TL;DR
- Bitcoin could surpass its $69,000 high in 2024, driven by factors like market sentiment and the BTC halving.
- Positive regulatory developments, such as potential SEC lawsuit outcomes and a US BTC ETF approval, might further boost its price.
- Figures like Robert Kiyosaki and Adam Back predict Bitcoin reaching or exceeding $100,000 by early 2024.
These Factors Could Drive BTC to a New ATH
According to the AI-powered language model ChatGPT, the price of Bitcoin (BTC) could reach its all-time high of almost $70,000 and even surpass that level sometime in 2024. However, three fundamental factors should be in place for this to happen: an overall bullish year, a successful halving event, and positive momentum.
A general bullish sentiment could indeed increase the interest in the primary cryptocurrency and lead to a flow of funds from individuals and corporations.
The BTC halving scheduled for the spring of 2024 is also a vital element. The event occurs every four years and reduces the reward miners receive for adding new blocks on the blockchain. Historically, BTC’s price rallied in the months following previous halvings.
Other factors that could aid the leading digital asset towards a new peak are regulatory developments, technological issues, adoption rates, and others. Regulations seem of utmost importance considering the current uncertainty (especially in the United States).
The possible resolution of the lawsuit between Ripple and the SEC in favor of the crypto company could benefit the entire sector and establish foundations for implementing a comprehensive regulatory framework in the world’s largest economy.
In addition, the regulator’s potential approval of BlackRock’s filing to launch a spot BTC ETF in the States could infuse enthusiasm among investors and eventually trigger a bull run. Recall that such a product has seen the light of day in different regions across the globe, such as Canada and Europe, but not in the US.
Who Expects BTC to Moon Soon?
Several noteworthy figures, including Robert Kiyosaki (the author of the best-seller Rich Dad, Poor Dad) and Adam Back (CEO of Blockstream), have predicted that the asset’s price will soon shoot above $100K. The former based his forecast on the thesis that the US dollar “will die” and the world might witness another financial crisis.
For his part, Back bet one million satoshis (0.01 of a Bitcoin) that the asset’s valuation will reach or exceed the coveted level of $100,000 before March 31, 2024.
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Author: Dimitar Dzhondzhorov ::: Source link
