Bitcoin Price Predictions for 2024: Wall Street versus Crypto Experts
Layergg, a prominent crypto researcher, recently took to Twitter to explore the intriguing and uncertain future of Bitcoin in 2024. Notable experts from both traditional finance, such as Wall Street, and the crypto space, including VanEck, Matrixport, Fidelity, Arthur Hayes, Ark Invest, and Bitwise, have expressed contrasting views on the matter. While some anticipate Bitcoin reaching heights of $70,000 to $150,000, others predict a potential decline to $36,000 or even $32,000.
The 2024 Bitcoin Predictions are as follows:
• Arthur Hayes – $70,000
• VanEck – $70,000
• Bitwise – $80,000
• Fidelity – $100,000
• Franklin – $150,000
With major players in the industry expecting Bitcoin to reach an all-time high, there are also counterarguments from CTs (Crypto Traders) who believe it may dip to $36,000 or $32,000.
In his tweet, Layergg provides reasons not to be overly negative about Bitcoin. He points out that influential figures in the financial world are expressing positive sentiments towards the cryptocurrency. Additionally, there have been legal victories for Coinbase, a major crypto company, and more funds are flowing into ETFs compared to leaving another fund, Grayscale.
Moreover, discussions about interest rate changes and the U.S. government potentially printing more money contribute to the overall positive outlook. Surprisingly, even individuals who were previously skeptical about Bitcoin are now expressing optimism.
On the other hand, there is anticipation surrounding the Bitcoin halving in April, speculation about rate cuts in the first half of the year, and active support from U.S. presidential candidates. These factors shape market sentiment, resulting in a mix of both optimism and skepticism.
In the midst of these complex market conditions, Layergg highlights that Grayscale is currently experiencing daily outflows of approximately $550 million. This is attributed to the trading discount of the Grayscale Bitcoin Trust (GBTC), although analysts suggest that a potential reduction in GBTC selling pressure could indicate a strong rebound in Bitcoin prices.
Despite predictions of a dip to $36,000, Layergg advises retail investors to consider a “Hold through Dollar-Cost Averaging (DCA)” strategy. He emphasizes the challenges of navigating market fluctuations and highlights the success of long-term HODLers (holders) compared to day traders since 2017.
Presently, Bitcoin is trading at $41,003, with daily losses of less than 1.91% and a weekly decline of over 3.4%.