The price of Bitcoin has been a topic of constant speculation and debate among cryptocurrency enthusiasts. As we enter the new year, experts have begun to make their predictions for Bitcoin’s performance in 2024. In this article, we will analyze the forecasts made by Ryan Lee, the chief analyst of Singaporean exchange Bitget, and examine the factors that could influence Bitcoin’s price in the coming years.
According to Ryan Lee, Bitcoin’s price in the short term will be determined by the outcome of the spot ETF approval saga in the US. Currently, the anticipation of the SEC granting approval for a spot Bitcoin ETF has driven optimism among crypto enthusiasts. Lee predicts that the price of Bitcoin will fluctuate between $32,000 and $50,000 based on the outcome of this regulatory decision. The approval order is expected to come between January 8th and January 10th, 2024, which could lead to a major movement in Bitcoin’s price in the coming weeks.
The mid-term forecast for Bitcoin involves the effects of the halving event. Historically, the halving event has caused a rise in Bitcoin prices. This event results in a reduced rate of new Bitcoin minting, leading to scarcity and an increase in demand and price. Ryan Lee predicts that Bitcoin prices will range between $38,000 and $75,000 in the mid-term, taking into account the impact of the halving event.
In the long term, Bitget’s chief analyst projects Bitcoin to trade between $40,000 and $120,000 in 2024. This range is influenced by the US policy and regulations governing the use of cryptocurrency. As the adoption and acceptance of Bitcoin grows, the regulations set by the US government will play a crucial role in determining its price trajectory.
Apart from Bitcoin, Ryan Lee has also made predictions regarding some of the top altcoins in the market. He believes Ethereum (ETH) could outperform Bitcoin and trade between $3,000 and $3,500 in 2024. Lee predicts that by the end of the year, ETH could reach a historic price point of $4,900. XRP, on the other hand, is expected to follow a similar trend as Bitcoin, with a price range of $1 to $1.5 in 2024. Lee also projects that ADA, the native cryptocurrency of the Cardano ecosystem, could reach a price range of $1.2 to $1.8, depending on the growth of the ecosystem.
While these predictions provide insights into the potential price ranges of Bitcoin and other leading altcoins in 2024, it is essential to remember that the cryptocurrency market is highly volatile and subject to various external factors. The regulatory landscape, market sentiment, and technological advancements can significantly impact the price of cryptocurrencies. Therefore, it is crucial to conduct thorough research and exercise caution when making investment decisions in the crypto market.