Bitcoin: Fundamental Analysis & Experts' Forecasts About Bitcoin Prices in 2024

Getting to Know Bitcoin as a Crypto Asset Leader

Bitcoin, often referred to as 'digital gold,' has formed the basis for the evolution of crypto assets since its emergence in 2009. This article will present an in-depth fundamental analysis of the potential price of Bitcoin in 2024, focusing on the factors influencing the value of this asset in the crypto market.

Related Article: First Steps to Investing in Bitcoin (BTC) for Beginners

Context of Bitcoin in the Crypto Asset Ecosystem

Bitcoin, as the first and most influential crypto asset, plays a crucial role in shaping and directing the future of the crypto industry. In this piece, we will explore how the existence of Bitcoin has affected the overall dynamics of the crypto market.

Bitcoin Fundamental Analysis

History and Growth of Bitcoin

This analysis will discuss Bitcoin's evolution since its launch, how it grew to become a dominant crypto asset, and how that evolution has affected its market value.

Global Adoption and Institutional Acceptance

Another important factor in fundamental analysis is the global adoption of Bitcoin and how accepted it is by large financial institutions. We will examine how these trends affect the demand and, consequently, the value of Bitcoin.

Influence of Regulations and Government Policies

Government regulations and policies play an important role in determining Bitcoin's future. This analysis will discuss how changes in global policy may affect the Bitcoin market.

Bitcoin Supply and Demand

We will also explore how limits on the amount of Bitcoin that can be mined, as well as events such as 'halvings', affect supply and demand, and their impact on price.

Bitcoin Price Prediction for 2024

Bitcoin Price Predictions from Various Analysts & Leading Expert

In this section, we will quote the views of some prominent figures in the world of Bitcoin: 

1. Mark Mobius: Known for his accurate predictions for 2022, Mark Mobius predicts Bitcoin could reach US$ 60,000 by the end of 2024. According to him, the potential approval of a Bitcoin ETF could increase interest in this crypto asset significantly.

2. Youwei Yang: As Chief Economist at Bit Mining, Youwei Yang estimates the price of Bitcoin will peak at US$ 75,000. This prediction is linked to the approval of a Bitcoin ETF and the halving in May 2024 which will make Bitcoin supply more limited.

3. CoinShares: CoinShares' James Butterfill sees significant changes in the digital asset landscape in 2024, with the potential approval of a Bitcoin ETF in the US as a catalyst. According to him, increasing institutional investment could push the price of Bitcoin to US$ 80,000.

4. Nexo: Antoni Trenchev, founder of Nexo, estimates the price of Bitcoin could reach US$ 100,000 by 2024, based on factors such as the halving and the potential approval of several Bitcoin ETFs.

5. Standard Chartered: The bank doubles down on its US$ 100,000 Bitcoin price prediction, stating that the halving and approval of various ETFs will be the main drivers.

6. Carol Alexander: Finance professor Carol Alexander predicts Bitcoin will trade between US$ 40,000 to US$ 55,000 in the first quarter of 2024, with the potential to reach more than US$ 100,000 before the end of the year , depending on several factors, including ETF approval

7. Matrixport: The crypto financial services company projects that Bitcoin will reach US$ 125,000 by the end of 2024, with predictions that the macroeconomic environment will continue to be a strong driver for crypto.

8. CoinFund: With one of the most optimistic Bitcoin price predictions, CoinFund predicts Bitcoin prices could reach between US$ 250,000 and US$ 500,000 by 2024, driven by factors such as a downturn Federal Reserve interest rates and ETF approval

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Analysis and Implications

Bitcoin price predictions for 2024 vary widely, showing how dynamic and unpredictable the crypto asset market is. From a more conservative prediction by Mark Mobius to a very bullish estimate from CoinFund, we see a wide spectrum of possible outcomes.

The main factors that are often mentioned include the approval of a Bitcoin ETF which has the potential to increase institutional investment, as well as the effects of the next halving in 2024. Both of these factors are considered capable of limiting the supply of Bitcoin while increasing demand for it, especially from institutional investors.

However, it is also important to note that the crypto market is highly susceptible to volatility and is influenced by various external factors, such as government regulations, global market sentiment, and technological developments. Therefore, investors should approach these predictions with a good understanding of the risks and uncertainties associated with the crypto market.

Investment Strategy for Bitcoin

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Guide for Investors

This section will provide guidance for investors interested in adding Bitcoin to their portfolio. We will explore various investment strategies, from short-term to long-term strategies.

Managing Risk in the Bitcoin Market

Investing in Bitcoin involves certain risks. We will discuss strategies for managing these risks, including price fluctuations and external factors that influence the market.

Conclusion: Predicting Bitcoin's Future in 2024

This conclusion will summarize the Bitcoin price outlook in 2024, taking into account the fundamental analysis that has been presented. We will highlight the growth potential as well as the challenges that may be faced in Bitcoin's future journey.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.