The ever-increasing popularity of Bitcoin, coupled with expectations related to upcoming changes in the cryptocurrency market, raises the question: Can the price of Bitcoin really reach $180,000 by 2024? Fundstrat, a reputable financial services company, indicates such a possibility, citing several key factors.
Halving is one of the key mechanisms influencing Bitcoin’s value. Fundstrat predicts that before the next such event in April 2024, Bitcoin could reach a value of up to $180,000. Moreover, this impressive price is seen as a result of growing demand, mainly from the anticipated approval of a Bitcoin ETF.
Sean Farrell, Head of Digital Asset Strategy at Fundstrat, emphasizes that the current balance between daily Bitcoin mining rewards of $25 million and equivalent demand could change significantly. All thanks to the long-awaited green light for the Bitcoin ETF. Such predictions align with forecasts from another financial giant, Standard Chartered, which predicted a Bitcoin price of $120,000 by the end of 2024.
Farrell indicates that potentially, the Bitcoin ETF could add an additional $100 million to daily demand. Meanwhile, the upcoming halving will reduce daily mining rewards to just $12 million. – [Po wprowadzeniu Bitcoin ETF na rynek] ‘Daily demand will rise to $125 million, while daily supply is only $25 million. The balance suggests a price range of $140,000 to $180,000 before the halving in April 2024,’ explains Farrell.
Fundstrat anticipates that the Blackrock Bitcoin ETF could become one of the most significant ETF debuts in history, possibly surpassing QQQ ETF inflows in its first year of $36 billion. The company believes Bitcoin ETF assets could exceed the value of precious metal ETFs, a market worth $230 billion, becoming a category worth over $300 billion.
However, the approval of the Bitcoin ETF could open the door for potential manipulations, similar to allegations surrounding precious metal ETFs like GLD and SLV. A physical Bitcoin-based ETF is expected to accelerate crypto adoption and prices. But if prices rise too quickly, this notional supply of Bitcoin could be sold to lower global prices.
Despite Fundstrat’s bold predictions about Bitcoin’s price, these forecasts have not yet come true. In May 2021, David Grider, the chief digital asset strategist at the company, stated that the Bitcoin price of “$100,000 per coin” remains unchanged. He also expected ethereum (ETH) to reach a value of $10,000.”
