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Bitcoin Forecasted to Reach $150,000 by 2024 Despite Recent Dips
2024-07-07 15:03:05
Blockchain
Finance

Bitcoin Forecasted to Reach $150,000 by 2024 Despite Recent Dips

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Despite recent fluctuations, analysts predict Bitcoin to surge to $150,000 by December 2024, driven by factors like the Mt. Gox bankruptcy case resolution and increasing institutional adoption. Market volatility, influenced by concerns over Mt. Gox's $9 billion crypto repayments, has led to recent price drops, while stock markets continue to soar.

Traders are cautiously optimistic as Bitcoin's price bounces back from lows, with hopes that the bottom may be near. Expert assessments highlight key price levels and potential factors like the U.S. election that could further impact Bitcoin's rally towards $150,000 in the coming years.

Related news on that topic:

Bitcoin Market Plunges Below $55,000: Understanding the Recent ... Market Dynamics

Bitcoin has recently experienced a sharp decline, dropping below the $55,000 mark, triggering a broader market downturn that impacted various cryptocurrencies. This downturn led to the liquidation of $567 million from the Bitcoin and crypto market in the past 24 hours, underlining the severity of the market reaction. Market analysts attribute the sell-off to various factors, including the unlocking of $9 billion worth of crypto from the Mt. Gox bankruptcy and the impact of a strengthening US dollar. Despite the current slump, experts forecast Bitcoin to rebound and potentially reach $150,000 by December 2024. The recent drop in Bitcoin price has also put pressure on miners, with profit margins tightening and some miners nearing a state of 'capitulation.' Additionally, spot Bitcoin ETFs have turned negative as Bitcoin's price tumbles, raising concerns among investors who have poured funds into these ETFs. While some view the recent government selling of Bitcoin as a factor in the market activity, it only represents a small fraction of the total inflows during the current bull market. Investors are debating whether it's a good opportunity to buy Bitcoin while it's trading below $60,000, considering various factors such as potential future growth catalysts and Bitcoin's fixed supply dynamics.

Bitcoin Price Volatility Amid Recovery Hope and Mt. Gox Repayments

Bitcoin's price volatility continues as it bounces 9% from recent lows, sparking hope that the bottom might be in sight. Traders are closely watching for signs of recovery post a significant downside deviation. Despite bullish arguments pointing to a potential bottom at $53K, the market remains turbulent, with Bitcoin struggling to hold higher ground. The recent drop below $60,000 is attributed to Mt. Gox's pledge to repay nearly $9 billion in crypto, causing concerns about increased market supply. As Bitcoin faces resistance in its recovery, altcoins like SOL, DOT, NEAR, and KAS are poised for potential rallies if Bitcoin maintains support above $53,500. The market sentiment is affected by fears of possible sell-offs stemming from Mt. Gox distributions, while global markets show cautious optimism amidst all-time stock highs and a strong US dollar. Despite short-term challenges, technical analysis suggests a positive long-term outlook for Bitcoin once the Federal Reserve eases monetary policy.

The press radar on this topic:

The Street
15. Juli 2024 um 18:36

Standard Chartered: U.S. election could see bitcoin rally to $100,000

Finance
Cryptocurrencies & blockchain
Politics
Standard Chartered predicts a surge in bitcoin's price, potentially reaching $100,000 by the 2024 U.S. presidential election, with an interim milestone of hitting a fresh all-time high in August. The bank's head of forex and digital assets research, Geoffrey Kendrick, also considers the impact of U.S. presidential candidates on bitcoin prices, suggesting a buying opportunity if President Biden continues his candidacy.
The Street
16. Juli 2024 um 20:21

Bitcoin expected to rebound in 2024 and hit $150,000, per analyst

Finance
Despite briefly dipping below $60,000, Bitcoin is forecasted to reach $150,000 by December 2024, representing a 138% increase. The recent price drop is attributed to Mt. Gox pledging to repay customers nearly $9 billion in crypto, causing concerns about an influx of crypto into digital markets.
The Street
16. Juli 2024 um 21:23

Why Bitcoin is tanking to $60,000 when stocks keep hitting all-time highs

Finance
Economy
Bitcoin is facing a sharp downturn, nearing $60,000 per coin, while the stock market continues to hit all-time highs. Market sentiment has been affected by $9 billion worth of crypto unlocks from the Mt. Gox bankruptcy, leading to potential sell-offs and market anxiety. The strength of the US dollar and lagging effects of positive macroeconomic news are key factors impacting Bitcoin's current performance.
The Street
10. Juli 2024 um 00:06

Veteran fund manager offers striking assessment of bitcoin TheStreet Daily Newsletter

Finance
Technology
Bitcoin fell to its lowest point in months, dropping as much as 8.1% to around $55,561. Cryptocurrencies fell broadly even as stock markets advanced, highlighting the volatility of the sector. A veteran fund manager offered a striking assessment of bitcoin, noting that the $51,000-$52,000 range is crucial as many bitcoin miners are reaching their break-even point for profitable mining. The selloff appears to be for some reason and not because bitcoin and crypto enthusiasts have lost faith.
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