Bitcoin Price Prediction: Experts Predict Monumental Rally to $150,000 in 2024

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Bitcoin is poised for a monumental rally in 2024, with market experts forecasting unprecedented highs. Tom Lee, a prominent figure at Fundstrat, anticipates Bitcoin’s price to surge as high as $150,000, driven by several bullish factors.

Bitcoin Price Outlook: Pre-halving Rally and Historic Trends

Bitcoin’s rush past $50,000 is the start of a pre-halving rally. Bitcoin’s price generally peaks at 70% of its all-time high before halving. However, the current surge has eclipsed past highs by 30%, suggesting a divergence from historical norms.

On top, Bitcoin’s behavior with Fibonacci levels also makes its unique path even clearer. Usually, Bitcoin goes up to the 50% to 61.8% Fibonacci levels and then back down to the 23.6% level, where it gets support for more growth. But this time, Bitcoin has gone above the 61.8% level and is now trading above $51,000, which has never happened before.

Now the question arises how high Bitcoin can go and what makes it different?

Drivers for Bitcoin’s Meteoric Rise

In a recent interview with CNBC’s Squawk Box, Tom Lee identifies three key drivers fueling Bitcoin’s ascent. Firstly, the approval of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) has opened the floodgates for institutional investment, with major fund management companies like BlackRock and Fidelity entering the market. The huge institutional investment is driving up the demand for Bitcoin in such a short time.

Secondly, the upcoming Bitcoin halving event, scheduled for April, is expected to create a supply shock by reducing the rate of Bitcoin issuance by half. This scarcity-driven dynamic historically triggers price rallies.

Lastly, the anticipated reduction in interest rates by the Federal Reserve is expected to bolster Bitcoin’s appeal as a risk asset, further propelling its price upwards. 

Ultra-bullish Predictions: Bitcoin to $100,000

Echoing Lee’s optimism, renowned investor Robert Kiyosaki has also made an ultra-bullish prediction, foreseeing Bitcoin soaring to $100,000 by June 2024. Kiyosaki’s forecast underscores the widespread bullish sentiment surrounding Bitcoin’s future trajectory, with investors eagerly anticipating monumental gains in the digital gold’s value. 

However many analysts are considering various factors aligning for April, such as the Bitcoin halving, a possible factor for potential volatility, and a selloff. It is expected that Bitcoin can peak between $70,000 and $74,000 before another selloff, with the possibility of surpassing $100,000 or even $200,000 in the future. 

What is your guess for the Bitcoin price?