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Several analysts suggest that Bitcoin’s value could skyrocket to nearly $160,000 by 2024.
This surge is anticipated due to the Bitcoin halving event and the growing excitement around potential spot ETFs in the United States.
The Bitcoin halving will effectively reduce the availability of new BTC on the market, and it has been a historical precursor to significant price rallies. The next halving is set for April 2024, and market traders seem to be factoring in its potential impact on the cryptocurrency’s value.
CryptoQuant, an on-chain analytics provider, recently told CoinDesk that Bitcoin is poised for a massive rally next year. According to their analysis, ETF approval and the impact of halving could push the leading token’s price to a minimum of $50,000.
Bitcoin ETF hype is heating up
Discussions are ongoing between several major traditional financial institutions and the SEC regarding ETFs, as many believe several applications will likely be approved together in January. Yesterday, another new application was filed by 7RCC Global, which wants to launch the first-ever environment-friendly Bitcoin ETF.
7RCC Global Inc. will primarily invest in Bitcoin while allocating a significant portion of its portfolio to carbon-credit futures. The ETF, if approved, will trade under the ticker BTCK, and crypto exchange Gemini will be its custodian.
Furthermore, there is an expectation that the U.S. Federal Reserve might reduce interest rates in 2024 in response to a decline in inflation rates. Historically, lower interest rates have spurred investments in higher-risk assets, including technology stocks and cryptocurrencies. However, there’s a cautionary note: Bitcoin prices could experience short-term volatility as recent investors grapple with substantial unrealized gains.
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