Will Bitcoin go back up to 60k in 2024?

Bitcoin Price Performance

  • Last 7 Days: -1.2%
  • Last 1 Months: +9.6%
  • Last 12 Months: +130.4%

Will Bitcoin Price rise above $60k in 2024?

Net: Yes% – No%

  • Oct 25th: +30.3%
  • Nov 1st: +43.7%
  • Nov 28th: +68.3%

Bitcoin Price Latest News and Price Analysis

  • Standard Chartered predicts Bitcoin to reach $120000 in 2024

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

  • Launch of the Bitcoin ETF which could involve large quantities of institutional money and wider retail investor participation
  • 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 historical 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

  • Michele Schneider, Chief Strategist at Marketgauge.com, notes that Bitcoin has passed the $28,000 and $30,000 levels and is approaching resistance near $35,000. Schneider believes that if Bitcoin maintains above the $30,000 level, it could potentially reach between $45,000 and $60,000.
  • Mike McGlone’s Prediction: Price drop of -60%.
  • Adam Back’s Prediction (By Bitcoin halving, 31st March 2024): Bitcoin will reach or surpass $100,000.
  • Arthur Hayes’s Prediction: Potential surge to $760,000 per coin if favored in AI economies.
  • Bitcoms revised Bitcoin’s future valuation model, considering interest from major financial firms and a possible $20 trillion capital reallocation. It challenges the $1 million per BTC estimate, citing lost bitcoins and holding tendencies reducing supply. With decreasing volatility, a $20 trillion shift could place Bitcoin between $1 million to $3 million per BTC. A new model, “everything divided by 7 million,” suggests a $7 trillion shift could reach a $1 million valuation. Still, significant short-term capital movement may require major financial disruptions, making lower valuations more likely near term.
  • 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)

Bitcoin Price Targets by Influencers

  • Don of Bots predicts Bitcoin could reach $145K, advocating the 2-Year MA Multiplier chart as a strategic tool for long-term investors. This approach uses a 2-year moving average and its quintuple to guide buying below the 2-year MA (green line) for strong returns and selling above the 5x MA (red line) for profit.
  • Social Media Influencer Captain Faibik believes that Bitcoin’s recent bullish rally has likely reached its peak and anticipates a consolidation phase for BTC. According to his prediction, Bitcoin could range between $34,000 and $38,000 for the next 4 to 6 weeks. Following this period, he foresees the possibility of a new bullish rally starting in January, with a target of around $50,000. However, he also warns of a worst-case scenario where, if a major trendline is broken, Bitcoin could potentially drop to $25,000 by late December.
  • Titan of Crypto, a notable investor and technical analyst in the cryptocurrency sphere, recently updated his followers about Bitcoin’s (BTC) pre-halving rally. He reiterated his prediction, initially made on December 3, 2022, that Bitcoin is nearing its target zone for the pre-halving rally, which he expects to be between $39,000 and $50,000. This forecast is based on the observation that in each cycle, BTC has experienced a rally before its halving, typically peaking within the 61.8%-78.6% Fibonacci retracement area.
  • Clifton Fx (@clifton_ideas) says that BTC that it’s above its trend line in a 4-hour timeframe, with potential targets of $33,000 if it breaks downwards and $43,000 if it bounces back.
  • @el_crypto_prof, a cryptocurrency commentator, shared insights about Bitcoin’s (BTC) price movement pattern, particularly referencing an ABC correction pattern observed since 2012 before each halving event. He highlights that this pattern has consistently occurred, describing it as “textbook.” While he anticipates a market top in 2024, the next significant price goal is estimated to be between $48,000 and $50,000, according to his opinion. @el_crypto_prof, highlighted the validity of a bullish megaphone pattern for Bitcoin, predicting a target of $75,000-$85,000. This pattern shared almost a year ago and initially met with skepticism, coincided with the absolute bottom for Bitcoin.
  • Crypto Tony, a social media influencer identified $33,500 as a critical support level for maintaining his long position, which he initiated at $29,000. Additionally, he mentioned the possibility of opening a short position if Bitcoin falls below the current level of $34,700. His immediate goal is to see Bitcoin consolidate and then increase towards a final target range of $39,000 to $40,000.
  • Crypto ₿ULL God predicts a bullish target of $40K for Bitcoin and expresses strong enthusiasm for the crypto market.
  • Julius de Kempenaer from StockCharts.com predicts Bitcoin will test the $47,000 to $48,000 range by year’s end.
  • Crypto Tony sets a target of $36,000 from a $29,000 position, suggesting a reload at $32,000 if a dip occurs.
  • Castillo Trading anticipates a rise to a $34,581 nPOC level. 
  • GoombAi proposes a $42,000 target, noting a complete range and a double bottom in an uptrend. 
  • CoinsKid identifies a 3rd impulsive wave post an ABC wave 2 correction since April, aiming for a minimum target of $47,000, and advises staying focused amid market noise.
  • Clifton Fx notes Bitcoin breaking a descending channel’s upper side with a retest in process, projecting a $40k – $45k range upon breaking a $31k resistance.
  • Michele Schneider, Chief Strategist at Marketgauge.com, notes that Bitcoin has passed the $28,000 and $30,000 levels and is approaching resistance near $35,000. Schneider believes that if Bitcoin maintains above the $30,000 level, it could potentially reach between $45,000 and $60,000.
  • CryptoCon’s Predictions (late 2025, around November 28th +/- 21 days): $130,000 to $138,000.
  • Mister Crypto: $50k, March 2024[?]
  • Crypto Rover: $72k, March 2024[?]
  • InvestAnswers: $424k, April 2028[Base Case]
  • Trader Tardigrade: $65-70k, 2024[Conditional Target]
  • CryptoAmon: $100k [No Timeframe]
  • CryptoCon, a Bitcoin technical analyst, has been conducting experiments to predict the top price for Bitcoin in its current cycle. Using various models and theories, including the Trend Pattern Price Model, Gann Square, and November 28th Cycles Theory, predictions for Bitcoin’s peak price in this cycle range from $128,000 to $145,000. The most recurrent prediction points to a top price of around $130,000 to $138,000. These predictions are for late 2025, specifically around November 28th, with a possible deviation of +/- 21 days.

Can Bitcoin Reach $1 Million, $10 Million, $1 Billion?

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.

Ordinals Solves the Problem for Bitcoin NFTs, read about Ordinals and Ordinals Price Prediction

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

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