Baystreet Staff
Analysts are scrambling to revise up their forecasts for the price of Bitcoin (BTC) in 2024 as the price of the digital currency tops $45,000 U.S. to start the New Year.
The world’s biggest cryptocurrency by market capitalization gained 4% in overnight trading and is currently trading at $45,620.00 U.S., according to data from CoinDesk.
It is the first time that Bitcoin’s price has been above $45,000 U.S. since April 5, 2022.
The rise in Bitcoin to start the new trading year continues the rally seen in 2023, when the price of the digital asset rose 152%.
The continued gains have analysts ratcheting up their price predictions, with several forecasting that Bitcoin could top $100,000 U.S. over the next 12 months.
Famed investor Mark Mobius is forecasting that Bitcoin will be at $60,000 U.S. by year’s end, while cryptocurrency mining firm Bit Mining is predicting the price will reach $75,000 U.S.
Several forecasts are calling for Bitcoin to reach $100,000 by the end of 2024, including crypto exchange Nexo, British bank Standard Chartered, and finance professor Carol Alexander.
On the high side, crypto financial services firm Matrixport is anticipating that Bitcoin’s price will hit $125,000 U.S. by the end of this year, and venture capital firm CoinFund is forecasting a price of $500,000 U.S.
The current rally is being fueled by expectations that U.S. regulators will soon approve the first spot Bitcoin exchange traded fund (ETF).
Also, Bitcoin will undergo a “halving” this year, which is a technical event in which rewards offered to miners of the cryptocurrency are cut by half.
Halving events reduce the existing supply of Bitcoin and have led to price increases in the past.
