The Securities and Exchange Commission (SEC) gave its approval for several Bitcoin exchange-traded funds (ETFs) on January 10, sparking speculation about the market’s reaction in the coming weeks. Following the announcement, Bitcoin (BTC) experienced a surge, reaching $49,000 before dropping to just over $43,000 on January 12. These volatile movements were not entirely unexpected, considering Bitcoin’s upcoming halving in April, which has left experts divided on what the future holds. To gain some insight into the matter, Cointelegraph reached out to its staff and authors for their opinions. However, it’s worth noting that their predictions in the past have been off by significant margins, so their views should not be regarded as investment advice unless you’re looking to lose money.
Tom Blackstone, a reporter, believes that Bitcoin’s price barely exceeded resistance by the end of December, closing at $42,265. This result was $2,265 higher than his previous prediction a few months ago. Based on historical data, he expects Bitcoin to experience a significant price increase by the end of this year, with a new all-time high likely. However, he does not anticipate the ETF news to have a profound impact beyond the first two months following the decision.
When asked about the price of Bitcoin on June 30, Blackstone predicts it will be above $47,000.
Lucas Kiely, the chief investment officer at Yield App, suggests that while some short-term traders may engage in “sell-the-news” actions, long-term holders, or HODLers, are unlikely to sell, especially before Bitcoin’s halving event. Kiely points out that the number of long-term holders is currently at an all-time high, indicating strong support for Bitcoin. Although he expects a minor pullback, he believes it will not be significant and that Bitcoin’s price will eventually surpass the $50,000 threshold. By June, after the halving, Kiely anticipates an increase in price, which will depend on various factors such as the macroeconomic backdrop. His prediction for Bitcoin’s price on June 30 falls between $50,000 and $60,000.
Christos Makridis, an associate research professor at ASU and founder/CEO of Dynamic AI, sees the approval of the Bitcoin ETF as a significant milestone for digital assets, not just Bitcoin, in the coming year. He believes that as economic and political uncertainty continues to rise, digital assets will serve as a haven for investors. Makridis notes a negative correlation between uncertainty and the prices of Bitcoin and Ethereum (ETH) and expects this relationship to be amplified during the 2024 election cycle. He predicts that the momentum for digital assets will continue, leading to a price appreciation. While he doesn’t provide a specific price prediction for Bitcoin on June 30, he wouldn’t be surprised if it surpasses $50,000.
Ray Salmond, head of markets, suggests that Bitcoin’s long-term price action will be influenced by the inflows to the ETFs and the corresponding reports in the first and second quarters. Salmond believes that attention will soon shift back to Bitcoin’s halving in April, which historically has had a significant impact on its price. He expresses contentment with Bitcoin consolidating in the $50,000 to $56,000 range for the next couple of months, with hopes of it gaining further strength going into the halving. Salmond’s price prediction for Bitcoin on June 30 falls between $55,500 and $69,420, although he acknowledges that there are many unpredictable factors at play.
Daniele Servadei, founder and CEO of Sellix, sees Bitcoin inevitably surpassing $100,000 due to increased retail investor participation. He believes that this milestone signifies a significant leap towards mainstream acceptance and regulatory clarity in the United States. However, Servadei notes that Ethereum may not experience the same ascent as Bitcoin. His prediction for Bitcoin’s price on June 30 is $140,000.
Rudy Takala, an editor, suggests that Bitcoin’s price will trade within a narrow range once a post-ETF bottom is established. He believes it would be safer to short the higher end of that range until a breakout occurs. Takala points out that in 2020, the year of the last halving, Bitcoin’s price increased by 500% and then doubled in 2021. If this pattern continues, Takala predicts a year-end price above $200,000, although he acknowledges that this may seem absurd at the moment. His price prediction for Bitcoin on June 30 is above $47,000.
J.W. Verret, an associate professor at George Mason Law School, emphasizes the importance of taking a long-term perspective when investing in Bitcoin, thinking in terms of five to 20 years. He believes that the future holds great potential for Bitcoin due to the declining value of the U.S. dollar, the preference for decentralized money by artificial intelligence, and the rise of remote work, which lends itself to crypto incentives. Verret does not provide a specific price prediction for Bitcoin on June 30 but suggests that it may experience a dip during tax season before continuing to rise towards $50,000.
In conclusion, the experts’ predictions vary, with price ranges spanning from $47,000 to $140,000 for Bitcoin on June 30. However, it’s important to note that unforeseen factors could significantly impact the market and these predictions. This article serves as general information and should not be considered legal or investment advice. The views expressed by the experts are their own and do not necessarily reflect the views of Cointelegraph.