On July 6th, 2023, I made a Bitcoin price prediction for the end of 2023 by compiling several different predictions and coming up with an average prediction. That prediction was $49,567 by the end of 2023, which turned out to be pretty darn close and was only about a month delayed. So, why not do it again in 2024?
So much has changed in 8 months. We have record-breaking Bitcoin ETFs and the sentiment is completely different. People are once again paying attention to the King of crypto. So how have price predictions changed? Let’s take a closer look.
In another highly scientific process, I simply googled “Bitcoin Price Predictions 2024” and used the first 5 articles that weren’t paywalled and offered concrete predictions. I then averaged their predictions to come up with one prediction. Here are the results:
EuroNews
In an article dated February 6th, 2024, EuroNews states “Bitcoin (BTC) is expected to reach a new record of $88,000 (€82,000) throughout the year before it settles around $77,000 at the end of 2024…” This prediction was based on a new study from a UK Fintech firm called Finder. The study compiled predictions from 40 crypto industry specialists and came up with their own average. Many of the specialists argue that the halving event combined with massive institutional buying are super bullish for Bitcoin.
Changelly
On Feb 15th, 2024, Changelly got into the mix with their own Bitcoin prediction. The Changelly prediction is all over the place, stating that the market is 76% Bullish, but then offering a Bearish price prediction of $29,558 by March 15, 2024, and then countering with a more Bullish prediction of a max price of $78,369 by the end of 2024. Who knows, but at least their end-of-2024 prediction is mostly Bullish. Changelly doesn’t see Bitcoin outperforming until 2026 and 2027.
Coinpedia
Much love to Coinpedia for making their prediction in the headline section of the article. They predict that Bitcoin will reach $120,000 by the end of 2024. The main reasons for this prediction are a pre-halving surge, general market optimism, hope for Fed rate cuts, and historic halving-year Bullishness.
Nasdaq
An article posted in Nasdaq.com (on behalf of Motley Fool) said they think Bitcoin will go to $100,000 by 2024. The main reason for this bullish price prediction is simple: supply and demand. Institutions are sucking up more Bitcoin than a Hoover vacuum and the halving is only 2 months away. Combine institutional buying, retail FOMO buying, and reduced supply, and that equals a recipe for all-time high prices and beyond.
CryptoDaily
In a February 15th, 2024 article, CryptoDaily echoes the Nasdaq prediction of a $100,000 maximum price. They state that this prediction assumes two key assumptions – increasing adoption (particularly among institutional investors), and a favorable regulatory environment. The latter could be worrisome, particularly in the U.S., but European countries saw the adoption of MICA laws earlier in 2023. Regulation continues to be a real concern for the entire crypto industry, and we can only hope that governments embrace crypto instead of stifling innovation and financial independence.
So, if we average these predictions out, we’re left with a prediction of $95,073 per Bitcoin by the end of 2024. Not too shabby!
Cheers!
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