Bitcoin may reach a new historical high in the near future

Despite the recent turbulence in the crypto market, leading financial institutions remain positive about the future BTC $96,933.80 Bitcoin -0.55% Market capitalization $1.92 trillion VOL. 24 hours $1.48 billion . With the start of 2024, these organizations are predicting significant growth for bitcoin, with price forecasts ranging from a moderate increase of up to $ 80,000 to a staggering increase of over $ 600,000.

Messari analysts predicted that the value of the HTS will exceed $ 600,000. The researchers emphasized bitcoin’s resilience and dominance in the cryptocurrency market, citing its ability to lead the recovery and outshine other digital assets.

«We've recently seen multi-year highs in bitcoin dominance, but still nothing close to the highs we reached at the start of the 2017 and 2021 bull periods. Bitcoin’s dominance declined from 87% to 37% in 2017. During the consolidation and growth phase to $ 40,000 in 2021, it regained 70% and then fell by 38%. We have just reached 54%. There is still room for consolidation,» Messari analysts emphasized.

Recognizing potential challenges, such as regulatory issues in the DeFi sector and a slowdown in NFT activity, Messari experts drew attention to the historical performance of BTC and its comparative advantage over other assets. «We probably won’t see another 100-fold increase in bitcoin, but this asset could easily outperform other established asset classes in 2024. Ultimately, parity with gold will lead to a price for BTC of more than $ 600,000,» Messari analysts summarized.

As a reminder, crypto analysts from Matrixport emphasized that if the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin ETFs in early January, the cost of BTC will increase to $ 50,000 by the end of the month. Experts have drawn parallels with the launch of bitcoin futures by CME Group in 2017. Back then, the exchange announced derivatives in late October, and trading began in early December. During this period, the market leader’s quotes jumped by 196%.