CryptoQuant analysts predict that Bitcoin price may reach $160,000 in 2024. This prediction is based on several factors: the expectation that the approval of spot ETFs in the United States will drive demand for Bitcoin, the upcoming Bitcoin halving event, and overall stock market growth after interest rate cuts.
CryptoQuant analysts pointed out in the report that the overall Bitcoin and cryptocurrency market is likely to perform positively in 2024, mainly due to the following factors: market valuation cycle, network activity, Bitcoin halving, macroeconomic views, Bitcoin spot ETF approvals and stablecoin liquidity continue to grow.
Analysts said that based on on-chain valuation and network indicators, Bitcoin is still in a bull market, with a possible price target of $54,000 in the medium term and $160,000 when the price peaks in this cycle. Historically, Bitcoin prices have typically risen following its halving events, with the next halving expected to occur in April 2024. In addition, seven major traditional financial institutions, including BlackRock and VanEck, are meeting and communicating with the U.S. SEC about spot Bitcoin ETFs, which may indicate that negotiations are actively underway.
However, CryptoQuant cautioned in its report that Bitcoin prices could still fall in the short term as recent investors have significant unrealized gains. Analysts noted that short-term Bitcoin holders are currently experiencing high unrealized profit margins, which historically have often been a precursor to price corrections. So far, Bitcoin has gained more than 180% for the year, which may form a bearish situation before the new year. (CoinDesk)
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