- According to some AI figures from CoinCodex, BTC looks set to grow significantly over the next few years.
- He predicts that we could see our favorite cryptocurrency reach around $42,000 by 2023 before truly exploding to nearly $117,000 in 2024.
- Technical analysts at TradingView also appear cautiously confident based on their charts. Things like the upward trends in the 50-day and 200-day moving averages, as well as strengthening momentum signals, have them thinking that buyer demand will continue to overwhelm reduced supply as adoption increases. developed.
The future price of Bitcoin is a hotly debated topic in crypto circles. With such a volatile and speculative asset, it is almost impossible to predict market movements with complete certainty. However, this does not stop analysts and AI from attempting to predict where BTC could be heading in the coming years. In this article, we will explore the predictions of two leading cryptocurrency data providers: CoinCodex and TradingView.
What CoinCodex predicts for Bitcoin
CoinCodex uses an algorithm that takes into account historical price data for the coin as well as periodic halving events that reduce the overall supply of Bitcoin. According to its model, BTC has the potential for continued strong growth over the next few years, with an expected peak of $117,000 in 2024.
Price prediction by Coincodex
THE prediction Coincodex models a yearly low of $28,610 for 2023, but sees Bitcoin climbing throughout the year to finish around $42,411. 2024 is expected to be a pivotal year, with BTC potentially ranging from $28,610 on the low end to a massive peak of $117,269. 2025 is expected to start around $86,000 and could reach $177,384 if the bullish momentum persists.
By 2030, CoinCodex estimates a worst-case floor of $148,401, but sets the cap at a more ambitious $265,547 if several additional positive adoption cycles unfold. Of course, these are only mathematical probabilities issued by an AI: no model can put a crystal ball into the murky waters of cryptocurrencies. But it shows the potential for Bitcoin’s innovative technology to continue disrupting our financial world.
What the charts say
Let’s check TradingView Technical Analysis to see if the charts match CoinCodex’s optimistic outlook. Their analyst MonoCoinSignal was monitoring Bitcoin over a 4-hour period as it traded near $28,600. A combination of indicators pointed towards a tepid uptrend, with the MACD showing strengthening momentum and the RSI holding in a favorable range above 50.
Price prediction by Tradingview
Zooming out on the daily chart, we can see that the MACD is bullishly positioned above its signal line, while the 50-day and 200-day simple moving averages are firmly trending higher – all constructive signs. Volume hasn’t been explosive, but consolidation around this level could see continued buying pressure materialize. While the adoption of major exchanges and institutions is still in its early stages, it is not difficult to imagine demand quickly outpacing the reduction in supply in the years to come.
The TradingView analyst also noted regulatory developments such as the SEC’s decision not to block a Grayscale Bitcoin ETF and the conclusion of the Amsterdam Bitcoin Conference as potential near-term catalysts. Warmer adoption of cryptocurrency by policymakers could open the floodgates to a whole new class of investors seeking exposure. This would energize the Bitcoin hype and demand cycles that have catapulted the price by several thousand percent in the past.
Of course, any unpredictable decisions from powerful regulators like the SEC or Chairman Jay Powell’s Federal Reserve could also send the market crashing down. But the broader trend appears to be increasingly tolerant as the ecosystem matures and institutional quality increases. If things continue to progress gradually on this positive path, it is not difficult to imagine the catalysts that will allow Bitcoin to maintain triple-digit price appreciation throughout the 2020s.
Stay cautiously optimistic
In summarizing the forecast, CoinCodex AI and TradingView analyst communicate cautiously bullish near-term views while maintaining an optimistic medium-term outlook based on on-chain growth trends and supply dynamics. As with all speculative assets, past performance does not guarantee future success. But if history is to be believed, Bitcoin has proven stubborn in its resilience and ability to surpass the skeptics’ wildest dreams. Staying diversified while selectively accumulating on declines could well reward patient investors in the years to come. Maybe we’ll be happily sipping mojitos on the beach on that $117,000 forecast date in 2024! Until then, stay tuned for price developments.