Bitcoin, the most recognized and sought-after cryptocurrency in the world, continues to be a topic of interest for investors seeking insights into its market prospects. As we approach 2024, it is important to assess what the future may hold for this cryptocurrency.
No one really knows what the future holds for Bitcoin. It’s been around since 2009 and has proven itself as a top performer in the stock market. This year alone, it outperformed other benchmark assets like the Dow Jones and S&P 500.
Grafic projected BTC/USD. Reference: BitQuant/X
As of November 2023, Bitcoin is trading around $35,000. And Ethereum $1,900. Both are pretty impressive numbers.
Every four years there’s something called halving that happens to Bitcoin. It cuts the rewards miners get per block in half. Just like clockwork.
The result is that supply constraints from this event seem to act as a springboard before Bitcoin hits new all-time highs.
When I look at Bitcoin in my alone time, I believe it won’t reach its high before the Halving. If we go off history which is all we have, the peak doesn’t come before this point in the cycle.
The value of $35k is way below the actual value of Bitcoin though. I think there will be a 40% increase until that mining reward gets cut in half.
With anything that goes up fast, it has to go down. So after that 20% rise next year, there will be a 20% fall right after. Then an explosive jump in 2025 where I do agree with others and believe it will reach levels of $200k, multiplying its old peak by three times.
