Bitcoin (BTC) price has experienced a surge in 2024, fueled by the launch of several spot BTC ETFs and its role as a store of value. Grayscale’s research director, Zach Pandl, suggests that the interest in BTC will continue due to the United States government’s high spending and ongoing discussions about interest rates. He predicts that persistent inflation and unsustainable budget deficits will contribute to the demand for assets like Bitcoin.
Jupiter Zheng, a partner at HashKey Capital’s liquid fund, sees significant growth potential for Bitcoin and suggests that it could reach $200,000 by the end of the year. He provides a low prediction of $100,000, a medium prediction of $140,000, and a high prediction of $200,000.
The introduction of BTC ETFs has made cryptocurrency investments more accessible and appealing to a wider audience. Over time, Bitcoin’s price behavior may start to resemble that of traditional assets like stocks and gold, leading to more stable growth and integration into mainstream investment portfolios.
Renowned venture capitalist Tim Draper predicts that BTC will triple in value in 2024 due to the inflows into ETFs and the impact of the Bitcoin halving. He expresses optimism about Bitcoin’s future, suggesting a possible rise to $250,000 by the end of the year.
The introduction of spot Bitcoin ETFs in the United States has revived interest and capital investment in Bitcoin. These investment products provide a new option for investors who may be hesitant to hold BTC themselves and serve as a hedge against devaluing fiat currencies.
While historical halving events provide some insight, the current situation with ETFs introduces more volatility to crypto prices due to fluctuating demand. Bitcoin’s recent volatility indicates that the market is adjusting to these new dynamics, especially with the global introduction of spot ETFs, which could drive up demand and prices.
Zheng highlights key factors that could influence Bitcoin’s price, including BTC spot ETF net inflows, the Federal Reserve’s interest rate cuts, and the 2024 Bitcoin halving.
While predicting the exact value of Bitcoin by the end of 2024 is challenging, experts agree that its price is likely to rise throughout the year. These predictions are based on the expectation of increased inflows into Bitcoin ETFs, its role as a store of value, and the current macroeconomic conditions.
Note: This article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.