Analysts agree: BTC price will soar in 2024!

According to many cryptocurrency analysts, Bitcoin** will make big gains later in the year with the halving in April.

The cryptocurrency market, which is moving with the gradual approach to the Bitcoin halving, has brought remarkable comments from analysts. Analysts, who gave their views on how Bitcoin's performance in 2024 could be, aroused great curiosity.

"With ETF money inflows, Bitcoin's value could easily exceed 10 times"

Investment researcher Lyn Alden told Cointelegraph that next month's Bitcoin halving will reduce daily BTC production by about 450 BTC from the current average of 900 BTC. However, Alden noted that the amount of supply disruption pales in comparison to the daily price flows flowing in and out of crypto exchanges and Bitcoin exchange-traded funds (ETFs).

"In fact, inflows and outflows can easily exceed 10 times that value," Alden said, adding that overall demand for Bitcoin is "a bigger factor than supply tightening."

Alden emphasized that historically, demand for Bitcoin has been more correlated with measures of global liquidity, such as the global broad money supply, citing a chart that shows the price of BTC relative to the global money supply (M2).

"That's why I think halving is important, but it's just one of many factors that determine the formation and timing of a bull market," said Lyn Alden, a famous analyst. Various metrics of global liquidity, HODL waves, and other elements combine to create larger roles," he said.

"BTC price will reach $99K in May"

Markus Thielen, CEO and principal analyst at 10x Research, says that the current rise coincides with the 2020 and 2021 bull markets, which initially peaked in April 2021. Referring to tools such as quantitative analysis, Thielen made surprising statements.

According to the analyst, when Bitcoin rallied in February 2013, February 2017, and November 2020, the price could increase by up to 189% after 180 days. Thielen stated that Bitcoin will peak nine to 11 months after the breakouts that have historically occurred. Thielen predicted that Bitcoin could move to $146,000 between December and February 2025, or within nine to 11 months following the March 13 boom.

"In the new period, the demand will be more corporate"

eToro crypto analyst Simon Peters highlighted that the current Bitcoin rally is the first time Bitcoin has recorded a parabolic rise, reaching an all-time high before the block reward was halved.

According to Peters, Bitcoin miners have been the only natural sellers who have been active since August 2023. "This suggests to me that miners are already selling on the current rally in preparation for the upcoming block reward halving," Peters said, adding that all sales were "good offers" due to high demand from spot ETFs.

"Geopolitical risks may increase demand for BTC"

On the other hand, Exness financial market strategist Li Xing thinks that there are macroeconomic developments driving the price of Bitcoin this year.

Bitcoin (BTC) valuation from analyst could reach $60,000The analyst said that the spot launch of the Bitcoin ETF, as well as other economic developments, such as a softer monetary policy and expectations of lower interest rates in the United States and elsewhere, could increase Bitcoin's appeal as an alternative store of value.

"In addition, the geopolitical risks and uncertainties surrounding the U.S. elections may continue to drive demand, which could signal the beginning of a sustainable bull run in the future," Li added.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.