Bitcoin (BTC) could soar to a staggering $160,000 in 2024, according to analysts who see a perfect storm of factors driving its price up. They predict that more U.S. investors will flock to Bitcoin as new spot exchange-traded funds (ETF) become available, while the next halving event will reduce the supply of new coins.
Additionally, they believe that lower interest rates will boost the stock market and create a positive spillover effect for Bitcoin. CryptoQuant, an on-chain analysis firm, shared these insights in a report on Wednesday with CoinDesk.
CryptoQuant analysts predict that 2024 will be a good year for Bitcoin and other cryptocurrencies. They suggest that a combination of several factors will boost the market value and demand for crypto, including the natural ups and downs of the market; growth of the network; and halving of Bitcoin supply, among others.
According to on-chain data and network activity, Bitcoin is still in a strong bull market and could reach $54,000 soon and $160,000 by the end of this cycle.
They added that traders are expecting a big price jump in April 2024, when the next halving will happen. The halving occurs when the number of Bitcoins mined daily reduces by half, increasing its price due to scarcity.
BlackRock (BLK) and VanEck, are negotiating with the SEC to launch Bitcoin ETFs. The SEC seems to be open to the idea, as the talks are going well in contrast to the Ethereum ETF decision, which has been delayed to May 2024.
