Bitcoin Surged 153% in 2023 — Should You Invest as Expert Predicts ‘All-Time High’ for the Crypto?
Last year was a turnaround year for Bitcoin (BTC), which had suffered massive declines — and it now seems 2024 is off to the races, with the asset hitting the $50,000 mark earlier this month. The bulls are getting more bullish by the day, with some predicting Bitcoin will hit $100,000, if not higher, by the end of 2024.
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As of Feb. 23, Bitcoin is up 114% year-over-year — and 25% in the past 30 days, according to CoinGecko data. It’s still 26% down from its all-time-high of $69,044.77, which it hit on Nov. 10, 2021.
Yet, the bulls are getting more enthusiastic, citing a slew of reasons which could help the asset climb even higher than its previous record. And investors who had a timid and tepid approach toward Bitcoin are also warming up to it, boosting supply-demand dynamics.
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Drivers That Could Boost the Price
Indeed, several drivers have helped buoy Bitcoin lately, chief among them the approval — by the Securities and Exchange Commission (SEC) — of spot Bitcoin exchange-traded funds (ETFs) on Jan. 10. This approval was deemed a landmark decision by many experts, a decision which came after many years of anticipation and stalling.
In turn, the perception of Bitcoin as a viable, long-term investment is gaining traction among both retail and institutional investors. The spot Bitcoin ETFs are enabling exposure to the asset easier on a broad level.
As Anthony Georgiades, a general partner at Innovating Capital, argued, the ETFs have helped to resolve some perception and accessibility issues hampering BTC. As a result, there will likely be a sustained influx of capital flowing into the coin.
“In short, Bitcoin is becoming a mainstream asset among both retail and institutional audiences, and this bodes auspiciously for its future,” he added.
Looking to the very near future, another driver is expected to boost the price even further — the so-called Bitcoin halving, an event occurring every four years which is slated for April.
Evander Smart, founder of Bitcoin University, indicated that right now, only 900 Bitcoins are produced every day, and with the halving event, supply will drop down to 450 BTC per day. Smart suggested this will cause a supply crunch, pushing the price higher.
Historically, halvings have led to price appreciation, and experts said that this year should not be an exception.
“Bitcoin should end 2024 in the $150-190k range,” said Smart, adding that Bitcoin produced gains over 150% last year without Wall Street. Therefor, it should do over 300% with Wall Street on-side, in conjunction with the halving event.
“Starting 2024 at $42,400, 300% gains would bring Bitcoin close to $170k, so that’s my prediction, give or take 10%, either way. And this is just the beginning,” he added. “In 2025, you will really see market fireworks coming from the world’s premier investment.”
Experts Seem To Agree That Bitcoin Is Headed Higher
Several other experts agreed with this premise and a price potentially above the latest all-time-high.
For instance, Moustafa Al-Mashita, co-founder of Secure Digital Markets, said that by 2025, “We project it could surpass our price target, ranging between $90,000 and $110,000.”
“It remains an opportune time to invest as there are several significant tailwinds pushing the largest digital asset forward,” he said, noting as well that bullish catalysts such as this year’s halving, Bitcoin’s limited supply, increasing global adoption, and its role as a portfolio diversifier further support its bull case.
The Stars Seem Aligned for Bitcoin’s Continued Success
While investors should conduct thorough research prior to committing to any investments, experts seem to agree: It’s clear Bitcoin has become a globally recognized and accepted asset.
In turn, the risk-reward calculus seems to be in Bitcoin’s favor. A lot of investment advisors are likely recognizing this opportunity and recommending that clients get some exposure to Bitcoin by way of these ETFs, said Brian D. Evans, CEO and founder of BDE Ventures.
“All in all, it’s a good environment for Bitcoin, and I expect it to continue doing very well,” he added.
Aaron Rafferty, CEO of StandardDAO, agreed, saying that “We are on the precipice of a new historic precedent going into this bull cycle as there is already more than $15 billion channeled into spot ETFs since their launch.
“That still only represents a percentage of what is expected to come over the next decade as Bitcoin is being touted as a number of things including a reserve currency, the safest store of value, and digital gold,” he said. “With the all-time high at only $69,000 it’s safe to assume we will reach that in 2024 if not surpass it this year.”
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This article originally appeared on GOBankingRates.com: Bitcoin Surged 153% in 2023 — Should You Invest as Expert Predicts ‘All-Time High’ for the Crypto?
