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In 2024, Bitcoin commenced with a robust start, ascending from $16.6k to $70.5k (as of March 2024). Since then, it has demonstrated a trend of higher lows and highs, following a stabilization period between November 2022 and January 2023. Analysts have also predicted that the price might touch $88,000 throughout 2024.
Let’s take a look at the performance of Bitcoin in 2024 and the forecasted price trends in Q3.
Bitcoin Q1 summary
- Bitcoin has soared by over 50% in 2024, reaching the $68,000 milestone for the first time in over two years. This upward trend has been driven by various factors, primarily the growing accessibility and legitimacy facilitated by ETFs.
- During February 2024, Bitcoin commanded the cryptocurrency market with a remarkable leap beyond $64,000, a milestone unachieved since November 2021. This surge propelled Bitcoin’s market value close to eclipsing Meta, positioning it as a contender for the world’s ninth most valuable asset by market capitalization.
- The Bitcoin halving event scheduled in April is anticipated to contribute to the further increase of BTC’s price. Every four years, the Bitcoin halving event reduces BTC rewards to miners by 50%, shrinking their payout to 3.125 BTC. This event is typically considered beneficial for Bitcoin’s price, as it constrains supply.
- Historically, halvings have sparked momentum in Bitcoin’s price. They occur periodically, halving the reward for mining Bitcoin transactions. This reduction in supply, resulting in fewer available Bitcoins, tends to drive prices higher. Nearly half of the 40 surveyed panelists (47%) anticipate Bitcoin reaching a new all-time high six months after the halving event.
Bitcoin Q3 2024 forecast
BTC to touch $150k by the year-end as per Standard Chartered
Standard Chartered has revised its year-end BTC forecast to $150,000, a 50% increase from its previous prediction of $100,000 as we move into the next quarters of 2024 and a 74% increase from the current levels hovering around $64,000 in March 2024. The bank also anticipates BTC to reach a peak of $250,000 in 2025 before stabilizing around $200,000, starting in 2024 Q3.
Standard Chartered’s analysis parallels the introduction of gold ETFs in the US and correlates ETF inflows with BTC prices. With BTC already up by 150%, spot Bitcoin ETFs are predicted to rise further in 2024.
BTC can hit an average peak price of $87,875 in 2024
A recent report suggests that Bitcoin is poised to achieve a new all-time high of $88,000 (€82,000) within the year before stabilizing around $77,000 by the close of 2024. According to findings, Bitcoin is anticipated to reach an average peak price of $87,875 in 2024, with some experts even forecasting a climb to as high as $200,000, as indicated by a survey conducted by a UK fintech. The survey also reveals that more than half of the experts polled anticipate a price surge following the BTC halving event slated for April 2024.
The lowest average peak price could be around $35k, still double of last year
A report indicates that the average lowest price Bitcoin might reach by the conclusion of 2024 is estimated at $35,734 (as per EuroNews), with some projections even suggesting a dip as low as $20,000.
However, this year’s lowest is almost double the lowest BTC touched last year at $16,625.08.
A breakdown below the critical support level of $35,000 would cast a shadow over the cryptocurrency markets. This scenario would imply that the approval of the Bitcoin spot ETF served as a sell-the-news event, tumbling by 14%.
CoinFund’s bullish BTC prediction to $500k
CoinFund predicts Bitcoin could go up to $250,000 and $500,000.
However, other market projections vary, with some anticipating Bitcoin hitting $63,140 by April 2024 and $125,000 by the year’s end. Some CNBC sources also predict Bitcoin trading within the $40,000 to $55,000 range in the first quarter of 2024, attributing it to “professional traders inducing volatility.” Settlements are anticipated in the second or third quarter, potentially leading to ETF approval and Bitcoin soaring to $70,000, establishing a new record high.
Investors increasing their portfolio diversification into crypto to 2%
Moving into Q2 and Q3 of 2024, investors will now allocate over 2% of portfolios to crypto, a significant shift from the cautious approach seen in previous years. Traditionally viewed as risky and speculative, crypto was often sidelined in retirement accounts. However, the landscape changed with the introduction of spot Bitcoin ETFs.
Suddenly, there’s a widespread openness to increasing crypto allocations. Analysts suggest 1% is now conservative, with a balanced approach recommending 2.5%, and aggressive strategies reaching 3% or higher.
Wall Street expanding into new BTC ETF products
The SEC’s recent approval of nearly a dozen new spot Bitcoin ETF products has been a defining moment this year. This move catalyzed Bitcoin’s surge past the $50,000 threshold, signaling its potential mainstream adoption among retail and institutional investors.
With this surge in mind, it’s logical to anticipate Wall Street’s expansion into ETF offerings for other cryptocurrencies. Wall Street may introduce more diversified ETF options beyond vanilla spot Bitcoin offerings. These could include inverse ETFs, mirroring Bitcoin’s inverse movement, and leveraged ETFs, allowing investors to make highly leveraged bets on Bitcoin’s directional shifts.
Quarterly BTC forecast: Bitcoin may be headed in the bullish direction
The outlook for Bitcoin appears bullish for the second and third quarters of the year, with most predictions suggesting potential price increases. Factors such as approval of new ETF products, growing mainstream acceptance, and institutional interest will contribute to this positive sentiment.
It’s essential for traders to recognize that while forecasts can provide valuable insights, they are not guarantees of future performance. The cryptocurrency market, particularly Bitcoin, is known for its volatility and unpredictability, making it inherently risky. Therefore, it’s crucial for traders to exercise caution and diligence in their decision-making processes. Always conduct thorough research, stay informed about market developments, and carefully evaluate your risk tolerance before engaging in trading activities.
By acknowledging these potential risks and taking proactive measures to mitigate them, traders can position themselves more effectively to navigate the dynamic landscape of the Bitcoin market.
Disclaimer: All material published on our website is intended for informational purposes only and should not be considered personal advice or recommendation. As margin FX/CFDs are highly leveraged products, your gains and losses are magnified, and you could lose substantially more than your initial deposit. Investing in margin FX/CFDs does not give you any entitlements or rights to the underlying assets (e.g. the right to receive dividend payments). CFDs carry a high risk of investment loss.
Forecasts and predictions about future performance are inherently uncertain and speculative in nature. While every effort has been made to provide accurate and reliable information, there is no guarantee that the events or outcomes discussed will occur as forecasted. Past performance is not indicative of future results.
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