Experts foresee Bitcoin’s value skyrocketing to $160k in 2024.
Some experts are predicting that the value of Bitcoin could soar to almost $160,000 by 2024. This surge in value is expected due to two main factors: the upcoming Bitcoin halving event and the increasing excitement surrounding potential spot ETFs in the United States.
The Bitcoin halving event will effectively decrease the amount of new BTC available on the market. This event has historically been followed by significant price increases. The next halving is scheduled for April 2024, and market traders are already taking into account its potential impact on the value of the cryptocurrency.
CryptoQuant, an on-chain analytics provider, recently stated that Bitcoin is on the verge of a massive rally next year. According to their analysis, the approval of ETFs and the impact of the halving could push the price of the leading token to a minimum of $50,000.
Discussions are currently taking place between several major traditional financial institutions and the SEC regarding ETFs. It is believed that multiple applications will likely be approved simultaneously in January. Just yesterday, a new application was filed by 7RCC Global, which aims to launch the first-ever environmentally friendly Bitcoin ETF.
7RCC Global Inc. plans to primarily invest in Bitcoin while also allocating a significant portion of its portfolio to carbon-credit futures. If approved, the ETF will be traded under the ticker BTCK, and Gemini, a crypto exchange, will act as its custodian.
Furthermore, there is speculation that the U.S. Federal Reserve may lower interest rates in 2024 in response to a decrease in inflation rates. Historically, lower interest rates have encouraged investments in higher-risk assets, including technology stocks and cryptocurrencies. However, it is important to note that Bitcoin prices may experience short-term volatility as recent investors come to terms with significant unrealized gains.
