The world of cryptocurrencies continues to be a hot topic, with Bitcoin (BTC) at the center of the stage. In anticipation of 2024, a group of 40 industry specialists has shared their insights and predictions on the evolution of Bitcoin’s price until 2030.
Finder, one of the leading financial comparison platforms, conducted its latest survey in January 2024, revealing the interesting perspectives of cryptocurrency experts.
Bitcoin price predictions: a snapshot for 2024
According to the average forecast of the panel, Bitcoin is expected to reach a value of $77,423 by the end of 2024.
This figure represents a substantial increase compared to the average forecast of $38,488 from the previous survey for the end of 2023. The bullish sentiment is further emphasized by the projections for 2025 and 2030, with averages of $122,688 and $366,935 respectively.
The speakers have mentioned several factors that contribute to their optimistic forecasts for Bitcoin in 2024. Kadan Stadelmann, CTO of Komodo, highlighted the growing interest from large companies and institutional investors, which should drive demand.
In addition, the approval of spot ETFs and the upcoming halving in 2024, which will reduce the supply of new issuance, have been identified as key catalysts for potential value appreciation.
Daniel Polotsky, founder and president of CoinFlip, has added another layer to the bullish narrative, suggesting that potential interest rate cuts by the US Federal Reserve in 2024 could redirect liquidity towards Bitcoin.
He emphasized that a combination of interest rate cuts, global political instability, Bitcoin spot ETFs, and halving could contribute to a significant surge in prices.
Although most speakers have expressed bullish sentiments, there have been dissenting voices. John Hawkins, senior lecturer at the University of Canberra, remained skeptical, considering Bitcoin little more than a speculative bubble.
He warned against making parallels with past events, emphasizing the potential for temporary price increases driven by new Bitcoin spot ETFs.
Forecasts and price peaks
The panel’s predictions on the peak price of Bitcoin by the end of 2024 ranged from an average of $87,875, with some forecasts of peaks exceeding $200,000.
On the contrary, the lowest average price predicted was $35,734, with some participants predicting it could drop as low as $20,000.
Henry Robinson, co-founder of Decimal Digital Currency, has expressed optimism, predicting that Bitcoin will reach $120,000 by the end of the year. Robinson has highlighted the potential imbalance between supply and demand, suggesting that macro forces such as ETFs, a dovish Fed, and increasing adoption could fuel an upward trajectory.
The majority (57.5%) of panel participants believe that it is currently a good time to buy Bitcoin, while 37.5% suggest holding the asset. Only 5% believe it is time to sell.
Jason Lau, Chief Innovation Officer of OKX, justified the buying sentiment by highlighting the continuous adoption and accessibility of Bitcoin, especially with the recent approval of ETFs.
More than half of the panel participants (54%) believe that Bitcoin is currently being sold at a discount, while 33% consider it fair and 13% consider it overpriced.
Mitesh Shah, founder and CEO of Omnia Markets, Inc. has attributed the potential growth of Bitcoin to the recent spot ETF approvals and the upcoming halving, suggesting that it is currently undervalued.
The majority of panel participants identified the approval of spot ETFs for Bitcoin, anticipation of the halving, and the growth of institutional investments as the main factors behind the recent surge in Bitcoin’s price.
Raul Calvo, co-founder of Diva Staking, highlighted the market momentum that preceded the ETF approvals and institutional inflows.
The role of halving in a bullish race for the Bitcoin price in 2024 and the increase in positive sentiment for forecasts
Although over 50% of panel participants believe that halving will trigger the next cryptocurrency bull run, many recognize a mix of factors at play.
Akash Mahendra, responsible for developer relations at Haven1, emphasized the importance of halving and approval of Bitcoin spot ETFs in accelerating demand.
Almost half (47%) of the participants in the panel predict that Bitcoin will reach a new all-time high six months after the halving, while 18% expect this milestone to be reached within 12 months.
Some have considered historical trends, like Samy Ben Bahmed, manager of Sastanaqqam, who highlighted the previous all-time high of BTC about six months after the previous halving.
The variety of opinions from experts on the future of Bitcoin highlights the dynamic nature of the cryptocurrency market. While bullish sentiments dominate on one hand, skepticism and cautious outlooks remind investors of the inherent volatility.
In order to navigate the cryptocurrency landscape in 2024, market operators must carefully consider the multitude of factors that influence the trajectory of Bitcoin’s price, from macroeconomic conditions to regulatory and technological developments.