Forextraders senior cryptoasset and foreign exchange trading analyst Nick Ranga is among the experts who believe Bitcoin will reach six figures this year. According to Ranga's forecast, Bitcoin will end 2024 at $100,000. The expert explained the current rise in the BTC price due to the increased interest of institutional investors, who have been pouring funds into spot Bitcoin ETFs since January.
Demand for Bitcoin already exceeds supply by ten times, Ranga says. This is also due to the upcoming reduction in the reward for miners by half. The supply of new coins entering the market will decrease. The analyst added: Retail investors are returning to the cryptocurrency space, as evidenced by the increase in the number of new accounts on many trading platforms.
The majority (61%) of experts surveyed by Finder recommend buying Bitcoin before the halving, 32% advise holding the first cryptocurrency for the long term, and only 6% recommend selling. Those surveyed predict that BTC could reach $151,000 by the end of 2025 and $567,000 by the end of 2030.
However, not all Finder experts share the optimistic point of view: 13% say that Bitcoin is now overvalued. For example, senior lecturer at the University of Canberra John Hawkins suggested that BTC could return to the $20,000 level by the end of 2024. He explained that the current bullish rally is associated with the approval of spot Bitcoin ETFs in the United States. When Bitcoin futures ETFs launched in October 2021, BTC also hit an all-time high, only to collapse the following year. Therefore, the presence of cryptocurrency ETFs does not give Bitcoin fundamental value, Hawkins is convinced.
Recently, Galaxy Digital CEO Mike Novogratz suggested that Bitcoin will skyrocket to new heights if the conflict in the Middle East subsides.
Source: Bits
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