Ethereum
Huge New Bitcoin Price Target Set After $2.5 Trillion Rise in Ethereum, XRP and Crypto
Bitcoin surpassed its 2021 all-time high, briefly touching $69,320 per bitcoin on Coinbase before falling back. as traders prepare for a “big move” that will “amaze everyone”.
The price of Bitcoin has risen 360% since falling to its recent low of around $15,000 in late 2022, pushing Bitcoin, Ethereum, and XRP combined.
XRP
and the crypto market at around $2.5 trillion—amid growing fears of a death spiral “crisis” of the US dollar.
Now, bullish bitcoin and crypto market watchers are predicting the bitcoin price surge may just be starting after bitcoin’s “IPO time.”
The historic Bitcoin halving, which is expected to cause cryptocurrency price chaos, is fast approaching! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
The price of bitcoin surpassed its 2021 all-time high, briefly climbing to over $69,000 per bitcoin.
NurPhoto via Getty Images
“With bitcoin hitting a new all-time high today, it is poised for accelerated growth in the months to come,” Alex Adelman, chief executive of rewards app Bitcoin Lolli, said in comments sent by email, highlighting the huge inflows seen by the new Wall Street. spot Bitcoin exchange-traded funds (ETFs) driving Bitcoin’s gains so far in 2024.
“We have historically seen Bitcoin prices double quickly after breaking its previous all-time highs, and we could see the price of Bitcoin rise beyond $100,000 with the upcoming halving event.”
The impending reduction in Bitcoin’s supply in April, known as the halving, will see the number of new bitcoins rewarded by the so-called miners who maintain the Bitcoin network reduced.
“After the halving, increased scarcity coupled with strong demand from retail and institutional investors will likely push the price of bitcoin even higher,” Adelman said. “Based on historical trends following the halving, the price of Bitcoin could surpass $150,000 next year.”
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Bitcoin price has now fully erased its 2022 price drop, boosting Ethereum, XRP and… [+] crypto market.
Forbes Digital Assets
Analysts at Standard Chartered meanwhile predict that the price of bitcoin could rise to as much as $100,000 per bitcoin by the end of 2024, while Bitwise chief investment officer Matt Hougan said he thinks bitcoin price could surpass $200,000 this year due to “massive supply-demand dynamics” following bitcoin halving.
“Bitcoin halving generally has a positive impact on the price of bitcoin,” Caroline Bowler, chief executive of cryptocurrency exchange BTC Markets, said by email.
“The mechanism behind the positive price impact lies in the reduced speed at which new bitcoins are created, leading to increased scarcity. With a decrease in the supply of new coins entering circulation, there is less pressure of sales from miners Historically, this scarcity has been “.