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How Much Could Bitcoin Grow During 2024?

2024-03-08 11:20:29Kosova&Bota SHKRUAR NGA REDAKSIA VOX

How Much Could Bitcoin Grow During 2024?

Bitcoin (BTC) is expected to hit a new record high of $88,000 (€82,000) throughout the year, before settling around $77,000 in late 2024, according to a new report. The current price of the cryptocurrency stands at around $43,000.

UK fintech firm Finder conducted a study based on expert price predictions of 40 crypto industry specialists on how Bitcoin is expected to perform by 2030.

Bitcoin, it found, is likely to reach an average peak price of $87,875 in 2024, with some experts predicting it will rise as high as $200,000.

On the other hand, the lowest average price Bitcoin could reach by the end of 2024 is seen as $35,734, the report said, with some predicting that it will fall as low as $20,000.

More than half of the experts Finder surveyed expected the price to rise after a so-called “BTC halving event” in April 2024.

A halving event refers to a period every few years when the reward for mining Bitcoin transactions is halved. As things stand, those who validate Bitcoin transactions currently receive 6.25 bitcoins, which could go down to 3.125.

Halving events lead to a lower supply, with fewer Bitcoins made available, thus leading to higher prices.

Just under half of the 40 panelists surveyed (47%) believe Bitcoin will hit a new all-time high six months after the halving event.

Many experts predict more buyers in the market after the US Securities and Exchange Commission's recent approval of 11 Bitcoin ETFs (exchange-traded funds), making it easier for individual investors to trade the funds of Bitcoin-related investments in US stock markets.

The price could rise further after the US Federal Reserve cuts the historically high rate, as analysts expect more liquidity to flow into Bitcoin.

BTC is expected to potentially rise to $122,688 (€114,310) in 2025 and $366,935 (€341,878) in 2030.

However, the truncated mean, a statistical measure of central tendency, puts the expected price at around $220,708 (€205,636) by 2030. Overall, a majority (58%) of panelists believe now is the time to buy BTC ; 38% advise people to hold while 5% of panelists are in favor of a sell.


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