Bitcoin (BTC) has experienced extraordinary growth in recent years since its creation in 2029. Until the price of BTC once reached a record high above $68,000.
Although BTC has experienced significant volatility, many investors see it as an attractive investment opportunity.
Some analysts predict that BTC prices will continue to rise in the future, with some even predicting that BTC could reach $70,000 or more.
One of them is Markus Thielen, founder of 10X Research. He predicts that the price of BTC will exceed $70,000.
He said this because the influx of US spot Bitcoin ETF funds is expected to slow down. Quoted from the Bitrue trade page, the price of Bitcoin has now stabilized at $65,000 - $67,000. Even though it experienced a decline on Tuesday 19 March 2024, 2.92 percent in the last 24 hours.
Also read: Bitcoin Spot ETF Breaks Record $1.05 Billion Inflow! What is the Impact?
Bitcoin price correction may continue if ETF inflows disappoint. However, Markus Thielen is optimistic that Bitcoin will rise sharply in the next few months because the bull market may continue.
If BTC returns above $70,000 (above its all time high in 2021), it could open the door to a rebound and significant price increase.
BTC Price March 19, 2024
The decline in BTC prices on March 19, 2024 was likely caused by a combination of macroeconomic factors, selling by large investors, and negative market sentiment.
Investors need to monitor the latest developments and conduct their own analysis before deciding to invest in BTC.
Obstacle factor
- Competition from other cryptocurrencies: As more other cryptocurrencies launch, this could increase competition and impact the price of BTC.
- Market sentiment: The market sentiment towards BTC may currently be negative, which may lead to a price drop.
Also read: Bitcoin (BTC) Breaks Through $73,000: Rally Continues, Will It Keep Rising?
Factors Affecting BTC Prices in 2024
Macroeconomic Factors
- Global economic conditions: If global economic conditions improve in 2024, this could encourage demand for risk assets such as BTC.
- Monetary policy: If central banks in various countries keep interest rates low, this could increase capital flows into assets like BTC.
Other Supporting Factors
- Election cycle in the United States: 2024 is a US presidential election year, which is historically bullish for BTC.
- Increasing demand from TradFi investors: More and more traditional investors are starting to invest in BTC via ETFs.
- Widespread adoption of BTC: As more companies and institutions start accepting BTC as payment, this could drive up the demand and price of BTC.
Obstacle factor
- Strict regulations: More countries are starting to implement regulations on BTC, which could impact demand and prices.
- Global economic uncertainty: If a global economic crisis occurs, the price of BTC could drop drastically.
- Competition from other cryptocurrencies: As more other cryptocurrencies launch, this could increase competition and impact the price of BTC.
Conclusion
The BTC price prediction at the end of 2024 is still uncertain. There are several factors that can encourage price increases, but there are also several factors that can hinder it. Investors need to do their own research and analysis before deciding to invest in BTC.
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer: Bitrue reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
See more: Cryptocurrency Prices and Market Cap
Cryptocurrency markets are highly volatile and can experience rapid price fluctuations. You may lose some or all of your invested capital, and past performance is not indicative of future results. You are solely responsible for your investment decisions and Bitrue is not liable for any losses you may incur. The information provided on this platform and any associated materials are for informational purposes only and should not be considered as financial or investment advice. For more information, see our Terms of Use and Privacy Policy.