Will Bitcoin go back up to 60k?

Current Market Cap$518.6 BLower
Trading Volume$10.4 BSteady

MetricLast 24 HoursTrend
Net Social Media Sentiment41.7%Lower

Will Bitcoin go back up to 60k? Bitcoin Price Chart

Before we get into the Forecast, here is the latest news and the market analysis data of Bitcoin:

Bitcoin Latest News

  • BitQuant, a notable social media commentator, predicts a bright outlook for Bitcoin (BTC) ahead of its next halving event. In a post on X (formerly Twitter), BitQuant anticipates that Bitcoin will surpass its current record and reach a pre-halving target above $69,000.
  • Coinbase is the largest Bitcoin holder. As per the data, Coinbase holds $25 billion worth of Bitcoin. Coinbase’s largest cold wallet alone contains around 10,000 BTC.
  • Bitcoin’s average trading volume for the month of September has fallen to around $11 B per day. The average volume for the month of August was around $14 B per day.
  • Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Capital Management believes a spot Bitcoin ETF approval by the SEC could pave the way for an influx of $300 billion into the Bitcoin market.
  • Arca Chief Investment Officer Jeff Dorman called BlackRock’s filing ‘much more important’ than the other prospective offerings. Dorman added, ‘If BlackRock has an ETF, you know that they are going to win. They have the marketing and distribution to put new people into Bitcoin.’
  • US spot Bitcoin ETF could be approved in Q2 2024. The Valkyrie CIO Steven McClurg speaking with Forkast Editor-in-Chief Angie Lau said that approval for Bitcoin spot ETFs in the U.S. might be imminent, potentially by the second quarter of 2024.

Will Bitcoin go back up to 60k: Intro to Bitcoin

Bitcoin, a digital asset, represents a major technological innovation, a virtual commodity, and a financial experiment all rolled into one. It is a blockchain-based cryptocurrency that was designed to function both as a means of exchange and a store of value. It was launched in 2009 by an anonymous figure or group known as Satoshi Nakamoto. No central authority controls Bitcoin, making it a fundamentally peer-to-peer system.

As the oldest cryptocurrency, Bitcoin utilizes proof of work to reward participants in the network. The public Bitcoin ledger can be stored by anyone on their computer. While owners of Bitcoin addresses cannot be identified, transactions involving Bitcoin can be tracked and are accessible to everyone, everywhere. Bitcoin transactions do not require approval and are autonomously completed by the network. Only 21 million Bitcoins will ever be created, with 19.1 million already in circulation. Despite its volatility, Bitcoin has consistently held the top position in terms of market capitalization among cryptocurrencies.

The two primary use cases for Bitcoin are as a store of value and as a means of payment. As a store of value, Bitcoin resembles digital gold. Its creators intentionally limited its supply, much like how gold is limited in the earth. This scarcity, combined with its digital nature, adds to its value. Bitcoin’s use as a currency is facilitated by blockchain technology, which ensures transaction authenticity. As a payment method, Bitcoin has gained significant traction over recent years. Many companies globally accept Bitcoin as a legitimate alternative to national currencies. However, Bitcoin’s price volatility is a notable challenge for its use as a payment method.

Increasingly Bitcoin has begun to make headway in NFTs and DeFi as well. Stacks Blockchain utilizes innovative technologies to expand the potential use cases of Bitcoin. The proof-of-transfer consensus mechanism in Stacks secures the blockchain, rewarding nodes with Bitcoin. To improve transaction speed, Stacks employs microblocks for state transitions between Bitcoin network blocks. Stacks also utilizes the Clarity Programming Language for smart contract design.

Bitcoin has experienced significant price volatility since its inception. Despite this, it has delivered positive returns in 10 out of 13 years. The performance of Bitcoin has proven it to be a reliable asset, disproving comparisons to historical bubbles like Tulip Mania or the Dot Com Bust.

Will Bitcoin go back up to 60k?

The answer is Yes, Bitcoin is likely to go back up to $60k.

Here are 5 reasons why Bitcoin could return to $60k

  • Economic conditions are likely to improve later this year or next year
  • Bitcoin Halving is scheduled for next year
  • More use cases have emerged from Bitcoin over the last few months (Eg: NFT)
  • Bitcoin payments and money transfers continue to rise
  • Bitcoin adoption and ownership rates are extremely low, leaving the potential for more growth

What are the downside risks?

  • Regulators (In the US and Globally) tightening the screws on Crypto
  • Economic slowdown extending for a substantially long time (like Japan)
  • Investors losing interest in crypto and moving to AI

When will Bitcoin reach $60k?

This is a difficult question but let us look at the forecasts and historic trends to arrive at a timeline.

  • According to aggregated Forecasts, Bitcoin price is likely to reach $60k, sometime in 2025.
  • Between 2018 and 2020 (Before COVID), it took Bitcoin 15 months to rise 3 fold. If one were to extend this to a 4x multiple from the bottom of 2022, it would take Bitcoin 2 years to reach $60k. This would be the fag end of 2024.

In reality, the moment liquidity conditions improve, Bitcoin price could double in a matter of weeks.

Will Bitcoin go back up to 60k? Expert Forecasts

  • Carol Alexander, Sussex University – $50000 to $70000 by the end of 2023 (Source: CNBC)
  • Antoni Trenchev, Nexo – $40000 to $50000 by the end of 2023
  • Mark Mobius, Ace Investor, $40000 by End of 2023
  • Standard Chartered – $50000 by the end of this year, $120000 by the end of 2024 (Source: Coindesk)
  • Tim Draper, Ace Investor, $250000 by End of 2024
  • Host of InvestAnswers – $157279 by September 2025 (Source: Daily Hodl)
  • Dave the Wave – $200000 by December 2026 (Source: Daily Hodl)

Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions. 

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