Bitcoin
Bitcoin to Recover in 2024 and Reach $150,000, Analyst Says
Despite Bitcoin briefly dipping below $60,000 on Wednesday, the world’s leading cryptocurrency is set to hit new highs and bounce back to $150,000 through December, shows a new market forecast from Tom Lee, head of research at Fundstrat.
The increase in the price of bitcoin would represent a 138% rise for bitcoin, a welcome change in bitcoin’s market position after the cryptocurrency’s crash 7% recently. According to K33 to look for, BitcoinThe reduced price is partly explained by the now-defunct and hacked cryptocurrency exchange Mt. Gox promising to refund customers nearly 9 billion dollars in cryptocurrencies, raising fears about a large volume of cryptocurrencies hitting digital asset markets all at once.
“Bitcoin is likely suffering from the start of the Mount Gox distributions in July,” Lee explained to CNBC. “That was a big glut for many years, but if I were investing in crypto, knowing that one of the biggest gluts was going to disappear in July, I think that’s a reason to actually expect a pretty sharp recovery in the second half.”
On July 3, the price of bitcoin temporarily fell below $60,000worrying traders as it hit $59,600. Bitcoin witnessed an approximately 18% drop in the second quarter of this year. Analysts say the brief drop highlights how the world’s leading cryptocurrency has been falling since June.
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Experts, however, are encouraged by the fact that bitcoin has hit a new all-time high of nearly $73,000 this spring and the total market value of bitcoin now stands at 1.2 trillion dollars. In fact, several bitcoin market analysts predict that the second half of 2024 will see bitcoin on an upward trajectory. According to multinational bank Standard Chartered, the price of bitcoin could reach $100,000 during the November election, reflecting continued market exuberance around the emerging asset class.