Bitcoin to the moon! Top 5 BTC price predictions for 2024 and beyond
Bitcoin (BTC) continues to circle its highest level in 18 months, and many BTC price predictions are pouring in – how high can the bull market go and how fast?
From a crash to $20,000 to six figures in months, there's a lot of variety in terms of what Bitcoin might do next, with November typically being one of the most volatile months.
Sentiment among crypto traders and analysts has improved over the past month after “Uptober” delivered nearly 30% BTC price gains.
Cointelegraph looks at the five most popular targets for 2024 and beyond. Stock-to-flow may not be true — at least for now — but $250,000 is still on the radar.
Matrixport predicts $45,000 in two months
A lot can happen in a short period of time in Bitcoin, and with 2024 less than two months away, there's plenty of time to catch fresh BTC price volatility.
Before the annual candle closes, some say BTC/USD will be higher than it is now – another 30%.
That prediction comes from Matrixport, a cryptocurrency trading firm founded by Jihan Wu, himself the founder of Bitcoin mining giant Bitmain.
Related: 4 Signs Bitcoin Is Starting Its Next Bull Run
In a blog post in late October, Matrixport doubled down on the $45,000 year-end price goal it announced in early January. It was based on a few in-house models, with Matrixport also successfully predicting Bitcoin's October gains.
“Bitcoin is breaking above the July $31,500 resistance level, which indicates that $45,000 may be reached by the end of the year,” he summarized.
BTC/USD is currently trading around $34,500, according to data from Cointelegraph Markets Pro and TradingView, which means it needs another 30% push for the year-end level.
BitQuant: New all-time high pre-half, $250,000 later
For many, the halving is a watershed moment in every bitcoin price cycle — but one prominent analyst believes new all-time highs will be reached even before then.
In September, BitQuant said that BTC/USD will surpass its current high of $69,000 before April 2024.
He told X subscribers.
“No, Bitcoin will not go up before it halves. Yes, it will reach a new high before halving. No, BTC won't go to $160K because the size of each return is huge. This means it will peak in 2024 after halving. And yes, the target price is around $250K.
The all-time high and post-halving $250,000 target comes courtesy of Elliott Wave charting, with Bitcoin mimicking behavior from previous cycles.
But Bitcoin has given way to a total of four “pulls” on its way to the quarter-million mark.
“There will be one retracement before breaking to a new all-time high, then another retracement to $125k. Additionally, there will be two more retracements after the decline, which are not seen here,” he added in X's interaction.
Three BTC price models, one $130,000 target zone
Bitcoin all-time high predictions aren't just coming from individual market participants – BTC price models are also being flipped by bullies.
Last month, Cointelegraph reported on various forecasting tools, all of which were focused on around $130,000 per bitcoin.
These come from the well-known analyst CryptoCon, who nevertheless believes that a six-figure BTC price could take two years to materialize.
“I'm ready for lower prices but the stars are aligning at 130k for Bitcoin this cycle!” He wrote in the X thread on the data of the model.
The proposal also hinges on halving events, and the next peak should come four years after the $69,000 move in November 2021.
A million dollar question
It is no secret that some believe that the price of 1 million USD BTC is only a matter of time.
Related: New BTC Price Breakout, Bitcoin Traders Confirm Targets Up to $48K
This year, Kathy Wood, founder, CEO and chief investment officer of asset management company ARK Invest, joined former BitMEX CEO Arthur Hayes to double down on seven-figure Bitcoin.
When this might happen is – understandably – up for debate, but changing macroeconomic tides have fueled what has become a bold BTC price prediction.
In October, Hayes maintained that Bitcoin's path to $1 million was “completely viable” thanks to macro-realism.
“If people lose faith in the bond market and the artificial construction of fiat that we've created over the last 80 or 100 years — in this global economy and how it's structured — then the amount of money going out is going to be something we've never seen before,” he said on Nov. 1 from Blockworks. He said in an interview with the On the Margin podcast.
Wood, for her part, said in an interview with Bloomberg on Nov. 3 that she prefers bitcoin to gold as an inflation hedge.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
