Analyst Rates Bitcoin As The Most Promising Asset For 2024, Predicts Price Potential Of $120,000
Chief analyst of Singaporean exchange Bitget, Ryan Lee, has laid out some interesting Bitcoin price predictions for 2024. This forecast comes after BTC’s negative performance in the last week, where the maiden cryptocurrency declined by 4%, falling below the $42,000 price mark.
Bitcoin To Trade At $120,000 In 2024 – Ryan Lee
In an X post on December 17, crypto data platform Brave New Coin shared Ryan Lee’s projections for Bitcoin in the new year, which were presented in three phases.
For the short term, Lee anticipates Bitcoin’s price to fluctuate between $32,000-$50,000 as determined by the outcome of the spot ETF approval saga in the US. Currently, many crypto enthusiasts are highly optimistic about the SEC finally granting a green light to the launch of a spot Bitcoin ETF, following multiple meetings between the regulator and several asset managers involved.
Bitcoin Predictions For 2024 – Bitget Chief Analyst Ryan Lee picks some price ranges for BTC and other winners next year 🚀 #Bitcoin2024 pic.twitter.com/LPlhJwgm9w
— Brave New Coin (@bravenewcoin) December 17, 2023
According to Bloomberg analyst James Seyfarrt, there is a 90% chance that this potential approval order will come between January 8th and January 10th, 2024, meaning Bitcoin’s price may be set for a major movement in the coming weeks.
In regards to the mid-term phase, Ryan Lee predicts Bitcoin prices to range between $38,000 – $75,000 based on the effects of the halving event, which is historically known to cause a rise in BTC prices. This is because the halving event causes a reduced rate of new Bitcoin minting, which leads to scarcity, in turn boosting the token’s demand and price.
In the long term, Bitget chief analyst projects Bitcoin to trade between $40,000 and $120,000 in 2024. He believes the major determinant in BTC price at this time would be US policy and regulations guiding the use of cryptocurrency.
At the time of writing, Bitcoin trades at $41,874.33, with a decline of 0.12% in the last hour. Meanwhile, the token’s daily trading volume is down by 16.99% and valued at $14.85 billion.
BTC trading at $41,921 on the daily chart | Source: BTCUSD chart on Tradingview.com
Lee’s Take On The Altcoin Market
Alongside Bitcoin, Lee has also given some interesting predictions on the top tokens in the altcoin market for 2024. The Bitget executive expects Ethereum (ETH) could outperform BTC and trade between $3,000 and $3,500. By the end of 2024, Lee predicts ETH could attain a historic price point of $4900.
Meanwhile, the analyst expects XRP to trend in a similar fashion as BTC, hitting a price range of $1-$1.5 in 2024. In addition, Lee also projects that ADA could reach $1.2-$1.8 pending a significant growth of the Cardano ecosystem.
Featured image from InfoWorld, chart from Tradingview
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