Analysts Predict Sky-High Bitcoin Prices in 2024, While Some Projections Are More Grounded
As the year 2023 comes to a close, Bitcoin has witnessed a staggering 165% surge since January, igniting a flurry of forecasts for its value in 2024. Renowned luminaries, visionaries, speculators, and market players are predicting that the leading cryptocurrency will continue its upward trajectory. One notable figure, Markus Thielen, head of Matrixport's research division, anticipates the approval of a spot Bitcoin exchange-traded fund (ETF) in January. Thielen further emphasizes that BTC's value is likely to surpass $50,000 by the end of January 2024.
The excitement surrounding Bitcoin's future value has led to an array of predictions, ranging from conservative to lofty projections. Bitwise, a well-known crypto asset management firm, has unveiled ten predictions for the upcoming year, with one suggesting that Bitcoin might reach $80,000. Additionally, the crypto derivatives exchange Bitget has projected that Bitcoin could hit the $100,000 threshold, among other predictions aiming for even higher heights.
Markus Thielen, the lead researcher at Matrixport, recently shared his team's expectations for the approval of a spot Bitcoin ETF in January. Thielen believes that this development will significantly impact Bitcoin's price, potentially driving it above $50,000 by the end of January 2024. Drawing parallels to historical instances, such as the launch of Bitcoin futures by the CME Group in 2017, Thielen notes that significant price escalation often precedes such events. In the six-to-seven weeks leading up to the launch of Bitcoin futures, prices rose by an impressive 196%.
While many forecasts project soaring values, some predictions for 2024 are more conservative. Changelly, a popular web portal, suggests a modest January 2024 Bitcoin value, with a minimum estimate of $42,156 and an average of $47,240. Looking ahead to 2025, Changelly anticipates a rise in Bitcoin's price, with a minimum estimate of $70,001 and an average of $81,359. On the other hand, a Polymarket prediction market, valued at $24,895, questions whether Bitcoin will reach a new all-time high (ATH) by March 31, 2024.
Currently, approximately 21% of bettors on Polymarket believe that Bitcoin will achieve an ATH by the specified date, while a significant 81% do not foresee it reaching an ATH by then. As the year 2023 concludes with Bitcoin's impressive price rise, the crypto community is buzzing with anticipation, energized by these promising trends.
Projections for Bitcoin's future value may vary, but optimism remains a common thread. The potential introduction of a spot Bitcoin ETF and the upcoming halving event have sparked excitement, suggesting the possibility of further growth. Whether these lofty expectations align with reality or Bitcoin follows a more modest trajectory, its journey ahead remains a focal point of global financial discourse.
What are your thoughts on the Bitcoin price predictions for 2024? Share your opinions and insights in the comments section below.
Frequently Asked Questions
What is the best way to hold physical gold?
Gold is money and not just paper currency. People have used gold as a currency for thousands of centuries to preserve their wealth and keep it safe from inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Many Americans now invest in precious metals. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
One reason is that gold historically performs better than other assets during financial panics. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. During these turbulent market times, gold was among few assets that outperformed the stocks.
The best thing about gold investing is the fact that there's virtually no counterparty risk. If your stock portfolio goes down, you still own your shares. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Finally, gold is liquid. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows you to profit from short-term fluctuations on the gold market.
How is gold taxed in Roth IRA?
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Taxes are only charged on capital gains or dividends earned, which only apply to investments longer than one calendar year.
These rules vary from one state to another. Maryland's rules require that withdrawals be taken within 60 days after you turn 59 1/2. Massachusetts allows you up to April 1st. And in New York, you have until age 70 1/2 . To avoid penalties, plan ahead so you can take distributions at the right time.
Which precious metals are best to invest in retirement?
These precious metals are among the most attractive investments. They are both simple to purchase and sell, and they have been around for a long time. You should add them to your portfolio if you are looking to diversify.
Gold: One of the oldest forms of currency, gold, is one of mankind's most valuable. It is stable and very secure. It is a good way for wealth preservation during uncertain times.
Silver: Silver has been a favorite among investors for years. It is an excellent choice for investors who wish to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. It is very durable and resistant against corrosion, much like silver and gold. It's however much more costly than any of its counterparts.
Rhodium: Rhodium can be used in catalytic convertors. It's also used in jewelry making. It is relatively affordable when compared to other types.
Palladium: Palladium is similar to platinum, but it's less rare. It is also cheaper. This is why it has become a favourite among investors looking for precious metals.
Should you open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. There are no ways to recover the money you lost in an investment. This includes any loss of investments from theft, fire, flood or other circumstances.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items have been around thousands of years and are irreplaceable. These items are worth more today than they were when first produced.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
Do not open an account unless you're ready to retire. So, don't forget about the future!
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
Tips for Investing In Gold
Investing in Gold has become a very popular investment strategy. There are many advantages to investing in Gold. There are many ways to invest gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.
You should consider some things before you decide to purchase any type of gold.
- First, make sure you check if your country allows you own gold. If you have permission to possess gold in your country, you can then proceed. You can also look at buying gold abroad.
- The second thing you need to do is decide what type of gold coins you want. You can choose between yellow gold and white gold as well as rose gold.
- The third factor to consider is the price for gold. It is best to start small and work your way up. When purchasing gold, diversify your portfolio. Diversify your investments in stocks, bonds or real estate.
- Remember that gold prices are subject to change regularly. You need to keep up with current trends.
By: Jamie Redman
Title: Bitcoin Price Predictions for 2024: Soaring Values and Varied Projections
Sourced From: news.bitcoin.com/forecast-frenzy-bitcoin-price-predictions-surge-as-2024-approaches/
Published Date: Sat, 23 Dec 2023 19:30:20 +0000