Analyst Rates Bitcoin As Most Promising Asset For 2024, Predicts Price Potential Of $120,000

Must read

FTX creditors stand to collectively lose millions under new reogranization plan

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Tether has frozen $435M USDT for U.S. DOJ, FBI, and Secret Service

The world’s largest stablecoin issuer has frozen 326 wallets containing $435 million worth of Tether (USDT) for the U.S. authorities, the company highlighted in...

The rise of CBDCs: What lies ahead for crypto and Bitcoin?

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Tap Protocol secures $4.2M for Bitcoin OrdFi innovation and expansion through Ordinals

Tap Protocol has completed a $4.2 million funding round led by Sora Ventures to enhance its role in the Bitcoin ecosystem. This investment, featuring...

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.

Bitcoin

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

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

More articles

Latest article

FTX creditors stand to collectively lose millions under new reogranization plan

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Tether has frozen $435M USDT for U.S. DOJ, FBI, and Secret Service

The world’s largest stablecoin issuer has frozen 326 wallets containing $435 million worth of Tether (USDT) for the U.S. authorities, the company highlighted in...

The rise of CBDCs: What lies ahead for crypto and Bitcoin?

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Tap Protocol secures $4.2M for Bitcoin OrdFi innovation and expansion through Ordinals

Tap Protocol has completed a $4.2 million funding round led by Sora Ventures to enhance its role in the Bitcoin ecosystem. This investment, featuring...

Korean central bank governor urges CBDC development to compete with stablecoins

Bank of Korea Governor Chang-yong Rhee warned that the rise of stablecoins could pose a significant threat to the traditional roles of central bank...