Bitcoin Price Prediction: ETC Group Anticipates Surpassing $100,000 By End 2024
28 Dezember 2023 - 5:00AM
NEWSBTC
Numerous price predictions have emerged as the Bitcoin price
continues to demonstrate significant growth throughout the year,
fueled by factors such as the upcoming halving event and potential
approval of a spot Bitcoin exchange-traded fund (ETF) by the US
Securities and Exchange Commission (SEC). Notably, the ETC
Group has released a comprehensive report shedding light on the
potential for new all-time highs in 2024 and an impressive
milestone of $100,000 by year-end. Bitcoin Price Recovery Sets The
Stage For A Promising 2024 According to the ETC Group’s recent
report, 2023 served as a recovery year for Bitcoin and crypto
assets, with pivotal catalysts setting the stage for the following
year. Per the report, BlackRock’s spot Bitcoin ETF filing in
June 2023 laid the groundwork for increased adoption of this
emerging asset class in 2024 and beyond. Related Reading:
Crypto Trading Firm Expects Bitcoin To Crash To $36,000, Here’s Why
Despite the progress made, the report highlights that Bitcoin and
other cryptocurrencies are still in their infancy in terms of
adoption in most developed countries. Global surveys indicate
an adoption rate of approximately 18%, suggesting that roughly one
in five individuals worldwide holds some crypto asset. One of the
highly anticipated events expected to drive Bitcoin price
appreciation is the BTC Halving scheduled for the end of April
2024. While some argue that the halving is already priced in due to
its public knowledge, historical data demonstrates significant
price increases following previous halvings. Notably, the ETC
Group’s base case prediction forecasts that Bitcoin’s price will
reach new all-time highs in 2024 and surpass $100,000 by the year’s
end. On-Chain Metrics Signal Bullish Outlook For BTC In 2024
Several on-chain metrics indicate that Bitcoin’s supply is scarcer
this cycle than the previous one. According to the report,
key indicators such as the percentage of exchange supply at a
5-year low and the all-time high percentage of supply in the last
1+ years suggest a potential bull market with increased
distribution of accumulated coins to new investors.
Additionally, macro factors, including the potential approval of a
spot Bitcoin ETF in the US, a likely US recession, a reversal of
monetary policy, and geopolitical risks, contribute to a favorable
outlook for the Bitcoin price in 2024. Related Reading: Polygon
Breaks Out Of Symmetrical Triangle, Analyst Puts This Target A
major point of discussion among investors revolves around the
potential price impact if a spot Bitcoin ETF gets approved in the
US. The report highlights that variations in global Bitcoin ETP
flows have explained approximately 40% of Bitcoin’s price variation
over the past six months. Assuming that 20% of investors
would consider such an investment and allocate 3% of their assets
under management (AuM) to Bitcoin, an estimated $33.5 billion of
new capital could enter the market. This influx of funds,
almost doubling the global Bitcoin ETP AuM, could lead to a price
impact of around 98%. Overall, the ETC Group’s in-depth analysis
and predictions suggest an auspicious year for Bitcoin price 2024.
With anticipated new all-time highs and the possibility of
surpassing $100,000 by year-end, Bitcoin’s growth trajectory shows
no signs of slowing down. Featured image from Shutterstock,
chart from TradingView.com
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