The Great Bitcoin Bet: Can it Reach $45,000 in 2024 or Will it Crash and Burn?

It is possible to witness many speculations about Bitcoin prices. Among them, there are undoubtedly many question marks that other altcoins and altcoin investors are eagerly waiting for. Will the bitcoin price rise in general?

How Much Further Will The Bitcoin Rally Go?

U.S. institutions were likely behind the Bitcoin (BTC) rally in January, when the cryptocurrency surged more than 38%. Crypto services provider Matrixport said in a research report published Wednesday that the performance earlier this year indicates an upward trend for the token price.

It’s worth noting that there are some differences this year

Undoubtedly, the impact of the pandemic that occurred in recent years on the economy is still being felt. Apart from that, projects like NFT – Metaverse, in which global players have invested, have suffered very serious damage. 

When the economy shrinks, companies turn to more realistic investments, pulling back to protect themselves. It would not be wrong to say that there are some big companies creating their own coin projects in this regard. 

Blockchain projects have also failed

By 2018, it can be noted that many blockchain projects remained unfinished. This is because these projects were designed to evolve over time. At the point we’ve reached now, they couldn’t even maintain the status quo, let alone evolve. 

When we look at variables like these together, many different scenarios emerge. 

If we should briefly give examples of these scenarios: Maersk, MSC in logistics, many European Union member states in business, presidential elections in politics, and even companies like Apple and Hyundai in technology.

The Great Bitcoin Bet: Can it Reach ,000 in 2024 or Will it Crash and Burn?

What Will Bitcoin Look Like?

In five of the six years that Bitcoin has risen in January, the cryptocurrency has ended the year with a positive return. Research director Markus Thielen wrote that gains for the rest of the year averaged more than 245%.

The only year Bitcoin fell after a strong January was 2014, when prices had just reached the peak of the bull market, the note said.

Matrixport Reports Slightly Differently

Matrixport says that the driver of the 2023 bull market could be the Bitcoin halving cycle expected in March 2024, when the amount of cryptocurrency entering the system falls by 50% every 10 minutes. The price of Bitcoin is therefore statistically likely to double from here to the end of the year, the report said.

According to the report, this means that the Bitcoin price could reach $45,000 by Christmas.

However, it seems useful to add an important reminder on this topic. After all, in the past few years, it was always emphasized that the Bitcoin price would rise at the end of the year. However, it would be illogical to say that we are in such a situation now. For this reason, it should be noted that this increase has not yet come to the fore, although different situations have arisen over time.

You might be interested: BNB Announces Decentralized Storage “BNB Greenfield”

David Moore

I am a writer/editor and aspiring author with a high level of editing, writing, communication, leadership and research skills. I possess the proven ability to copy edit, write, fact check, format, calculate and verify numbers/percentages, interview people, perform research, teach and produce something meaningful from scratch.

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