Bitcoin price may still be correcting as many predicted it would after the SEC approved several Bitcoin ETFs on Jan. 10. But the halving this year will exert its own influence over crypto exchange rates.
After crashing 15% from the Jan. 10 price to on Jan. 22, Bitcoin (BTC) retraced to support above $42,500 for the first five days in February. But it hasn’t stayed anywhere for long.
Here are three expert price predictions for 2024.
Markus Thielen: BTC To $70K By Year’s End
Digital asset research firm 10X Research’s Markus Thielen recently predicted a $70,000 average price for Bitcoin before the year is over.
“Supported by the macro environment, monetary tailwinds, the U.S. election cycle, and gradually increasing demand from TradFi investors allocating to bitcoin ETFs, a bitcoin rally to $70,000 appears plausible,” Thielen said in a recent note.
DecenTrader: $37.80K BTC By Halving
Cryptocurrency market intelligence platform DecenTrader recently predicted on Feb. 2 that Bitcoin would give up another 10% of its spot price, falling to $37,800 before finding growing support from the halving.
“This would mean that Bitcoin has around 30 days from now to meander through its corrective phase before finding the FOMO demand anticipated,” DecenTrader wrote in a recent blog post.
It’s worth noting, however, that DecenTrader’s long-term outlook for 2024 remains positive.
Bitcoin Price: Buying On The Way Down
Buying on the way down is an accumulation strategy for marketable assets like stocks, ETFs, and cryptocurrencies.
An entry in Investopedia by 30-year financial services industry veteran Richard Best recommends buying on the way down:
“Instead of selling on the way down, try buying. Accumulating more shares in a regimented way, even as stocks fall, allows you to dollar cost average and build your portfolio with a lower cost basis.”
CNBC’s “Mad Money” host Jim Cramer is not the most confident in Bitcoin’s price, but he does say, “You have to buy on the way down.”
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