Bitcoin Predicted to Reach $100,000 in 2024: Report
TEHRAN (Tasnim) – The top cryptocurrency, Bitcoin, is expected to continue its surge into 2024, and could hit fresh all-time highs of over $100,000 per token, industry analysts announced.
The digital asset has rallied more than 160% in 2023, trading above $44,200 on Saturday's close, compared to $16,500 at the start of the year.
“It feels that (2023) was a year to get ready for the bull run that is yet to come. But the sentiment is very promising for (2024) and 25,” CEO of Ledger, Pascal Gauthier, was quoted as saying by the news network, RT reported.
Bitcoin hit a record high of nearly $69,000 in November 2021. However, last year nearly $1.4 trillion was wiped off the crypto market amid bankruptcies in the sector. The crisis was led by the collapse of FTX, the world’s second-largest crypto exchange at the time of its insolvency, with its founder Sam Bankman-Fried now facing over 100 years in prison, after he was found guilty on seven counts of criminal fraud.
To add to the crypto sector’s troubles, last month Binance chief Changpeng Zhao pleaded guilty to criminal charges and stepped down as the company’s CEO as part of a $4.3 billion settlement with the US Department of Justice.
Experts also say the next Bitcoin ‘halving’ – a mechanism to limit supply – which takes place every four years and is scheduled for late April 2024, will be another source of price upside, the report added.
Last month, Standard Chartered Bank reiterated its April forecast that Bitcoin would reach $100,000 by the end of 2024, or even earlier.