Bitcoin is predicted to reach $ 160,000 in 2024

A number of catalysts and historical behavior can cause the flagship cryptocurrency to soar to new highs, analysts believe. Researchers at CryptoQuant are confident that the price of BTC $56,846.70 Bitcoin -0.89% Market capitalization $1.12 trillion VOL. 24 hours $1.15 billion will rise to $ 160,000 by 2024.

According to the experts, the demand for BTC is expected to increase due to the approval of several bitcoin exchange-traded funds (ETFs) in the United States. In addition, halving and growing interest in the broader stock markets amid declining rates are also important. All of this will be a catalyst for the value of the digital currency to rise to $ 50,000 in the short term. «We are confident that the cryptocurrency markets will be extremely positive in 2024,» the analysts said.

In addition, they noted that they observe indicators of growth in network activity and liquidity of stablecoins, which are also factors of possible growth in the value of BTC. «The network evaluation and its parameters suggest that bitcoin remains within the bull market and could reach a price of $ 54,000 in the medium term and $ 160,000 at the high of the current cycle,» they said.

More than 7 major investment firms, including BlackRock (BLK) and VanEck, are in talks with the US Securities and Exchange Commission (SEC) about the potential launch of spot bitcoin ETFs. Major analysts say that this event will be one of the biggest on Wall Street in the last 30 years. MicroStrategy CEO Сейлор" href="https://noworries.news/biography/majkl-dzh-sejlor/" data-bio-id="3672">Michael Saylor suggested that the effect could be compared to the S&P 500 ETF, which opened up new opportunities for investors.