Bitcoin heading towards new highs! Here are the top 5 BTC price forecasts for 2024 and beyond.
Bitcoin is expected to reach $45,000 by the conclusion of 2023, and subsequent price targets for BTC after the halving are set to soar to a significant $250,000.
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Bitcoin (BTC) has experienced a notable surge, with its current price at $34,203, reaching levels not seen in the past 18 months. This bullish trend has led to speculation about how high the bull market can go and how rapidly it will progress.
There is a wide range of opinions regarding Bitcoin's future, ranging from a potential crash to $20,000 to the possibility of it reaching six figures within just a few months. November has traditionally been one of the most volatile months for Bitcoin.
BTC/USD monthly returns (screenshot). Source: CoinGlass
The crypto community and analysts have seen improved sentiment in recent weeks, particularly after a strong performance in what some have dubbed "Uptober," resulting in nearly a 30% increase in BTC's price.
BTC/USD 1-week chart. Source: TradingView
Here, we explore five of the most popular Bitcoin price targets for 2024 and beyond. While Stock-to-Flow models may not have fully materialized, a target of $250,000 remains a prominent consideration.
1. Matrixport Predicts $45,000 within Two Months:
Matrixport, a cryptocurrency trading firm founded by Jihan Wu, co-founder of Bitmain, has made a bold prediction of Bitcoin reaching $45,000 by the end of the year. This reaffirms their earlier forecast from January. Matrixport cited in-house models and accurately predicted Bitcoin's gains in October. Currently, BTC is trading at around $34,500, requiring a 30% push to reach the year-end target.
2. BitQuant Anticipates New All-Time High Pre-Halving and $250,000 After:
BitQuant, a well-known commentator, believes that BTC/USD will surpass its current peak of $69,000 before April 2024. This prediction is based on Elliott Wave charting, with a target of around $250,000. The path to this target may include several "pullbacks."
BTC/USD annotated chart. Source: BitQuant/X
3. Three BTC Price Models Point to a $130,000 Target Zone:
Multiple BTC price models, including those from analyst CryptoCon, are converging around a price range of $130,000 per Bitcoin. CryptoCon suggests that it may take up to two years to reach this six-figure target, with the next peak expected around four years after Bitcoin's move to $69,000 in November 2021.
Bitcoin price model based on halving cycles. Source: CryptoCon/X
4. The Million-Dollar Question:
Some individuals believe that Bitcoin could ultimately reach a price of $1 million. Prominent figures like Cathy Wood, CEO of ARK Invest, and former BitMEX CEO Arthur Hayes have voiced support for this seven-figure Bitcoin price. The timeline for reaching this milestone remains a subject of debate, but changing macroeconomic conditions have fueled this audacious prediction.
Arthur Hayes has stated that the path to a $1 million Bitcoin is "in full effect" due to shifting macroeconomic realities, and Cathy Wood has expressed a preference for Bitcoin over gold as an inflation hedge.
