Bitcoin is predicted to grow to $ 567,000

Nick Ranga, senior analyst for cryptoassets and foreign exchange at Forextraders, said that bitcoin BTC $97,215.37 Bitcoin -1.69% Market capitalization $1.92 trillion VOL. 24 hours $2.62 billion will reach six figures this year. According to Ranga’s forecast, the market leader will end 2024 at $ 100,000.

The expert explained the current growth of the BTC exchange rate by the increased interest of institutional investors, who have been pouring funds into spot bitcoin ETFs since January. «The demand for bitcoin is already ten times higher than the supply,» Ranga said. — «This is also due to the upcoming halving of miner rewards. The supply of new coins entering the market will decrease.»

The analyst added: retail investors are returning to the cryptocurrency space, as evidenced by the increase in the number of new accounts on many trading platforms. The majority (61%) of experts surveyed by Finder analysts recommend buying bitcoin before halving, 32% advise keeping the first cryptocurrency for the long term, and only 6% recommend selling.

Respondents predict that BTC could rise to $ 151,000 by the end of 2025 and $ 567,000 by the end of 2030. However, not all Finder experts share the optimistic view: 13% of them claim that bitcoin is currently overvalued. For example, John Hawkins, a senior lecturer at the University of Canberra, suggested that BTC could return to $ 20,000 by the end of 2024. He explained that the current bull rally is due to the approval of spot bitcoin ETFs in the United States. When bitcoin futures ETFs were launched in October 2021, the BTC rate also reached a record high, but collapsed the following year. Therefore, the existence of cryptocurrency ETFs does not add any fundamental value to bitcoin.