- Bitcoin’s value is projected to surge to $122,000 after the 2024 halving.
- There is a growing optimism due to its potential as ‘digital gold,’ bolstered by insider confidence.
In a recent interview with Scot Melker, experts speculated how Bitcoin [BTC] stands at the cusp of a monumental shift.
Predictions by analysts pointed towards a staggering value of $122,000 in 2024 following the BTC halving event.
This projection comes amid a backdrop of a 20% correction in the stock market from its all-time high (ATH) a year ago, stirring concerns over Bitcoin’s future.
Deflationary forces are at play
The deflationary pressures on commodities globally, characterized by an imbalance of supply over demand, underscored the necessity for the Federal Reserve’s easing policies to establish a market bottom.
Mike McGlone, a senior commodity strategist at Bloomberg, was asked about his opinion on the event. He commented,
“If you look at it from my standpoint, there’s no little hope for the dollar to go down unless the US stock market drops.”
The grand approval of Bitcoin ETFs
This economic environment has laid the groundwork for BTC’s resurgence, particularly through the introduction of exchange-traded funds (ETFs).
These ETFs simplify the process for investment advisers and money managers to recommend Bitcoin to their clients.
This ease of entry, coupled with Bitcoin’s burgeoning reputation as ‘digital gold,’ provides a compelling case for investors to divert funds from traditional safe havens like long bonds, treasuries, and money markets towards Bitcoin.
James Lavish, a former hedge fund manager, placed his opinion on Bitcoin’s recent spike in the interview. He mentioned,
“My opinion is that with these new ETFs, it has become exceedingly simple for registered investment advisers and money managers to recommend that their clients go into Bitcoin.”
He further mentioned that BTC’s allure is not merely its status as a novel technology, but its capacity to act as a hedge against economic downturns, especially in scenarios where ‘money printer’ policies are reactivated.
Is it time to buy #Bitcoin?
I say yes… always.
Discussing this and more on Macro Monday, 9 AM EST!https://t.co/4knY7oV3Uh
— The Wolf Of All Streets (@scottmelker) February 12, 2024
Hitting the $122,000 mark: Analysts seem optimistic
Dave Weisberger, the Co-founder and CEO at CoinRoutes, has shown considerable faith in BTC’s uptrend. He said,
“In November 2021, when Bitcoin was $63,000, the hash rate of the Bitcoin network was 160 trillion Tera hashes it’s now 4X. Does that mean I expect $240,000, which would be four times the all-time high price? Actually, no, but I expect half of that in this cycle.”
Bitcoin’s journey toward a $122,000 valuation in 2024 is underpinned by a confluence of factors. It will remain at the forefront, poised for unprecedented growth post-halving.
Strong insider confidence has boosted the network further.
A shift in narrative around Bitcoin ETFs
The narrative around Bitcoin has shifted from skepticism to cautious optimism, with investment advisers now more inclined to explore digital currencies.
This change in attitude is reflective of a broader acceptance of Bitcoin’s potential. It also indicates moving beyond the frenzied speculation that characterized its early days.
Bitcoin, unlike fleeting IPOs that soared and plummeted, has demonstrated resilience and a growing legitimacy within the financial ecosystem.