LUCKNOW (CoinChapter.com) — Bitcoin has captivated investors and the financial world with its extreme price volatility and promising long-term trajectory. As the still dominant cryptocurrency moves into 2024, many wonder if this will be the year it finally reaches $100,000. There are several key factors driving optimism that Bitcoin could hit this milestone.
Analyst Perspectives: The Road to $100k Bitcoin in 2024
Leading crypto analysts have a wide range of bitcoin price predictions for 2024, fueled by factors like the halving, institutional adoption, and momentum:
Galaxy Digital
The CEO of crypto investment firm Galaxy Digital, Mike Novogratz, has a 2024 bitcoin price forecast of $70,000 contingent upon US spot bitcoin ETF approval. In Novogratz’s view, it will be hard for Bitcoin not to hit $70,000 if the US ETF ecosystem evolves. Approval would trigger a “pretty successful shift of psychology,” empowering mainstream retail investment and dramatically expanding Bitcoin’s total addressable market.
VanEck
VanEck’s Bitcoin prediction for 2024 anticipates the BTC price to cross above $69,000, its highest level on record. VanEck’s Bitcoin prediction 2024 draws cues from a combination of factors, such as the long-anticipated US recession in 2024 and the approval of a spot Bitcoin ETF.
PlanB – Stock-to-Flow Model Forecast
PlanB is the pseudonymous analyst behind the highly cited Stock-to-Flow (S2F) Bitcoin valuation model. It predicted bitcoin would reach $100,000 in 2024. The analyst sees bitcoin entering “a full-blown bull market after the halving in 2024,” his model forecasting bitcoin exceeding the $70,000 level as its overall scarcity increases post-halving.
Standard Chartered Bank
In April 2023, British mega-bank Standard Chartered analysts predicted bitcoin would hit $100,000 by the end of 2024 as “crypto winter” turns to spring. They cite fading headwinds, such as the Federal Reserve halting rate hikes, providing clearer skies for Bitcoin. Standard Chartered also sees mainstream adoption expanding via means like broadening spot bitcoin ETF access — fueling an influx of new capital. Later, they revised their 2024 projection upward to $120,000 amid accelerating fundamentals.
Matrixport
Crypto financial services firm Matrixport issued a highly bullish 2024 bitcoin price outlook in November 2023. They see Bitcoin reaching $125,000 in 2024 thanks to the halving of new supply and positive macroeconomic forces like declining inflation providing a potent tailwind. The firm states that “historically, the years when Bitcoin mining rewards were halved were generally bullish,” creating the ideal conditions to spur this fresh price discovery phase.
More or less, all analysts considered some common factors while making their predictions about Bitcoin reaching $1,00,000 in 2024. These factors are:
The Bitcoin “Halving” Cycle
One of the most impactful events underpinning Bitcoin’s pricing cycles is the “halving” – an automatic reduction in the rate of new Bitcoin creation that occurs roughly every four years. With the next halving expected in April 2024, many analysts predict this built-in supply shock could drive prices over $100k.
Historically, bitcoin’s price has risen dramatically in the 12-18 months following a halving event. Both previous halvings catalyzed bull runs that took Bitcoin to new all-time highs. With strong pricing momentum leading into 2024’s halving, hopes are high it could push Bitcoin into triple-digit territory.
Mainstream & Institutional Adoption
In recent years, bitcoin has seen rapidly expanding mainstream and institutional adoption. Major global brands like Microsoft, AT&T, and AMC now accept Bitcoin payments. Major financial players like Fidelity, JP Morgan, and Goldman Sachs have all launched Bitcoin-related services. Countries like El Salvador have recognized Bitcoin as a legal tender.
Investment bank Standard Chartered believes this trend of growing Bitcoin integration into the mainstream financial system will likely accelerate in 2024, enhancing legitimacy and fueling further exponential price growth.
Many analysts consider the potential approval and adoption of a Bitcoin ETF in the US to be a key factor that could help propel Bitcoin’s price to $100,000 by 2024.
Crypto-Friendly Regulations
After years of uncertainty, clear crypto regulations are beginning to emerge across the globe. This regulatory clarity is expected to invite greater institutional investment. Standard Chartered, in particular, sees the likely US approval of spot bitcoin exchange-traded funds (ETFs) in 2024 as a potential watershed moment for institutional participation.
With heavy restrictions lifted, hundreds of billions in capital could flow into Bitcoin – pushing it easily above the $100k mark.
Other Factors: Macroeconomics, Market Cycles & Momentum
In times of global financial turmoil and uncertainty, Bitcoin has proven itself as an uncorrelated asset and hedge against mainstream market volatility. With recession and inflation risks looming in 2024, bitcoin’s “digital gold” status could propel prices higher.
Four-year boom-bust cycles are also deeply ingrained in crypto markets, with bitcoin potentially still early in the current cycle, starting from the bottom of 2020’s Covid crash market. Extended cycles have run as long as two years with 5x+ gains.
Finally, sheer momentum cannot be discounted after Bitcoin’s blistering 2023 rebound above the $20k threshold. With all engines firing in 2024 — from retail and institutional adoption to Bitcoin’s coded monetary policy – surpassing $100k seems achievable.
Key Takeaways: The Stars are Aligning for $100k Bitcoin
While bitcoin price predictions should always be viewed cautiously for such a volatile asset, 2024 is shaping to be a pivotal year.
If bitcoin history repeats itself following the upcoming halving, institutional and mainstream adoption continues accelerating, regulatory clarity opens the floodgates of capital inflow, and market cycles play out similarly to the past — crossing $100k seems an attainable milestone.
For risk-tolerant investors, the long-term upside potential far outweighs the short-term volatility. Events potentially align for Bitcoin to eclipse $100k by the end of 2024. The next twelve months promise to showcase whether Bitcoin is ready for the financial primetime.
