The price of bitcoin has experienced a spectacular rebound in recent days, exceeding $44,000. Experts estimate that this upward trend will continue in 2024. But what price can BTC really reach this year?
Factors that boost the price of bitcoin
The crypto market experienced a real shock this week with the sudden explosion in the price of bitcoin. Many positive signals suggest that this upward trend is not about to stop. The upcoming arrival of the Chinese New Year, a historically promising event for cryptocurrencies, adds to the ambient optimism.
Several elements explain the spectacular rebound of BTC in recent days. First of all, the successful launch of the first Bitcoin ETFs in the United States has streamlined its adoption by institutional investors. As a result, ETFs have already attracted more than $25 billion in assets under management.
Next, Bitcoin’s resilience even in difficult times shows that support at $40,000 is strong. Finally, the approach of the Chinese New Year, a historically auspicious event for crypto-assets, is fueling optimism. Bitcoin could therefore continue to rise in the coming days.
The price outlook for BTC in 2024
Although short-term upside potential is limited, Bitcoin could reach highs in 2024.
In the short term, analysts estimate that BTC should remain above $44,500 before targeting $48,000. Some more enthusiastic experts even mention a possible return to around $50,000 as the Chinese New Year approaches.
But the real explosion could come later in the year. Indeed, the famous “halving”, which halves the reward for Bitcoin miners, is approaching in 2024. However, this event which only occurs every 4 years has historically boosted the price.
Many enthusiasts therefore predict that Bitcoin could surpass its all-time high of $68,000 and even touch $100,000 by the end of 2024, driven by the increased scarcity of new BTC issued.
After gloomy weeks, Bitcoin is once again showing extremely positive signs which are rekindling investor interest. While many uncertainties remain, it seems that the crypto has strong upside potential in 2024, with the famous halving in its sights. The next few months will therefore be exciting to see how far BTC can really go.
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