Debates about the outcome of bitcoin prices in the near future have not stopped flooding the minds of investors, with most of them wondering whether the currency might hit $100,000 in 2024. In fact, according to Real Research Media, 68.44% believed that it might reach $100,000 this year. As a result, 66% of surveyed respondents were still confident of investing in the currency due to its projected potential.
Well, for an investor who wants to stay ahead of the curve, we can never overemphasize the importance of staying up to date in this industry, where things can change rapidly. This is regardless of the country from which you trade. Let’s say, for instance, you are from Pakistan; checking the value of BTC to PKR from time to time can help you make more informed decisions. And if you’re seeking to know more about expert opinions of what might become of Bitcoin in the near future, then you are in the right place.
How things have been previously
As we have already mentioned, a considerable number of investors expect Bitcoin to hit a six-figure value by the course of this year (2024). Surprisingly, this comes after the currency underwent a tumultuous period, especially last year when it shed about 65% of its market value. Events like the FTX decline and Terra Luna crash had a big role to play in this. Fast forwarding to the end of 2023, the currency started recovering and promising growth.
On March 8, 2024, it surpassed its all-time high of $69,170 to reach $70,083. A few days later (about six), it hit $73,750, pushing its market capitalization to $1.44 trillion. As of August 31, 2024, the price had declined to $ 59,179.88, representing a 0.16% decline within 24 hours. Standing at this value, will Bitcoin still reach the six-figure projection or not? Read on to discover more.
The impact of SEC’s approval
At the beginning of 2024, the SEC approved eleven spot Bitcoin EFTs after previously rejecting several applications by Grayscale Investments. Part of why regulators were reluctant to grant such approvals is their concern over investor protection, market manipulation, etc. Just a day after the approval, all the 11 ETFs started trading, but not without warning.
Gary Gensler, SEC’s chair, warned investors, urging them to remain watchful of the various pitfalls associated with digital currencies. Some experts believe that the launch of the ETFs may likely encourage Bitcoin’s adoption into the mainstream financial system.
Nathan McCauley, CEO of Anchorage Digital, a company that provides crypto services for financial institutions, projected that the integration of spot ETFs might lead to a world where crypto is part of every portfolio. Plus, these ETFs might create more avenues for actively trading bitcoin, which might result in greater trading volume.
As if that’s not enough, top names like BlackRock and Fidelity have entered the sector, signalling a major shift regarding crypto’s mainstream acceptance. By January 2024, they were managing more than $2.6 billion in Bitcoin assets. Who knows? Maybe the participation of such industry players might welcome more interest in Bitcoin investment, possibly leading to higher prices in the future.
Looking at the recent Bitcoin halving event
One good side of Bitcoin’s infrastructure is that it’s decentralized and transparent – meaning no central bank or government can print it, limiting its supply. And when a halving event happens, its supply is even reduced to help increase the prices of the currency. So, when the recent halving event happened in April, many investors expected that the price would immediately rise. However, for the last four months, the opposite has been the case.
Well, given that it took nearly five months before the price could skyrocket after the 2020 event, might there be hopes for things to change this year? When you look at the currency’s prices after each of the previous halving events, you’ll notice an exceptional increment, which is the reason why several investors still have hopes of change.
Hannah Phung, a top industry analyst, suggested that once the prices begin surging, they may take long before they begin subsiding as more institutional investors are involved compared to previous years. Although Bitcoin has yet to follow a bullish trend after halving, some still believe that it’s still too early to conclude that prices might not increase.
Bernstein, which has about $725 billion in assets, holds the stand that the price might get to $1 million by 2033 after hitting $200,000 in 2025. Other reports have shown bitcoin whales have begun accumulating Bitcoin, which may boost Bitcoin’s price. As more managing institutions gather bitcoin for ETF shares, it results in massive capital inflows. BlackRock’s BTC, for instance, has witnessed over $20 billion since SEC approved spot ETFs early this year.
Final words
Especially after Bitcoin has maintained a bearish trend four months after the halving event, discussions about what the future holds for Bitcoin’s price have not ceased. Some experts still believe that the price will rise due to factors like the SEC’s approval of the EFTs, the halving event, etc. Plus, more industries like the casino sector are now integrating crypto payments, which might increase demand and, thus, increase prices. But since crypto is highly volatile, it pays to always stay updated about current trends.
