Bitcoin has had numerous ups and downs in the past few years. However, it experienced substantial growth in 2023, and this momentum has continued into 2024 – especially with the approval of Bitcoin ETFs. What’s more, the upcoming Bitcoin Halving event is also generating optimism – suggesting a potentially brighter future for Bitcoin – and the crypto market in general.
Bitcoin – virtual money. Image credit: QuinceMedia via Pixabay, CC0 Public Domain
A Good Place
The final week of February has been an exciting time for hodlers of the first ever cryptocurrency, the current BTC price has passed $63,000, which is a lot higher than it was a year ago – $23,946.01 in February 2023, showing a rise of 113%.
What’s more, the Bitcoin Fear and Greed index is currently around 75 – compared to 56 just a month ago. BTC even managed to surpass $50,000 in mid-February – the first time it has done so in over two years.
But where is it going? Well, a technical expert told Boylesports.com that Bitcoin’s price by the end of 2024 could potentially range from a low of $32,000 to a high of $85,000.
Looking ahead to 2025, we could even see all-time highs around $102,000.
Here are the predicted minimum, average, and maximum prices to expect over the coming years:
- 2024: $32,000 (Low) – $60,000 (Average) – $85,000 (High)
- 2025: $50,000 (Low) – $65,000 (Average) – $102,000 (High)
- 2026: $45,000 (Low) – $67,500 (Average) – $90,000 (High)
- 2030: $95,000 (Low) – $127,500 (Average) – $160,000 (High)
A History of Fluctuations
Bitcoin, established in 2009 by Satoshi Nakamoto, has seen some pretty huge price fluctuations over the years. Despite the fact that it was considered worthless when it was first launched, it started to gain traction from 2013 to 2015. This was followed by booms in 2017, 2019, and 2021, which saw BTC reach new record highs – reaching an all-time high of $68,789.63 in 2021.
2022 saw Bitcoin drop quite significantly – but in 2023, Bitcoin had a turnaround, gaining 83% by April 10. The upward trend continued and despite occasional drops, Bitcoin’s price remained resilient, and by January 2024, it surpassed $50,000.
Some of the main events influencing Bitcoin’s price include reaching an all-time high in 2021, experiencing its low of $15,760 in December the following year during the ‘Crypto Winter’ and gaining momentum again in 2023. Notably, the approval of Bitcoin ETFs in January 2024 certainly contributed to a renewed interest in the coin.
2024 Is Looking Good
Predictions for 2024 are looking good – considering its excellent performance in the first few months of 2024. What’s more, the regulatory discussions and potential implementations could provide further clarity, reduce uncertainty for potential investors and encourage more people to get involved.
The upcoming 2024 Bitcoin Halving event adds a little complexity to predictions – and some analysts are even speculating that it could even break six figures this year. With a positive ETF reception, possible FED rate cuts, and the Halving, everything is looking positive. Some analysts are predicting the price to break $85,000 in 2024. However, others suggest there could be a major correction before this happens.
The worst-case scenario is that Bitcoin could test support at $32,000.
These are the best, average and worst-case scenarios predicted:
- Low: $32,000
- Average: $60,000
- High: $85,000
Bitcoin Price Projection 2025
The Bitcoin Halving event is expected to have a knock-on effect in 2025, – which could potentially catapult the coin over the elusive $100,000 mark.
If the global economy remains solid- with low inflation, we could see further reductions in interest rates. Furthermore, increased regulation of alternative cryptocurrencies could instil even more confidence in those who are considering entering the crypto market – many of whom will likely want to include Bitcoin in their portfolios.
Moreover, with more regulatory oversight in the crypto market, it could encourage institutional funds -, including retirement funds, to add Bitcoin into their investment portfolios, which could potentially unlock trillions of dollars in retirement funds that are currently restricted from investing in Bitcoin.
It’s looking good – and if everything aligns, we could potentially see Bitcoin go over $100,000 in 2024.