Analyst Rates Bitcoin As Most Promising Asset For 2024, Predicts Price Potential Of $120,000
17 Dezember 2023 - 2:00PM
NEWSBTC
Chief analyst of Singaporean exchange Bitget, Ryan Lee, has laid
out some interesting Bitcoin price predictions for 2024. This
forecast comes after BTC’s negative performance in the last week,
where the maiden cryptocurrency declined by 4%, falling below the
$42,000 price mark. Related Reading: Bitwise Reveals Two
Major Triggers That Will Send Bitcoin Price To $80,000 Bitcoin To
Trade At $120,000 In 2024 – Ryan Lee In an X post on December
17, crypto data platform Brave New Coin shared Ryan Lee’s
projections for Bitcoin in the new year, which were presented in
three phases. For the short term, Lee anticipates Bitcoin’s
price to fluctuate between $32,000-$50,000 as determined by the
outcome of the spot ETF approval saga in the US. Currently, many
crypto enthusiasts are highly optimistic about the SEC finally
granting a green light to the launch of a spot Bitcoin ETF,
following multiple meetings between the regulator and several asset
managers involved. According to Bloomberg analyst James Seyfarrt,
there is a 90% chance that this potential approval order will come
between January 8th and January 10th, 2024, meaning Bitcoin’s price
may be set for a major movement in the coming weeks. In regards to
the mid-term phase, Ryan Lee predicts Bitcoin prices to range
between $38,000 – $75,000 based on the effects of the halving
event, which is historically known to cause a rise in BTC prices.
This is because the halving event causes a reduced rate of new
Bitcoin minting, which leads to scarcity, in turn boosting the
token’s demand and price. In the long term, Bitget chief analyst
projects Bitcoin to trade between $40,000 and $120,000 in 2024. He
believes the major determinant in BTC price at this time would be
US policy and regulations guiding the use of cryptocurrency. At the
time of writing, Bitcoin trades at $41,874.33, with a decline of
0.12% in the last hour. Meanwhile, the token’s daily trading volume
is down by 16.99% and valued at $14.85 billion. BTC trading at
$41,921 on the daily chart | Source: BTCUSD chart on
Tradingview.com Related Reading: Altcoin Season Incoming: Analyst
Forecasts Further Bitcoin Correction, Signals Alts Market Upswing
Lee’s Take On The Altcoin Market Alongside Bitcoin, Lee has also
given some interesting predictions on the top tokens in the altcoin
market for 2024. The Bitget executive expects Ethereum (ETH) could
outperform BTC and trade between $3,000 and $3,500. By the end of
2024, Lee predicts ETH could attain a historic price point of
$4900. Meanwhile, the analyst expects XRP to trend in a similar
fashion as BTC, hitting a price range of $1-$1.5 in 2024. In
addition, Lee also projects that ADA could reach $1.2-$1.8 pending
a significant growth of the Cardano ecosystem. Featured image from
InfoWorld, chart from Tradingview
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