Prediction: Bitcoin Will Reach $100,000 in 2024
After experiencing a 65% decline in 2022, Bitcoin has emerged as a major winner this year, with a staggering 160% surge in 2023 that outperforms the stock market’s gains.
Currently priced at around $43,700, there is a strong possibility that Bitcoin could reach the coveted $100,000 milestone by the end of 2024.
Let’s explore the reasons why Bitcoin could achieve a new all-time high.
Ready for Take-off
In addition to its impressive returns in 2023, Bitcoin has several catalysts on the horizon that could further propel its value.
One potential catalyst is the introduction of spot exchange-traded funds (ETFs) for Bitcoin. Major asset managers, such as BlackRock and Fidelity, have applied to the Securities and Exchange Commission (SEC) to launch these products, with approval expected as early as January. The introduction of spot ETFs would provide legitimacy to Bitcoin and attract significant capital, potentially driving up its price.
Macro factors, such as a looser monetary policy resulting from potential rate cuts by the Federal Reserve in 2024, could also be favorable for Bitcoin and other riskier assets.
Furthermore, the next halving event, expected in late April, could be a potent catalyst for Bitcoin. Halving occurs approximately every four years and reduces the new supply of Bitcoin entering the market. This combination of reduced supply and increasing demand has historically been bullish for Bitcoin.
Maintain the Right Mindset
While the prospects for Bitcoin reaching $100,000 in 2024 are promising, it’s important to remember that Bitcoin is still a highly volatile asset. Investors should carefully consider their risk tolerance before investing, especially if they are nearing retirement.
A smart strategy is to only invest an amount that you are willing to lose, especially for those who are new to Bitcoin. As you gain more knowledge and confidence, you can consider increasing your allocation.
Long-term thinking is crucial when it comes to Bitcoin. Holding for the next decade to observe its development is advisable, as quick riches are not guaranteed.
While $100,000 is a realistic outcome for Bitcoin in 2024, it is not a certainty. Investors should maintain optimism but also be prepared for unexpected outcomes.
Disclaimer: Neil Patel and his clients have positions in Bitcoin. The Motley Fool also holds positions in and recommends Bitcoin. Please refer to The Motley Fool’s disclosure policy for more information.