After passing the 60,000 USD mark, various predictions are circulating regarding the evolution of the price of Bitcoin from now until the end of the year.
In particular, two hypotheses are under examination: the achievement of a new historical high (ATH), and the achievement of the fateful quota of 100,000 USD.
The all-time high
For now as ATH of Bitcoin price in US dollars are still holding up at 69,000 USD in November 2021.
In this regard, however, three things must be specified.
The first is that the current 63,000 USD is not very far away: a +8% would be enough to reach them, and given that in the last 24 hours alone it has recorded a +7% it seems that it could take very little.
The second is that in reality perhaps the first point of reference should be taken as the 64,000 USD which was the all-time high in April 2021, and which was only beaten seven months later.
The third is that the conditions for a rise to 70,000 USD seem to be all there, not only in the short term, but above all in the medium term.
We must not forget that the 2024 halving has not yet happened, and it is precisely after the halving that in theory the greatest gains should arrive.
The current situation, however, is absolutely anomalous, so at this moment it does not seem possible to take the past as a reference to predict future evolution, but a +8% at this point really seems within reach.
FOMO hits the markets
In fact, there is clearly FOMO (Fear Of Missing Out) on the Bitcoin market, and it is this that has pushed its price to record an incredible +21% in the last seven days alone, which brings the gain in the last 30 to +45%. , and at +132% since mid-October.
There is now no doubt that there is FOMO. Suffice it to say that yesterday Coinbase was literally stormed by retail investors and speculators, so much so that it went haywire.
The problem was completely resolved after a few hours, after spreading some panic among their users, but it testifies to how many people flocked to the main US crypto exchange all at once.
An even crazier figure is that of the trading volumes of the new Bitcoin ETFs on the stock exchange.
If Monday and Tuesday had already set new records, well exceeding 2 billion dollars in total daily volume, yesterday they jumped to 7.7 billion dollars, but also including the Grayscale ETF and those already existing before the 11th. January.
However, this is an absolute record that literally destroyed the previous record of 4.6 billion on January 11th.
Yesterday alone, the BlackRock ETF on Bitcoin (IBIT) recorded more than $600 million in inflows, which is more than the total sum of all the ETFs in the previous day.
The search volume for the word bitcoin on Google also jumped five times compared to Monday.
The latest Bitcoin price predictions in USD
At this point it should not be surprising that many are still making optimistic predictions regarding the price of Bitcoin.
Going beyond the short term, i.e. going until the end of the year, according to Bitfinex analysts for example, the price of BTC has the potential to reach 100,000 USD, or perhaps even 120,000 USD, by the fourth quarter of 2024.
They stated:
“Our analysis calls for a conservative price target of $100,000-120,000 to be reached by Q4 2024, and the peak of the cycle to be reached in 2025 in terms of total cryptocurrency market capitalization. ETFs introduced “passive demand,” meaning that demand comes from investors who are largely price independent. They perceive Bitcoin as a store of value rather than a volatile tradable asset, as was the case for several years before the introduction of ETFs.
The fact that we now have ETFs potentially means that any declines following the peak of the current cycle could be less dramatic than in previous recessions. We have seen a similar stable trajectory in price after a huge increase following the launch of gold ETFs. However, from an investment point of view, it is advisable to evaluate the situation and the various parameters of the futures and on-chain market, once the end of the cycle is reached, to have a more definitive vision”.
The new ETFs have probably even changed the basic structure of the Bitcoin market, i.e. the nature of investors. If before speculators predominated, now the role of long-term investors has become more important and significant.
The rest is being done by the scarcity of BTC, which in fact appears to be almost constantly decreasing on the exchanges.
Source: https://cryptonomist.ch/2024/02/29/previsioni-100000-usd-prezzo-bitcoin/
