes that the increasing global use of cryptocurrencies and a more welcoming regulatory environment for crypto assets and businesses in the U.S. are major factors influencing Bitcoin’s price in the remaining part of 2021 and beyond, up to 2025. In fact, Armoni predicts that if this trend persists, we might see Bitcoin reaching $100,000 by the end of 2021, and the bull market could extend until 2025, potentially propelling Bitcoin prices to an astounding $250,000.
Matti Greenspan — Quantum Economics: Higher
According to Mati Greenspan, the head of Quantum Economics, Bitcoin has been dismissing exceptionally positive underlying factors and has mainly stayed put instead of rising for the majority of this year. However, he anticipates that Bitcoin will continue to surpass other assets as we approach the end of 2024.
Disagreeing with the widespread belief that the current cryptocurrency surge might end within a few months, Greenspan predicts that the positive trend for cryptocurrencies could persist for an extended period.
Long-term stock market rallies, such as bull runs, often take shape over a period of ten years or more. It seems some individuals are behaving as if this situation will resolve itself in just a month, and they should consume as much as possible while the opportunity exists, or else they may be left with mere leftovers.
Ben Simpson — Collective Shift: $100,000
As an analyst, I can share that according to Ben Simpson, CEO of Collective Shift, we may experience temporary drawbacks or corrections in the near term. However, his long-term forecast for Bitcoin‘s value by the end of this year is optimistic, projecting it to trade at around $100,000.
Following Trump’s election, lowering interest rates, hints of future quantitative easing, and daily Bitcoin ETF volumes reaching a billion dollars consistently, there’s been an increase in awareness among many individuals,” he stated.
“When you’ve got a limited supply asset like Bitcoin and the amount of demand that’s coming in, the space is only going one way.”
Tom Wan — Independent analyst: $80,000-$95,000
According to independent analyst Tom Wan, speaking to CryptoMoon, he anticipates Bitcoin will surpass the $95,000 – $100,000 threshold before 2024 comes to a close. However, it’s crucial to consider that $100k represents a significant psychological barrier, and there may be heavy resistance or selling around this price range.
In simpler terms, Wan indicates that investors are anticipating favorable cryptocurrency regulations under a potential second Trump administration and are increasing their investments in spot Bitcoin ETFs. However, he also points out that high open interest in Bitcoin could present a challenge or obstacle in the near future.
Recent: Crypto industry smashes all lobbying records in 2024, influencing US election
As a crypto investor, I too share an optimistic long-term perspective on price movements, much like many of my peers in the industry.
Looking forward to regulations that welcome cryptocurrencies, it’s likely that institutions such as pension funds, registered investment advisors, state administrations, and large corporations will begin investing in digital assets. This influx of institutional capital could potentially push Bitcoin prices beyond key milestones,” Wan stated.
TLDR
Generally speaking, there’s a widespread agreement among experts that Bitcoin could be worth more than or close to $100,000 by year-end. However, it’s important to note that they anticipate significant price fluctuations and potential significant corrections for Bitcoin in the near future.
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2024-11-13 17:48