Bitcoin Price Prediction: ETC Group Anticipates Surpassing $100,000 By End 2024

Ronaldo Marquez

1 year ago

3 mins read

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Numerous price predictions have emerged as the Bitcoin price continues to demonstrate significant growth throughout the year, fueled by factors such as the upcoming halving event and potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).

Notably, the ETC Group has released a comprehensive report shedding light on the potential for new all-time highs in 2024 and an impressive milestone of $100,000 by year-end.

Bitcoin Price Recovery Sets The Stage For A Promising 2024

According to the ETC Group’s recent report, 2023 served as a recovery year for Bitcoin and crypto assets, with pivotal catalysts setting the stage for the following year.

Per the report, BlackRock’s spot Bitcoin ETF filing in June 2023 laid the groundwork for increased adoption of this emerging asset class in 2024 and beyond.

Despite the progress made, the report highlights that Bitcoin and other cryptocurrencies are still in their infancy in terms of adoption in most developed countries.

Global surveys indicate an adoption rate of approximately 18%, suggesting that roughly one in five individuals worldwide holds some crypto asset.

One of the highly anticipated events expected to drive Bitcoin price appreciation is the BTC Halving scheduled for the end of April 2024. While some argue that the halving is already priced in due to its public knowledge, historical data demonstrates significant price increases following previous halvings.

Notably, the ETC Group’s base case prediction forecasts that Bitcoin’s price will reach new all-time highs in 2024 and surpass $100,000 by the year’s end.

On-Chain Metrics Signal Bullish Outlook For BTC In 2024

Several on-chain metrics indicate that Bitcoin’s supply is scarcer this cycle than the previous one. According to the report, key indicators such as the percentage of exchange supply at a 5-year low and the all-time high percentage of supply in the last 1+ years suggest a potential bull market with increased distribution of accumulated coins to new investors.

Additionally, macro factors, including the potential approval of a spot Bitcoin ETF in the US, a likely US recession, a reversal of monetary policy, and geopolitical risks, contribute to a favorable outlook for the Bitcoin price in 2024.

A major point of discussion among investors revolves around the potential price impact if a spot Bitcoin ETF gets approved in the US. The report highlights that variations in global Bitcoin ETP flows have explained approximately 40% of Bitcoin’s price variation over the past six months.

Assuming that 20% of investors would consider such an investment and allocate 3% of their assets under management (AuM) to Bitcoin, an estimated $33.5 billion of new capital could enter the market.

This influx of funds, almost doubling the global Bitcoin ETP AuM, could lead to a price impact of around 98%.

Overall, the ETC Group’s in-depth analysis and predictions suggest an auspicious year for Bitcoin price 2024. With anticipated new all-time highs and the possibility of surpassing $100,000 by year-end, Bitcoin’s growth trajectory shows no signs of slowing down.

Featured image from Shutterstock, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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