The price of Bitcoin has been a heated issue recently as different financial institutions project different future pictures of it. Bitcoin was valued at around $63,000 on September 26, 2024; shows some consistency after previous swings.
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That price is still significantly higher than its value just a year ago, when it was around $26,000. The cryptocurrency market remains volatile and many analysts are assessing what’s next for Bitcoin.
Forecasts from financial institutions
Various financial companies project different price paths for Bitcoin. For example, Standard Chartered recently changed its projection from a previous forecast of $100,000 to $120,000 by the end of 2024.
This move captures growing hope about Bitcoin’s market potential, especially considering the large impact of the recent halving event.
On the other hand, Berenberg was more cautious, setting a target of US$56,630 by April 2024. His projection takes into account the possibility of significant market corrections.
Fundstrat, however, has set a lofty target of $180,000 as it believes the introduction of a BTC ETF will boost prices. These forecasts draw attention to divergent opinions in the sector and show the extent to which market attitudes can change.
Researcher Sees Bitcoin Targeting $68,000 Next
Uphold head of research Martin Hiesboeck expressed hope for the crypto asset’s foreseeable future. He believes Bitcoin is “ready” to surpass the $68,000 mark, representing a potential 6.67% increase from its current price.
It seems $BTC is ready to explode straight to 68,000 🤞
Happy trading!– Dr. Martin Hiesboeck (@MHiesboeck) September 25, 2024
According to Hiesboeck’s research, Bitcoin recently exhibited major momentum, nearly approaching $65,000, before encountering some opposition. He expects bitcoin to continue rising and eventually reach the $68,000 mark.
Variables that affect the price of Bitcoin
The price of Bitcoin varies for several reasons. Unlike conventional stocks that generally react to business performance or economic news, macroeconomic trends, technological improvements and legislative changes can affect the value of Bitcoin.
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Institutional curiosity about Bitcoin also continues to increase. Many investors see this as a means of portfolio diversification and a hedge against inflation. Certified Financial Advisor Drew Feutz said, “The potential benefits of investing in crypto are potentially higher returns than traditional assets.” Many others agree that, over time, Bitcoin could outperform conventional stock and bond portfolios.
The road ahead
Looking to 2025 and beyond, predictions vary widely. By 2030, some analysts estimate that BTC will be valued at between $400,000 and $1 million. These forecasts, however, are hypothetical at best and are based primarily on macroeconomic conditions and external events, including legislative changes.
Featured image from CNBC, chart from TradingView