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How Many Dollars Will Bitcoin Price Be By The End Of 2024?…
How Many Dollars Will Bitcoin Price Be By The End Of 2024? Here is the Investment Company’s Forecast
An investment company made a prediction about what the Bitcoin price will be at the end of 2024.
Author:
Mete Demiralp
18.10.2024 – 17:38
Update:
3 days ago
0
Bitcoin’s price could surpass $100,000 by the end of 2024, according to a new report from wealthtech firm Aspen Digital.
The survey, conducted in the second half of the year among more than 80 family offices, high-net-worth individuals and wealth managers in Asia, reveals that 31% of respondents are confident that Bitcoin will surpass this milestone before 2025 and are positioning themselves accordingly.
“Despite recent market volatility, the private wealth sector is increasingly interested in digital assets and exploring allocation options,” Aspen Digital said.
The report signals growing optimism in the cryptocurrency market. Bitcoin recently surged to as high as $68,000, and many analysts predict that the world’s largest cryptocurrency could reach a new all-time high in the coming weeks.
Aspen Digital identifies several key factors contributing to the positive outlook for Bitcoin:
Macroeconomic conditions, particularly potential interest rate cuts by the Fed, are cited as key drivers behind Bitcoin’s bullish outlook. Low interest rates typically provide investors with more liquidity, encouraging them to allocate more capital to riskier assets like cryptocurrencies.
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According to the report, the April 2024 halving event, which reduced the rewards that Bitcoin miners receive for maintaining the blockchain, also played a role in the current bull market. Halving events, which occur approximately every four years, limit the supply of new Bitcoin entering the market. Combined with increased demand, this supply crunch often results in price increases.
The flow of institutional capital is another important factor. In January, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs). Aspen Digital says these ETFs, managed by leading Wall Street firms like BlackRock, have brought billions of dollars into the digital asset space.
Spot ETFs make it easier for institutions to access Bitcoin without the complexity of managing digital wallets or private keys. Potential approval of similar ETFs in markets such as Japan, Singapore and South Korea is expected to further boost institutional interest and push prices higher.
The upcoming US presidential election is another important factor, and investors are closely watching its potential impact on Bitcoin’s price. Aspen Digital notes that some investors are expecting a significant rally if Donald Trump wins, with analysts at Bernstein predicting a rally of up to $90,000. In contrast, they warn that Bitcoin could fall to as low as $40,000 if Kamala Harris wins.
*This is not investment advice.
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