HomeNewsBitcoin Bounces Back: Experts Eye $110K and Beyond in 2024's Crypto Rally

Bitcoin Bounces Back: Experts Eye $110K and Beyond in 2024’s Crypto Rally

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  • After bouncing back above $63,000, Bitcoin (BTC) is expected to reach around $110,000 by the end of the year.
  • Prominent individuals like Adam Back and Robert Kiyosaki predict Bitcoin prices as high as $1 million, indicating significant long-term confidence.

Bitcoin (BTC) has exhibited a notable recovery after a short slump, crossing the $63,000 milestone. CMC data shows that the price of BTC is now over $62,961.17, up 3.29% in the previous 24 hours and a strong 5.85% in the last week.

Market Sentiment and Analyst Forecasts 

The present course of Bitcoin, according to many market analysts, may result in previously unheard-of peaks. According to well-known expert Titan of Crypto, Bitcoin may virtually double in value by the end of the year, to about $110,000. Based on his study of Fibonacci circles on the price chart of BTC, he makes this bullish forecast.

Though optimism rules, other analysts are more circumspect. Should Bitcoin breach its main support zone at $61,000, Michael van de Poppe has suggested a possible fall to the $52,000–$55,000 level. This emphasises how erratic the Bitcoin market is, with large swings not unusual.

Source: Michaël van de Poppe on X

Market Structure Following Halving

The reward for mining new blocks was halved recently, and usually a price rise follows. Many in the business anticipate a similar result this time, as this trend has been seen in previous cycles.

An other well-known expert, Mikybull Crypto, has said that Bitcoin is “final preparation for a post-halving massive rally.”

Longer term, a number of well-known people have voiced incredibly optimistic opinions about Bitcoin. The author of “Rich Dad, Poor Dad,” Robert Kiyosaki, has updated his prediction and now projects Bitcoin to reach $100,000 by the end of 2024.

Similar projections by Adam Back and Michael Saylor reach even greater peaks, up to $700,000 and $1 million, respectively.

Also, as previously reported by ETHNews, Kiyosaki points to the beginning of a financial crisis as a perfect opportunity to profit from market transactions.

On the other hand, currently valued at about $1.25 trillion, BTC is up against the worth of conventional assets like gold, which is roughly $16 trillion. The comparison emphasizes how Bitcoin is becoming more and more accepted and included into traditional financial portfolios.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628