Bitcoin Price Prediction For 2024

Bitcoin, the oldest cryptocurrency, attracts investors, fraudsters, and authorities since 2009.

Its advocates called it a revolutionary technology that produced decentralized money and the cryptocurrency sector. Some became Bitcoin millionaires, while others lost hundreds or thousands predicting its price.

Many Bitcoin price projections are absurd. Ark Invest CEO Cathie Wood forecast $1.48 million Bitcoin by 2030. This projection reflects popular astonishment at Bitcoin's spectacular surge, says Collective Shift senior analyst Nicholas Sciberras.

He adds "it's difficult to put any price target out there, as the sky could become the limit depending on adoption and external factors in the market."

Bitcoin has come far from a penny. Bitcoin has come far from a penny. Bitcoin hit $52,000 on February 26, 2024. Sciberras believe Bitcoin might be worth $1 million per unit, “really shows how far we’ve come”.

Amazing highs and dreadful lows are imaginable.

Bitcoin originated with Satoshi Nakamoto's 2009 white paper. BTC was worth a penny early on.

Early Bitcoin saw growth and ‘bull runs’. One of the biggest bull runs saw BTC hit $US69,000 in November 2021. Scriberras remembers uncertainties.

He remarked, “During 2014 and 2017, we saw many Bitcoin ‘forks’ that split the Bitcoin community.” Blockchain-altering hard forks separate currency.Many user groups split Bitcoin, creating its history. Bitcoin withstood heated arguments.

Sciberras argues dealing with these developments gives Bitcoin strength and credibility.

Bitcoin has survived several storms and efforts to modify it, with forks making up less than 1% of its market price.

BlackRock, the biggest asset management, announced a BTC ETF in June 2023. WisdomTree, ARK Invest, and others took action after BlackRock's statement. Bitcoin rose over $52,000 in a month after 11 US ETF applications were accepted in January. These ETFs have seen record inflows since their launch, second only to gold.

The four-year halving event lowers currency production and is another big price event for Bitcoin. May brings the second halving.

"We've seen Bitcoin's price significantly increase a year before and after the halving," Sciberras adds.

Investors claim Bitcoin's price hinges on halving. Sciberras is watchful.

He argues, “The jury is still out on how priced-in the halving is, or how important it is to Bitcoin’s price trajectory.”

Some believe the four-year halving event is not as big as others and that its alignment with external liquidity cycles boosts prices.

Bitcoin may see ups and downs in 2024. In 2024, institutional adoption, halving, legislation, and macroeconomics will affect Bitcoin prices.

Several 2023 enforcements harmed crypto's reputation. CFTC civil complaint against Binance and CEO Changpeng Zhao.

In November, Binance settled with the US Treasury and DoJ after CZ resigned and ceded control.

Sciberras stressed that Binance was not accused of bank run or consumer money exploitation.

He adds, “This was one of the best outcomes the market could’ve hoped for, and crypto prices rallied.”

"Binance was a massive grey cloud over crypto, and the settlement is a huge green flag for 2024."

Sciberras also believes Bitcoin may rebound in 2024 after US Federal Reserve chairman Jerome Powell stated the central bank may have hit the pinnacle of its rate hiking cycle.

When interest rates stabilize or decline, investors may keep money in cryptocurrencies like Bitcoin because to its perceived hedging against conventional financial institutions and rising scarcity, particularly as the halving approaches in May.

Sciberras now predicts three 25-basis-point rate cuts in 2024.

Sciberras advises investors to monitor PCE inflation as Powell has left the door open for further rate hikes.

To support 11 Bitcoin ETFs, management companies have invested in BTC. BlackRock's BTC has gotten approximately $5 billion since early January, while the other ETFs have collected $6 billion.

ETF purchases may boost BTC all year.

Sciberras thinks banks will decide Bitcoin's destiny.

“The global economy is in trouble, with the US facing a banking crisis and rising debt,” Sciberras stated.

"There were multiple bank failures in 2023, but many forget the cause."

Bank failures in 2024 may need government stimulus or money creation. This would depreciate the currency like COVID-19.

Sciberras thinks that Bitcoin's position as a recognized, fair, strong asset with a fixed amount and immutable regulations may appeal.

Ordinals and BRC-20 tokens increase Bitcoin's block space, suggests Sciberras. Demand, usefulness, and miner fees may reduce Bitcoin security budget issues. The Lightning Network may make Bitcoin a payment mechanism rather than a store of wealth.

Sciberras said Bitcoin might become more ‘money like’ and reach sharp price targets if it improves payment capabilities.

Lightning adoption is early. Lightning Network payments increased 1,212% in two years. Lightning is boosting distribution with more support.”

Sciberras also cites Bitcoin's 2024 price for ETF certification. It increased Bitcoin values and legitimized it by forcing purchases.

He predicts $30–300 billion in Bitcoin after clearance. By February 22, ETFs had invested $US11 billion in the biggest crypto asset.

Sciberras concludes that the Financial Accounting guidelines Board's (FASB) December 2024 digital asset reporting guidelines will simplify corporate bitcoin reporting and holding. New restrictions eliminate a major Bitcoin-holding company impediment.

Bitcoin is risky like other investments. The diminishing block reward undermines Bitcoin's long-term security, argues Sciberras.

Bitcoin may suffer short-term sell pressure.

The Bitcoin blockchain inscriptions of film, music, and literature are controversial. Sciberras recognizes their ability to establish sustainable protocol fees, particularly as more Bitcoins circulate and miner dependence on fees develops, but he also highlights the community's split opinions on their influence on network performance.

Legendary Bitcoin developer Luke Dashjr considers inscriptions spam. Claim they jam network, impeding mining and support. Ideological differences may generate Bitcoin community discord.

Environmental and political harm are concerns.

Sciberras said the White House's 30% tariff on US Bitcoin miners hits Bitcoin's environmental impact again.

Bitcoin's price may drop if energy use is questioned.

The worst-case scenario is Europe reimposing a 2022 ban on (proof of work), which was overturned.”

Government penalties on Bitcoin and cryptocurrencies may lower values.

“The US is becoming incredibly hostile towards cryptocurrency and Bitcoin,” Sciberras warns.

Using Bitcoin may endanger money monopolies, hence governments may ban it.

Sciberras warns of a US effort to extend the Bank Secrecy Act and mandate stricter digital currency transaction reporting, including unhosted wallets.

He added this regulation will kill US crypto "in its current form."

The AML and KYC requirements scare investors. Reporting private, self-hosted wallet transactions is difficult, says Sciberras.

“AML laws remain a big battleground and could threaten the industry as compliance could be extremely difficult,” Sciberras warns.