Crypto Experts Eye Sky-High Bitcoin Values In 2024: What's Driving The Bullish Predictions?

The cryptocurrency world is abuzz with anticipation as analysts and experts make bold predictions for Bitcoin BTC/USD in 2024.

What Happened: Following an impressive 152% surge in 2023, the global crypto market is rife with optimism and enthusiasm for what lies ahead.

According to recent report by CNBC, a combination of factors has fueled this positive sentiment.

After a challenging year in 2022, characterized by the collapse of high-profile crypto projects and liquidity woes, 2023 brought significant legal developments to the forefront.

FTX, once a major cryptocurrency exchange, filed for bankruptcy, and its founder, Sam Bankman-Fried, faced federal charges in the U.S.

Similarly, Binance's Changpeng Zhao pleaded guilty to criminal charges and resigned as the company's CEO, settling a $4.3-billion case with the Department of Justice.

With these prominent cases resolved, many cryptocurrency leaders view this as an opportunity to move forward and put past challenges behind them.

Also Read: Bitcoin's Rocky Road Ahead: Analyst Warns Of Post-ETF Price Plunge

This renewed optimism in the crypto markets has led industry experts to anticipate the start of a new bull run, driven primarily by two pivotal factors: the Bitcoin "halving" event, that occurs every four years and the potential approval of a Bitcoin exchange-traded fund in the U.S.

In parallel, there is growing excitement surrounding the potential approval of a Bitcoin ETF by the Securities and Exchange Commission.

These factors have prompted various price predictions from cryptocurrency experts.

Renowned financial figure Mark Mobius anticipates Bitcoin reaching $60,000 by the close of 2024.

Youwei Yang, chief economist of crypto mining firm Bit Mining, holds an even more bullish outlook, forecasting a high of $75,000 for Bitcoin in the same year.

James Butterfill, head of research at CoinShares, envisions Bitcoin potentially reaching $80,000 in 2024, influenced by the possible approval of Bitcoin ETFs and shifts in the macroeconomic landscape.

Antoni Trenchev, co-founder of Nexo, is particularly bullish, suggesting Bitcoin could attain $100,000 in 2024, supported by the Bitcoin halving and ETF approvals.

While these predictions vary, they collectively reflect the growing optimism surrounding Bitcoin's outlook for 2024.

Many experts also expect substantial price appreciation and the possibility of new all-time highs in the crypto market.

Now Read: Bitcoin Primed To Explode By Over 400%, Says Crypto Analyst

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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