Bitcoin is the flagship of the cryptocurrency market. BTC directly affects the market landscape in general. That’s why CP Media singled out expert forecasts for 2024 directly related to BTC into a special material.
Note: The content is for informational purposes only and reflects the personal views of experts, not those of their employer or any affiliated company. It is not intended to provide legal, tax, investment, financial, or other advice. Readers are encouraged to perform their own due diligence and consult with professional advisors before making any investment decisions.
Bitcoin Outlook by Chief Analyst at Bitget Research
Ryan Lee, Chief Analyst at Bitget Research, shared his predictions on Bitcoin for 2024 in three time frames: short-term, mid-term, and long-term. We present them almost in their entirety.
Short-Term Forecast: Next 1-3 Months
In the short term, events will revolve around spot Bitcoin ETFs, whose approval was a matter of time and somewhat driven by current market conditions. Following the official launch of Bitcoin ETFs, BTC experienced an expected short-term spike.
Despite the prospect of a short-term correction, as the market may already be processing some positive news, the approval of spot Bitcoin ETFs is seen as a long-term positive. Users are advised to consider spot Bitcoin ETFs as a long-term investment.
Short-term forecast: swings in the $32,000-$50,000 range.
Mid-Term Forecast: Next 4-9 Months
The Bitcoin halving is a positive factor in the medium-term outlook. This significantly affects the supply-demand ratio — BTC supply is reduced by half, so BTC demand is likely to increase considerably. The halving, scheduled for April 2024, may occur earlier than previous ones, perhaps providing more support for the upward movement of the BTC price.
Mid-term forecast for 2024: swings in the $38,000-$75,000 range.
Long-Term Forecast
In 2024, U.S. monetary policy will play a special role. As expectations for the U.S. economy deteriorate, market analysis indicates a high probability that the Fed will start cutting interest rates in 2024, resulting in lower yields on 10-year Treasury bonds. That’s a favorable condition for the risk asset market.
Forecast for late 2024: BTC fluctuations in the $40,000-$120,000 range.
Positive Macroeconomic Outlook for Bitcoin
Daniel Kennedy, Director at Mercurity Fintech Holding, says that the macroeconomic outlook for Bitcoin is becoming increasingly positive. Major institutional forecasts for 2024 predict steady growth as inflation remains near the Fed’s 2% target.
“The Fed will likely start cutting interest rates in Q1 2024, and may continue to do so throughout the year. A positive macroeconomic environment will undoubtedly have an equally positive impact on the crypto market, and as they say, ‘a rising tide lifts all boats.’
Technically speaking, the current levels of BTC aren’t unprecedented. The $42,000-$45,000 range had value as support during the 2021 bull rally and as resistance at its end, when the bulls were trying to regain momentum before selling off to the November 2022 lows,” Daniel shares his predictions.
According to the expert, BTC will return to the support level in the short term after the classic “Santa Claus rally” and the Christmas Eve sell-off that followed. Bitcoin may fall to $30,000-$33,000, which was a key resistance level before the current bull run that began on October 22, when BTC broke through the $31,500 level and rose 45.8% in less than a month.
Overall Expectations for BTC Price in 2024 Are Optimistic
Anton Shustikov, CEO of CakesCats, expects that a boost from the approval of spot Bitcoin ETFs may drive BTC to $60,000-$70,000. After that, a correction to the levels of $40,000-$50,000 is likely to follow, as the price shows a positive trend. The expert says that BTC will fluctuate in proportion to the price of other digital assets.
Andrea Carnimeo, Founder of the independent crypto publication Blockdyor, is also optimistic about the prospects of Bitcoin in 2024. The journalist believes that BTC may exceed its 2021 all-time high, mainly due to the launch of Blackrock’s spot Bitcoin ETF, which will serve as a major catalyst for the market’s further development.
“Bitcoin is increasingly seen as a safe haven, often referred to as digital gold. Famous investor Bill Miller even once said that ‘gold is just an inferior version of Bitcoin,’ a sentiment shared by many investors, including myself,” said Andrea.
Bitcoin Ecosystem Development
Steven Feiner, CEO of ABF Group, says that smaller miners will struggle to survive after the halving. On the other hand, Bitcoin’s dominance rate went up from 38% in January to almost 50% in December 2023, which gave miners an extra source of income. This is due to the Ordinals protocol that greatly expanded the non-financial scenarios for using L1 solutions of the Bitcoin blockchain. Along with this, L2 solutions such as Stacks and Rootstock are evolving. According to the expert, these factors will be crucial in Bitcoin’s development in 2024.
Ronen Cojocaru, CEO of FinTech platform 8081, notes that it’s hard to predict the market dynamics taking shape in 2024, as it’s influenced by volatile factors such as supply and demand, market sentiment, scale of capital investment, and the increasing number of retail and institutional investors.
“It can be argued that continuous technological development and growing adoption of new financial technologies (FinTech), decentralized finance (DeFi), and offerings from various exchanges are likely to attract more users. This influx is expected to be reflected in the increasing market demand for crypto. As these factors evolve, they’ll play a decisive role in shaping the future dynamics of BTC and ETH market prices,” Ronen concludes.
