- Bitcoin’s value is expected to rise to $122,000 after the halving in 2024.
- There is growing optimism over its potential as ‘digital gold’, backed by insider confidence.
In a recent interview with Scot Melker, experts speculated how Bitcoin [BTC] is on the eve of a monumental shift.
Analyst predictions pointed to a staggering value of $122,000 in 2024 after the halving of BTC.
This projection comes against the backdrop of a 20% correction in the stock market from its all-time high (ATH) a year ago, raising concerns about Bitcoin’s future.
There are deflationary forces at play
The deflationary pressure on commodities worldwide, characterized by an imbalance between supply and demand, underscored the need for the Federal Reserve’s dovish policy to reach a market bottom.
Mike McGlone, senior commodities strategist at Bloomberg, was asked for his thoughts on the event. He noted:
“If you look at it from my point of view, there is no hope of the dollar falling unless the US stock market falls.”
The Big Adoption of Bitcoin ETFs
This economic climate has laid the foundation for BTC’s revival, especially through the introduction of exchange-traded funds (ETFs).
These ETFs simplify the process for investment advisors and money managers to recommend Bitcoin to their clients.
This ease of access, coupled with Bitcoin’s growing reputation as ‘digital gold’, provides a compelling argument for investors to shift money from traditional safe havens such as long-term bonds, government bonds and money markets into Bitcoin.
James Lavish, a former hedge fund manager, gave his thoughts on Bitcoin’s recent price spike interview. He named,
“My view is that these new ETFs have made it extremely easy for registered investment advisors and money managers to recommend that their customers are moving to Bitcoin.”
He further mentioned that BTC’s appeal lies not only in its status as a new technology, but also in its ability to hedge against economic downturns, especially in scenarios where the ‘money printer’ policy is reactivated.
Is it time to buy #Bitcoin?
I say yes… always.
What do you think @jameslavish @mikemcglone11 And @daveweisberger1 Want to say?
We’ll discuss this and more on Macro Monday, 9am EST!https://t.co/4knY7oV3Uh
— The Wolf of All Streets (@scottmelker) February 12, 2024
Reaching the $122,000 mark: Analysts seem optimistic
Dave Weisberger, co-founder and CEO of CoinRoutes, has shown great confidence in BTC’s upward trend. He said,
“In November 2021, when Bitcoin was at $63,000, the hash rate of the Bitcoin network was 160 trillion tera-hashes, now it is 4x. Does this mean I’m expecting $240,000, which would be four times the highest price ever? Actually not, but I expect half of that in this cycle.”
Bitcoin’s journey to a $122,000 valuation by 2024 is supported by a confluence of factors. The country will remain at the forefront, ready for unprecedented growth after the halving.
The strong confidence of insiders has further strengthened the network.
A shift in the narrative surrounding Bitcoin ETFs
The narrative around Bitcoin has shifted from skepticism to cautious optimism, with investment advisors now more inclined to explore digital currencies.
This change in attitude reflects a broader acceptance of Bitcoin’s potential. It also signals that we are moving beyond the frenzied speculation that characterized its early days.
Bitcoin, unlike volatile IPOs that rose and fell, has demonstrated resilience and growing legitimacy within the financial ecosystem.
