Bitcoin Price Prediction 2024: Expert Says Can It Break $138,000?

Bittime -Anthony Pompliano, one of the well-known Bitcoin investors, gave abullishfor the future price of Bitcoin. Pompliano predicts that the price of Bitcoin could double its current price, reaching $138,000.

He said this because Bitcoin's historical trend stated that after the previous record high occurred in early March 2024. This could have an impact on the increase in Bitcoin prices, which he predicted would double in 18 days or less.

At least, the price of BTC had previously penetrated $69,000, Bitcoin had reached $69,210, now trading at around $67,423.

Pompliano's predictions are based on several factors

• Wider adoption of Bitcoin: More institutions and individual investors are starting to invest in Bitcoin, which will increase demand and push the price up.
• Inflation: Bitcoin is often seen as a hedge asset against inflation, and with rising global inflation, demand for Bitcoin is predicted to increase.
• Next Bitcoin Halving: The halving, which will occur in 2024, will reduce the available supply of new Bitcoins, which could push the price up.

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Effects of Price Increases

This early March 2024 high preceded Bitcoin's halving event , which could potentially accelerate its rise.

The upcoming halving will reduce daily Bitcoin production from 900 to 450, thereby impacting market dynamics.

Bitcoin's recent surge was caused by a new US Bitcoin spot ETF, attracting more than $8 billion since January 11.

Pompliano anticipates three significant new investors, including public pension funds and sovereign wealth funds, entering Bitcoin ETFs. 

Also Read How to Buy Crypto:

Market Capitalization

Bitcoin's market capitalization could eventually surpass that of gold, presenting itself as a global liquidity index amid concerns about a decline in the value of the dollar over the next decade. US ETFs now hold more than $50 billion of Bitcoin, with expectations of surpassing gold ETFs. 

Factors Affecting Bitcoin Price Prediction

Bitcoin price prediction has always been a hot topic among crypto investors and traders. Various factors can influence Bitcoin price movements, and it is important to understand them before making an investment decision.

Here are several factors that can influence Bitcoin price predictions

Adoption: The more people and institutions adopt Bitcoin as an asset and means of payment, the higher the demand will be and the price will likely rise.

Inflation: Bitcoin is often seen as a hedge asset against inflation. When the value of fiat currencies declines, demand for Bitcoin as a store of value may increase.

Regulation: Government regulation of Bitcoin can have a significant impact on its price. Positive regulation can increase investor confidence and encourage adoption, while negative regulation can depress prices.

Halving: Halving is an event that occurs once every four years where the number of new Bitcoins mined is cut in half. A halving could cause a decrease in Bitcoin supply and increase demand, which could push the price up.

Technological Developments: New technological developments, such as the Lightning Network, can increase the scalability and usability of Bitcoin, which can attract more users and push the price up.

Market Sentiment: Market sentiment, such as optimism or fear, can have a significant impact on the price of Bitcoin. Positive sentiment can encourage buyers to enter the market, while negative sentiment can push sellers out of the market.

Market Manipulation: Market manipulation by certain individuals or groups may occur in the unregulated Bitcoin market, and may result in abnormal price movements.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  for Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Bitcoin Futures and Bitcoin Options: Bitcoin Financial Contracts, What's the Difference?

What is Bitcoin Halving and How Does It Affect Bitcoin?

Mining Bitcoin vs Validating Bitcoin Transactions

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.