Bitcoin (BTC-USD) approaches a pivotal juncture in its halving cycle. The token’s next halving is set for April 2024, which will reduce block rewards by 50%, slowing new coin issuance. The debut of spot Bitcoin ETFs in Q1 2024 has also increased demand, creating a clear supply/demand imbalance that favors rising prices.
That said, there are certainly plenty of risks and uncertainty heading into this event. As with any catalyst, the outcome isn’t guaranteed. Thus, investors may want to remain cautious heading into this halving.
Let’s dive into where Bitcoin could be headed with this key catalyst on the horizon.
$180K Price Target
There are certainly some bullish price targets out there.
According to Acheron Trading CEO Laurent Benayoun, Bitcoin’s price (around $70,000 per token at the time of writing) could surge 150% in the current bull market cycle. Benayoun suggests a peak of $180,000, considering factors like Bitcoin ETFs and the impending halving based on historical patterns. He predicts a lower multiple on the all-time high, estimating $120,000 to $180,000 per unit.
Benayoun also noted that Bitcoin’s price could benefit from accommodative monetary policy in the United States, with an anticipated decrease in interest rates likely to drive investment in store of value assets.
Moreover, Benayoun’s forecast aligns with other recent predictions, including one from Bitfinex analysts, anticipating Bitcoin reaching $120,000 by the end of 2024. According to a report shared with Cointelegraph, this analysis suggests a conservative price target of $100,000-$120,000 per token by Q4 2024, with the cycle peak expected in 2025.
Finally, Bitcoin’s price could peak at $337,000, according to Bitcoin analyst Willy Woo, who stated in a March 11 post that the upper bound model currently sits at this level. Moreover, Cathie Wood of Ark Invest predicts a Bitcoin price exceeding $1 million by 2030, citing increased institutional involvement as a driving factor.
Stay Bullish, But Caution is Advised
These incredibly bullish price targets are great. However, I tend to think that some degree of caution is warranted when it comes to Bitcoin’s upside potential over the next few weeks.
Indeed, the upcoming halving event is a big deal, and historically-speaking, Bitcoin has performed well following these halvings. However, it’s also true that Bitcoin can be volatile around these key events. We’ve seen a “sell the news” decline following the approval of spot Bitcoin ETFs, before a real surge. Thus, it’s really a coin toss right now with respect to how the world’s largest cryptocurrency will perform before the halving.
That said, I think in terms of the balance of risks, it’s more likely than not that Bitcoin rallies through this event. After all, the world’s largest crypto is only going to see improved supply and demand fundamentals emerge as a result of this halving. For those looking to get their hands on increasingly-scarce Bitcoin, it’s going to get tougher. And right now, we’re in a very supply and demand driven market.
I can see Bitcoin heading above $100,000 per token in the coming months following this halving. However, heading into the event, I think uncertainty will remain.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.
FAQs
Some analysts believe that bitcoin could reach a record benchmark of $100,000 by the end of 2024, but retail investors haven't come off the sideline yet.
Will Bitcoin reach 100k in 2024? ›
With bitcoin hitting new highs, it'll likely reach the US$100,000 milestone before 2024 is out.
What is Bitcoin predicted price in 2024 halving? ›
Bitcoin, it found, is likely to hit an average peak price of $87,875 in 2024, with some experts predicting it will climb as high as $200,000. On the flip side, the average lowest price Bitcoin could hit by the end of 2024, is seen as $35,734, the report said, with some predicting it will fall as low as $20,000.
What will Bitcoin be worth in 10 years? ›
Bitcoin Overview
| Year | Minimum Price | Average Price |
|---|
| 2028 | $369,174.08 | $379,521.04 |
| 2029 | $525,671.43 | $540,852.91 |
| 2030 | $764,391.55 | $786,025.39 |
| 2031 | $1,077,841.21 | $1,109,283.06 |
8 more rows3 days ago
Mow remains confident that Bitcoin will surpass its previous all-time high, stating that it is likely to reach $100,000 before the Bitcoin halving.
Will Bitcoin reach 70k? ›
BTC hits $70k for first time ever
Previously, its peak hovered around $68,000, making this a significant milestone—especially considering it was trading under $20k at the beginning of 2023. This remarkable surge reflects growing investor confidence and heightened interest in cryptocurrency as a viable asset class.
Should I buy Bitcoin before halving? ›
This halving, scheduled to occur on or about April 20, will reduce Bitcoin's supply growth to roughly 0.8% a year. The effect of halvings has historically been dramatic, and this one is shaping up to be just like the past. Here's why Bitcoin is still worth buying before April 20.
What will Bitcoin be worth in 2040? ›
Based on our long-term Bitcoin Coin price forecast, we anticipated that prices could reach a new all-time high this year. By 2040, the maximum price of the BTC Coin is projected to be around $5,69,240.60. Our average price forecast for Bitcoin is $5,57,632.74 in 2040.
What is a realistic prediction for Bitcoin in 2030? ›
Understanding Bitcoin's Value Through Metcalfe's Law
Applying this to Bitcoin, Timmer predicts that the cryptocurrency's value could reach approximately $1 million per Bitcoin by 2030 as the network expands and reaches a critical mass, sparking what he refers to as a supermajority feedback network effect.
Will Bitcoin skyrocket in 2024? ›
In December 2023, one Bitcoin was worth roughly $42,000. By March 2024, BTC set a new all-time intraday trading high by breaking through the $69,000 level. The idea that Bitcoin could one day be worth a million dollars per unit, as Sciberras points out, “really shows how far we've come”.
Because Bitcoin is so powerful and has so much potential, Bitcoin's projected value and estimated growth could be astronomical. Speculation from crypto analysts and industry experts suggests that Bitcoin's long term value could reach over $100,000 to as much as one million dollars per BTC in the future.
What is the realistic price of Bitcoin in 2024? ›
Analyst Price Predictions
Renowned bitcoin analyst PlanB predicts a potential all-time high of $524,000 for bitcoin in the next four years. Analysts at Blockware Solutions suggest that the 2024 bitcoin halving could propel the price to a staggering $400,000.
Can Bitcoin go to a million? ›
Known for her innovative investment approach, Cathie Wood predicts Bitcoin will surpass $1 million sooner than her previous estimate of 2030.
Will Bitcoin hit 60k? ›
LONDON, Feb 28 (Reuters) - Bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a surge of capital into new U.S. spot bitcoin exchange-traded products fuelled a rally that has reached 42% this month, on track for its largest monthly gain since December 2020.
How much will Bitcoin be worth after halving? ›
With the 5th Halving, the Bitcoin price will see another bullish spark in 2028. Specifically, as per Bitcoin Price Prediction 2028, the potential BTC price range in 2028 is $174,063 to $192,908. The average price is also expected to be $183,485, demonstrating continued positive momentum.
How high could Bitcoin realistically go? ›
By March 2024, BTC set a new all-time intraday trading high by breaking through the $69,000 level. The idea that Bitcoin could one day be worth a million dollars per unit, as Sciberras points out, “really shows how far we've come”. However, while great highs are possible, so too are catastrophic lows.
How high can Bitcoin ever go? ›
The executive anticipates a potential cycle top of $180,000 for BTC price, based on a combination of factors, including the spot Bitcoin exchange-traded funds (ETFs), and the new supply reduction from the upcoming Bitcoin halving.
How high can Bitcoin go in 2030? ›
While it's challenging to predict the precise price of Bitcoin in the distant future, many analysts and experts remain bullish on its long-term prospects. Price predictions for 2030 range from conservative estimates of around $160,000, to more optimistic predictions of over $1 million.
How much will 1 Bitcoin be worth in 2050? ›
By 2050, our long-term Bitcoin price prediction estimates that the maximum price could reach up to $11,94,927.3. With continuous developments and advancements in technology, it's possible that the average price of BTC Coin to be around $11,60,786.52.
