Top experts have predicted a bullish price movement for BTC in 2024, mainly due to the upcoming halving event.
Bitcoin (BTC), the flagship cryptocurrency, has always been a hot topic for analysts and enthusiasts. Over the past year, many have dared to predict the price trajectory.
As of January 1 of this year, BTC was trading at $16,547 per year. CoinMarketCap data. This has led to speculation that the crypto market may be entering a difficult phase, with many predicting that the bull run could take place in 2024, in line with the halving event.
As we approach the end of 2023, let’s evaluate some of these predictions and their current status.
PlanB, known for creating the Stock-to-Flow model, made an important prediction on January 12, 2023. He said on Twitter that Bitcoin’s price of $15.5K in November 2022 would be its lowest. He further mentioned that BTC has passed its short-term holder (STH) phase and will continue to rise steadily until the 2024 halving event.
According to PlanB, BTC will trade above $32,000 during the 2024 halving, expected around April, according to reports. He also predicted that the bull market would begin in 2025 with BTC surpassing the $100,000 mark.
So far, PlanB’s predictions appear accurate. BTC has not dropped below $15.5k since November 2022 and has risen from $18k in January to $26k currently. PlanB reaffirmed his prediction, quoting his January tweet, saying: “To be clear, I stand by my prediction from January 12.”
Tim Draper’s prediction:
Tim Draper, a renowned venture capitalist, made a bold prediction in 2018, stating that BTC would reach $250,000 by 2022. As it is 2023, this prediction has not yet come to fruition.
However, Draper was right before. In 2014, after purchasing millions of BTC, he predicted its price would reach $10,000 within three years. This prediction came true in 2017.
In a interview With Hall of Fame, Draper admitted he felt compelled to make another prediction after the success of his first. He attributed the unrealized $250,000 forecast to actions by the U.S. government. Still, he remains hopeful, stating in December 2022 that BTC would reach $250,000 before the 2024 halving. He humorously added: “If it’s not $250,000 or more, then don’t listen to me anymore never on this kind of prediction.”
Robert Kiyosaki’s point of view:
Robert Kiyosaki, a prominent figure in the crypto space, has expressed his BTC price predictions. In July, he tweeted that BTC would reach $120,000 the following year (2024). This happened after his previous prediction of BTC reaching $500,000 by 2025. Despite BTC price fluctuations, Kiyosaki has always advised people to invest in BTC as well as gold and silver.
However, his recent tweet with the caption “BYE BYE Bitcoin and US Dollar?” has left many wondering about its current position on BTC.
Pantera Capital and chartered bank
As reported According to Crypto News Flash, American hedge fund Pantera Capital and Chartered Bank, a British multinational bank, have similar views on the price of BTC.
The media outlet revealed that Pantera Capital predicts $150,000 for BTC, while Chartered Bank predicts that BTC will hit the $120,000 mark in 2024. Both bold predictions were made due to the highly anticipated taper event halving in 2024. Historically, the Bitcoin halving is considered a bullish event in the blockchain industry.
What’s next for BTC?
Predicting the price of BTC is difficult, given its volatile nature. While some predictions are on track, others have not materialized. As with any investment, it is essential to carry out careful analysis research and consult financial experts before making decisions. Only time will tell which, if any, of these predictions will come true.