This article is also available in Spanish.
The price of Bitcoin has been a hot topic lately as different financial institutions have created different pictures of its future. Bitcoin is estimated at $63,000 as of September 26, 2024; it shows some consistency following the previous swing.
Related Reading
This price is still much higher than its value just last year when it hovered around $26,000. The cryptocurrency market remains volatile, and many analysts are weighing in on what’s next for Bitcoin.
Forecasts From Financial Institutions
Various financial firms produce different Bitcoin pricing methods. For example, Standard Chartered recently changed its forecast from an earlier forecast of $100,000 to $120,000 by the end of 2024.
This change captures the growing optimism about Bitcoin’s market potential, especially considering the massive impact of the recent halving event.
In contrast, Berenberg has been more cautious, setting a target of $56,630 in April 2024. Their projections consider the possibility of a significant market correction.
Fundstrat, however, has set a higher target of $180,000 as it believes the launch of the BTC ETF will boost prices. Such predictions draw attention to different perspectives in the sector and show how market sentiment can change.
Researcher Sees Bitcoin Targeting $68,000 Next
Head of research at Uphold Martin Hiesboeck expressed optimism for the foreseeable future of crypto assets. He believes that Bitcoin is “ready” to break above the $68,000 mark, which represents an increase of about 6.67% from its current price.
It looks like $BTC ready to blow straight to 68000 🤞
Happy trading!– Dr. Martin Hiesboeck (@MHiesboeck) September 25, 2024
According to Hiesboeck’s research, Bitcoin recently made a major push towards $65,000 before facing some resistance. He expects bitcoin to continue its rise and eventually reach the $68,000 mark.
Variables Affecting Bitcoin Price
The price of Bitcoin varies for several reasons. Unlike traditional stocks that generally react to company performance or economic issues, macroeconomic trends, technological developments, and legal changes can all affect the value of Bitcoin.
Related Reading
Institutional interest in Bitcoin is also on the rise. Many investors see it as a means of portfolio diversification and a hedge against inflation. Certified financial advisor Drew Feutz said: “The potential benefits of investing in crypto can be higher returns than traditional assets.” Many others agree that over time Bitcoin can outperform traditional portfolios of stocks and bonds.
The Way Forward
Looking ahead to 2025 and beyond, the predictions vary widely. By 2030, some analysts estimate BTC between $400,000 and $1 million. These forecasts, however, are only estimates at best and are highly dependent on macroeconomic conditions and external events including legislative changes.
Featured image from CNBC, chart from TradingView