- Bitcoin’s potential for a price surge in 2024 is highlighted by experts, driven by an anticipated halving event and increasing interest from major companies and institutional investors.
- The recent approval of bitcoin ETFs by the US Securities and Exchange Commission is expected to attract more buyers to the market, potentially propelling prices higher.
- Long-term projections suggest significant price growth for bitcoin by 2030, with the majority of experts advising buying or holding, despite lingering concerns about cryptocurrency’s speculative nature and lack of regulation.
Experts foresee a bullish trend for bitcoin in 2024, attributing it to halving events and mounting institutional interest, with long-term projections signaling substantial growth by 2030.
How might bitcoin receive a boost in 2024?
Over half of the experts surveyed by Finder anticipate a price surge following a “BTC halving event” in April 2024.
A halving event occurs every few years, reducing the reward for mining bitcoin transactions by half. Currently, validators receive 6.25 bitcoins, which could decrease to 3.125.
Halving events result in diminished supply, reducing the availability of bitcoins and consequently driving prices higher.
Nearly half of the 40 surveyed panelists, around 47% predict that bitcoin will achieve a new all-time high six months after the halving event.
Kadan Stadelmann, Chief Technology Officer of blockchain platform Komodo, noted in the report that bitcoin faces significant pressure, not only due to the anticipated halving event but also because of increasing interest from major companies and institutional investors, likely boosting demand.
Also read: FTX offers payments for lost bitcoin, ethereum 80% below current prices
Many experts anticipate an influx of buyers in the market following the recent approval by the US Securities and Exchange Commission of 11 bitcoin ETFs (exchange-traded funds), facilitating easier trading of bitcoin-related investment funds on US stock exchanges.
Further upward momentum in price could occur if the US Federal Reserve lowers its historically high benchmark rate, potentially leading to increased liquidity flowing into bitcoin.
However, John Hawkins, senior lecturer at the University of Canberra, maintains that cryptocurrency remains largely speculative.
Hawkins stated, “If the new spot bitcoin ETFs gain popularity, there may be a temporary price surge. However, I still view bitcoin as a speculative bubble in the medium to long term.” He noted similar expectations surrounding ETFs in 2021, which ultimately led to a price crash.
Also read: Bitcoin price forecast: 5 experts look to 2024 and beyond
What should investors anticipate by 2030?
BTC is projected 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, estimates the price to be approximately $220,708 (€205,636) by 2030.
Overall, the majority (58%) of panelists believe now is the opportune time to purchase BTC; 38% advocate holding, while 5% suggest selling.
Cryptocurrencies are not regulated in the UK, and there is no protection offered by the Financial Ombudsman or the Financial Services Compensation Scheme.
Disclaimer: This information is not financial advice; always conduct thorough research to ensure suitability for your circumstances. Additionally, remember that we are a journalistic website aiming to provide expert guidance, but reliance on this information is at your own risk.
