- 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.
#Bitcoin Cycle Top Prediction! ⛰️💥
Assuming that returns tend to diminish as a market matures, Fibonacci circles could give us a hint on what #BTC price cycle top could be:
➡️ $108,000.
It's a conservative price prediction. I think it'll exceed it.
What's your take? pic.twitter.com/TS1KRMsXa3
— Titan of Crypto (@Washigorira) May 9, 2024
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.
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.