This morning the rate of the first cryptocurrency exceeded $41,000 and reached this year’s high. Ledger CEO Pascal Gauthier said in an interview with CNBC:
“It appears that 2023 was a year of preparation for the growth ahead. The sentiment for 2024 and 2025 is very encouraging.”
When asked if Bitcoin will reach $100,000 in 2024, Gauthier replied: “Maybe.”
The record high price of the first cryptocurrency was recorded in November 2021. Since then, the crypto industry has faced many challenges. The loudest of them are the collapse of the FTX exchange and the resignation of the head of Binance, Changpeng Zhao. Many in the industry believe these two cases cap a string of problems plaguing the cryptocurrency market.
“Once we get past the speculative phase, which I think we’re almost done with, we’ll be able to attract real workers. They will focus on technologies and problems that can be solved,” said Lightspark CEO David Marcus.
According to him, investors will be able to focus on important events in the industry. First of all, this is the approval of a spot Bitcoin ETF. The second event is the Bitcoin halving, which is scheduled for May 2024.
“A number of market participants expect a bull run some time after the halving, but given the news about the ETF, we could very well begin to rally before then, leaving most investors on the sidelines. This could lead to a massive price increase,” said Vijay Ayyar, vice president of international markets at cryptocurrency exchange CoinDCX.
He added that the price of Bitcoin is consolidating at $38,000, which is optimistic for the cryptocurrency. According to Aiyar, once this level is passed, Bitcoin could rise to $48,000.
“Abstaining from ETFs entirely could disrupt this process, so it’s definitely worth keeping that in mind,” he said.
Previously, Matrixport analysts said that on the eve of halving, the cost of the first cryptocurrency could soar to $125,000 by the end of 2024.
Source: Bits
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