The recent performance of Bitcoin (BTC) has left many investors and enthusiasts questioning the future of the cryptocurrency. However, chief analyst Ryan Lee from Singaporean exchange Bitget has offered some interesting predictions for BTC’s price in 2024. These projections were shared by crypto data platform Brave New Coin in a recent post. According to Lee, Bitcoin’s price in the short term is expected to fluctuate between $32,000 and $50,000, with the outcome of the spot ETF approval saga in the US being a significant determining factor.
Currently, there is a sense of optimism among crypto enthusiasts regarding the SEC’s potential approval of a spot Bitcoin ETF. Several asset managers have engaged in meetings with the regulator, indicating a possible green light in the near future. Bloomberg analyst James Seyfarrt suggests a 90% chance of this approval order coming between January 8th and January 10th, 2024. If this were to occur, Bitcoin’s price could experience a major movement in the coming weeks.
Looking further into the future, Ryan Lee predicts that Bitcoin’s price in the mid-term phase will range between $38,000 and $75,000. This projection is based on the effects of the halving event, which historically leads to a rise in BTC prices. The halving event causes a reduction in the rate of new Bitcoin minting, resulting in scarcity and an increase in demand and price.
In the long term, Lee projects Bitcoin to trade between $40,000 and $120,000 in 2024. The major determinant during this period would be US policy and regulations governing the use of cryptocurrencies. These factors will play a crucial role in shaping the future of Bitcoin’s price and adoption.
At the time of writing, Bitcoin is being traded at $41,874.33, with a slight decline of 0.12% in the last hour. The daily trading volume of the token has also decreased by 16.99%, amounting to $14.85 billion. These figures provide a snapshot of the current market conditions surrounding Bitcoin.
In addition to Bitcoin, Ryan Lee provides interesting predictions for some of the top altcoins in the market for 2024. For Ethereum (ETH), he predicts a trading range of $3,000 to $3,500, with a potential historic price point of $4,900 by the end of the year. This suggests that Ethereum could outperform Bitcoin in terms of price growth.
As for XRP, Lee expects the token to trend in a similar fashion to Bitcoin, with a price range of $1 to $1.5 in 2024. Finally, he projects that Cardano (ADA) could reach a price range of $1.2 to $1.8, contingent on significant growth within the Cardano ecosystem.
It is essential to keep in mind that the opinions expressed in this article are solely for educational purposes. The information provided does not represent the views of NewsBTC or any other entities. Investing in cryptocurrencies carries inherent risks, and it is advisable to conduct thorough research before making any investment decisions. Users should exercise caution and use the information provided on this website at their own discretion.
Ryan Lee’s Bitcoin price predictions for 2024 paint an interesting picture for the cryptocurrency market. While short-term fluctuations are expected based on the outcome of the spot ETF approval saga, mid-term and long-term projections suggest potential growth for Bitcoin. Additionally, the altcoin market, particularly Ethereum, XRP, and Cardano, may also experience significant developments in the coming years. As always, it is crucial to stay informed and approach investments in cryptocurrencies with caution.