Crypto Feb 01, 2024 03:14 PM EST

2024 Bitcoin Price Prediction: A Rollercoaster Ride

By Isaiah McCall

As we usher in 2024, all attention is riveted on Bitcoin, the archetype of cryptocurrencies that's kept us thrilled for more than a decade. 

With the halving happening later this year, a lot of people are predicting that Bitcoin could hit $100k this year. So is it possible?

Bitcoin
(Photo : Getty Images) Bitcoin

With its current value hovering around $43,200.59, everyone is keen to know what's next for Bitcoin. And it has a lot going for it this year:

  • Spot bitcoin ETF fully approved. 
  • The halving 
  • Legislation that helps bitcoin is being passed in 2024 
  • Many of the illegal companies are going to court.

And the T-1000 will come to this time to find Jon Connor.

So with all that said, here's what thse predictions mean for the price. 

Spot Bitcoin ETF: A Gamechanger?

First up on our radar is the full approval of spot Bitcoin ETFs 

This is a big deal, at least people thought. ETFs do make it easier for grandma and grandpa to invest in Bitcoin - it might have a longer impact in the future - but for now the hype has died down.

The Halving: Much Ado About Nothing?

Next, we have the much-anticipated Bitcoin halving.

The "Halving" is an event that happens every four years where less Bitcoin is released onto the market until a century from today when no more Bitcoin is ever released.

Historically, this event has been a catalyst for significant price increases. But experts suggest that this time around, it might be anti-climactic. Kind of like waiting for a sneeze that never comes. Nevertheless, it's a factor that could stir the pot and add a dash of unpredictability to Bitcoin's price.

Legislation: Bitcoin's New Best Friend?

In another exciting twist, 2024 is seeing some legislation passed that could benefit Bitcoin.

It feels a bit like watching your favorite underdog sports team suddenly getting top-notch players. If these legislations prove to be as beneficial as predicted, they could push Bitcoin into an entirely new league.

Court Dates and Consequences

On the flip side, several crypto companies that were operating illegally, including FTX and Terra Luna, are finally facing their day in court. This might sound like a scene from a courtroom drama, but the implications could be very real. Depending on the outcomes, we might see some serious impacts on the crypto market and, by extension, Bitcoin's price.

So, What's the Verdict?

With all these factors at play-from the approval of spot Bitcoin ETFs to legislative changes and looming court dates-the forecast for Bitcoin in 2024 is anything but clear-cut. It's likely going to be another year with volatility until after the presidential elections. We don't see it going above $60,000 this year. Mark it. And a more conservative estimate of around $35,349.364.

Regardless of these predictions, remember that investing in Bitcoin or any cryptocurrency should not be a spur-of-the-moment decision. Think of it as adopting a pet-you need to do your research and make sure you're ready for the responsibility.

Final Thought

2024 is shaping up to be a year of seismic shifts for Bitcoin. Whether these changes will propel Bitcoin to new heights, cause it to stumble, or result in a steady trot, only time will tell. But one thing is certain-it's going to be one heck of a ride! So grab your popcorn, sit back, and let's watch this thrilling saga unfold together.

Related article:Bitcoin Breaks into Big Leagues, Sparking Investor Excitement and Fear


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