Bitcoin's Bull Run: From $45,000 Short-Term Peak to Potential $1M Future Value
Summary:
The article discusses various predictions about Bitcoin (BTC) price for 2024 and beyond, amid its continued high performance. Matrixport suggests it may hit $45,000 in two months, while BitQuant predicts it will surpass its current peak of $69,000 before April 2024 and reach around $250,000 post-halving. CryptoCon's models indicate a target of $130,000 per Bitcoin, and prominent figures such as Cathy Wood of ARK Invest and Arthur Hayes, former BitMEX CEO, foresee a future $1 million Bitcoin price.
The price of Bitcoin (BTC) continues to hover around its 18-month high, prompting speculation about the peak of the bull market. With November generally being a volatile month for Bitcoin, predictions for the direction of the cryptocurrency's performance are rife, with expectations ranging from dropping to $20,000 to soaring to a six-figure value.
Investor sentiment toward Bitcoin has been optimistic following "Uptober," a month that saw an impressive 30% increase in Bitcoin's price. Here are five key price targets to watch out for in 2024 and beyond, as predicted by various sources.
While the Stock-to-Flow model isn't fully realized yet, the potential of a $250,000 Bitcoin is still under consideration.
Matrixport, a leading cryptocurrency trading company founded by Bitmain co-founder Jihan Wu, predicts that Bitcoin may hit $45,000 within the next two months. Given Bitcoin's history, there is ample time for significant changes to occur before we usher in 2024.
Matrixport suggests that Bitcoin will surge by another 30% before this year concludes. As for now, Bitcoin is trading around $34,500 as per the data from Cointelegraph Markets Pro and TradingView.
BitQuant, on the other hand, predicts that Bitcoin will surpass its current $69,000 peak before April 2024 - prior to the next halving. Following the halving, BitQuant estimates Bitcoin will hit around $250,000. These predictions also expect four corrective pullbacks in the climb to the quarter-million-dollar goal.
CryptoCon, a popular cryptocurrency analyst, has devised three Bitcoin price models, all converging to a target zone of $130,000 per Bitcoin. Although it may take approximately two years for Bitcoin to reach six figures, based on his models, he suggests the alignment of various elements in favor of a $130,000 target.
It's no surprise that some cryptocurrency enthusiasts envision a future wherein Bitcoin price hits the $1 million mark. Cathy Wood, the founder, CEO, and CIO of ARK Invest, supports this audacious prediction along with Arthur Hayes, former BitMEX CEO.
Hayes suggests that the march to $1 million per bitcoin is fully underway, driven by the potential loss of faith in the traditional bond and fiat markets. Wood, meanwhile, in an interview with Bloomberg, expressed her preference for Bitcoin over gold as a hedge against inflation.
This article does not offer investment or financial advice. Investments in cryptocurrencies come with inherent risks, and potential investors should thoroughly research before making any decision.
Published At
11/3/2023 10:25:00 AM
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