After the BTC value narrowly reached a coveted mark of $100 thousand, all eyes are on this level. Will it be able to extend the rally? If yes, how soon? We compiled analysis and experts’ opinions to see what the crypto community thinks.
Key Takeaways
- As Bitcoin (BTC) approaches a psychological barrier of $100 thousand but falls extremely short of it, the question on analysts’ minds is whether it can breach this level;
- Bitcoin has been highly volatile since its inception. The price of Bitcoin has fluctuated significantly over the years. The volatility of Bitcoin reflects the speculative nature of its market. Bitcoin’s price can increase or decrease rapidly based on market conditions;
- Short-term Bitcoin price prediction varies from $85 to $288 thousand. A long-term BTC price prediction, which extends even past the current market cycle tied to Bitcoin halving, places the targets between $400 thousand to $11 million.
Current Bitcoin Price Action Analysis
In a year, Bitcoin (BTC) has appreciated by 155%. 2024’s opening price of Bitcoin was $42,280 and by the time of writing, it had grown to $97,304.
A week ago, BTC renewed its price record for $99,655.50, falling extremely short of the highly anticipated price target of $100 thousand. Will it be able to reach it before 2024 ends? How much will the rally extend? These are the questions up in the air right now.
Understanding Bitcoin’s Price
Factors Affecting the Bitcoin Price and Value
Looking back on 2024, the approval of Bitcoin ETFs had a profound impact on Bitcoin’s market cap. Spot Bitcoin ETFs experiencing significant inflows are now a dominant driver of Bitcoin returns. Institutional participation in financial products like ETFs raises Bitcoin’s legitimacy and market value in the long run. In turn, institutional adoption and increasing use cases for consumers drive demand.
Another major external factor is the outcome of U.S. elections. The new administration could impact regulatory policies for cryptocurrencies. Changes in regulations around Bitcoin will directly affect price movements in the future, depending on their nature, as government policies and regulations significantly shape Bitcoin’s price dynamics. Donald J. Trump’s cabinet is believed to introduce proactive governmental action in the cryptocurrency sector that will lead to favorable conditions for Bitcoin.
Regulatory developments and global economic uncertainty in other parts of the world can impact Bitcoin’s value, too. Government policies and regulations regarding trading, taxation, and legalities play a significant role in shaping Bitcoin’s price.
Fundamental Factors
Bitcoin’s supply is limited to 21 million coins, creating scarcity which drives its value. Market demand and supply dynamics shape Bitcoin’s price, as well as Bitcoin’s market cap and circulating supply. The basic economic principle of supply and demand significantly influences Bitcoin’s price on both the fundamental level and the current market. Bitcoin miners produce new Bitcoins in limited quantities, which can put upward pressure on prices as demand increases.
The decentralized Bitcoin network provides security against fraud and tampering, increasing investor confidence. Technological developments within the cryptocurrency space might influence the price of Bitcoin, too.
External Factors
Arguably, more than the supply-to-demand ratio, market sentiment related to Bitcoin significantly affects its demand and price movements.
Economic events such as inflation and currency devaluation can lead to increased demand for Bitcoin as a hedge against traditional financial systems. The narrative that Bitcoin was a fringe asset had finally died off, and even traditional finance investors began reevaluating their assessments.
Governments are becoming more proactive in legislating the Crypto industry, which could have positive or negative consequences for Bitcoin. Even the prospect of proactive favorable legislation, as evidenced by the results of the U.S. presidential elections, can kickstart a rally.
Bitcoin’s role in traditional finance could significantly influence its future market value. Bitcoin’s integration with centralized financial systems could expand due to increasing institutional interest. Central Bank Digital Currencies (CBDCs) could compete with Bitcoin, but its decentralized nature might provide an advantage. Another emerging narrative that has to do with BTC in traditional finance is its potential as a reserve asset.
Bitcoin Price History and Key Milestones
Since its inception, Bitcoin has experienced significant price fluctuations, including periods of rapid growth and decline. Understanding its historical milestones helps provide context for current and future predictions.
In 2017, Bitcoin reached a previous all-time high of nearly $20,000. Bitcoin entered a prolonged bear market in 2018, with prices falling below $4,000.
At the start of the COVID-19 pandemic, Bitcoin’s price was just over $5,000. Bitcoin’s price climbed to nearly $69,000 by November 2021. Bitcoin’s price plummeted below $17,000 after the collapse of FTX in late 2022. Prices fluctuated between $30,000 and $50,000 per BTC in 2022.
It is easy to notice that Bitcoin is subject to market cycles characterized by alternating periods of high and low prices. As it is right now, it looks like the beginning of another bullish trend.
Expert Insights and Predictions
Bitcoin Price Prediction: Expert Opinions
Bitcoin could appreciate significantly due to increased institutional adoption and favorable regulations by 2024. Analysts predict Bitcoin could reach a maximum price of $100,000 in 2024. PlanB predicts Bitcoin could reach $288,000 by 2024 based on supply and demand dynamics.
Bitcoin is expected to have an average price of around $99,779.47 in 2025, between $85,000 and $108,000 in 2025. Bitcoin’s price could reach $250,000 by 2025 according to Anthony Pompliano.
Give it a few years, and Bitcoin’s price may reach $200,000 under Trump’s presidency, according to some analysts. Price predictions for Bitcoin include a potential high of $400,000 in the next five years according to Max Keiser. Cathie Wood, CEO of Ark Invest, believes that bitcoin is just getting started and that the price could reach a level as high as $1.5 million by 2030.
Of course, not everyone claims the same and predicts new heights for BTC. Warren Buffett, a famous investor, has been quoted as saying that Bitcoin is “probably rat poison squared” and that he will never hold cryptocurrency.
Bitcoin (BTC) Price Prediction: Trends and Analysis
Given its history, Bitcoin’s price is expected to continue its upward trajectory, driven by mainstream adoption and blockchain advancements.
Experts predict that Bitcoin’s price could fluctuate between $85,000 and $108,000 in the short term.
Plenty of factors we already discussed, from the global economic environment to key indicators like the relative strength index, will influence the price.
Investing in Bitcoin
Is Bitcoin a Good Investment?
Bitcoin remains a highly attractive investment option for many, but it’s essential to weigh both the potential rewards and risks involved.
Bitcoin has historically delivered significant returns for long-term holders, particularly during bull markets. However, price fluctuations can be extreme, with significant drops occurring in short periods.
Investing in Bitcoin: Tips and Strategies
Bitcoin has seen massive growth and adoption in recent years. However, it is extremely volatile and could fall in price at any moment.
It is important to understand your investment objectives and personal risk tolerance before investing in Bitcoin. Conduct thorough research and consider seeking professional investment advice before making a decision.
Investors need to be prepared for Bitcoin’s volatility and approach it with a long-term investment strategy. Bitcoin has historically delivered significant returns for long-term holders during bull markets.
Bitcoin Prices: Future Outlook
Long-term Bitcoin Price Prediction
Long-term Bitcoin price forecasts are generally unreliable, but many experts believe that Bitcoin could continue to gain value over the next few decades. Analysts predict that Bitcoin could hit a high of $774,474 by the year 2030.
Binance users predict that the token could soar beyond $11 million per token, while Changelly sees a maximum price of just over $3.88 million. Suppose it happens by the time all BTC is in circulation, and that would make its market capitalization $79.8 to $231 trillion, which is about four times the current money stock (M2) of the United States.
Will Bitcoin Rise Again?
Predicting whether Bitcoin will rise again requires considering a variety of factors, including market trends, economic conditions, and technological developments.
Many analysts believe that bitcoin’s fundamentals – limited supply, increasing institutional adoption, and its status as a hedge against inflation – position it for potential long-term growth.
Where to Buy and Store Bitcoin Safely?
Since it is the first and most valuable cryptocurrency, most cryptocurrency markets and providers let you buy Bitcoin. There are a few reasons why you do not need to go further than ChangeHero to get Bitcoin with a bank card or regional digital payment provider.
- Simple flow with optional account registration;
- No KYC for purchases under €700;
- Competitive rates from top cryptocurrency exchanges;
- Selling and altcoin options.
See our complete guide with step-by-step instructions to learn more about ChangeHero’s fiat-to-crypto partners.
Where to Store BTC?
Unless you are a pro cypherpunk, most users need crypto wallet apps to manage and secure their assets and cryptographic keys. Select cryptocurrency wallets are a great way to add an extra level of security to your assets. The ChangeHero team recommends Exodus, Edge, and Arctic wallets for access on desktop and mobile with great user experience and excellent security.
For the extra cautious, cold and hardware wallets further reduce the risks of hacking or compromise. Trezor is a hardware wallet that supports BTC and offers a physical object that secures the private key to your crypto. Other alternatives are Ledger, Tangem, and CoolWallet: the latter two work with smartphones instead of PC.
Conclusion
Getting into Bitcoin (BTC) right now is certainly not as advantageous as earlier. Nevertheless, many experts believe that the current highs are not the top yet, and even if BTC pulls back, it will be back up again eventually.
Read more articles and Bitcoin predictions in our blog to extend your knowledge about the crypto world! Subscribe to updates and insights from the ChangeHero team on social media: X, Facebook, and Telegram.
Frequently Asked Questions
How high can Bitcoin realistically go?
Models grounded in technical analysis and price history show that BTC can go as high as $288 thousand a piece in the next few years.
Is Bitcoin expected to continue to rise?
Due to the market sentiment leaning bullish, Bitcoin (BTC) and the rest of the crypto market are expected to continue rallying in 2025.
Can Bitcoin go even higher?
Judging by expert opinions, BTC can go higher than $100 thousand due to a multitude of reasons, from macroeconomic trends to technicals.
What price will Bitcoin reach in 2025?
A 2025 Bitcoin price prediction by different sources pins the top of this bull run somewhere between $250–288 thousand.
What is the target price of Bitcoin in 2024?
In the remainder of 2024, Bitcoin’s volatility should not extend beyond the range between $85 and $108 thousand.
How long is Bitcoin going to go up?
According to historical analysis, Bitcoin’s bull run can continue well into Q2 2025.
Disclaimer
This article does not constitute financial or investing advice. When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks by conducting your own research. Consider investing in cryptocurrencies only after careful consideration and analysis and at your own risk.
