BTC Price Predictions: Analysts Wade in on the Future of Bitcoin

Top experts have predicted a bullish price movement for BTC in 2024, primarily because of the upcoming halving event.

Bitcoin (BTC), the flagship cryptocurrency, has always been a hot topic for analysts and enthusiasts. Over the past year, many have ventured to predict its price trajectory. 

As of January 1 this year, BTC was trading at $16,547, per CoinMarketCap data. This led to speculations that the crypto market might be entering a challenging phase, with many predicting that the bull run might come in 2024, in line with the halving event. 

As we approach the end of 2023, let’s evaluate some of these predictions and their current status.

PlanB’s Prediction:

PlanB, known for creating the Stock-to-Flow model, made a significant prediction on January 12, 2023. He stated on Twitter that Bitcoin’s price of $15.5K in November 2022 would be its lowest. He further mentioned that BTC had surpassed its Short Term Holder (STH) phase and would continue to rise steadily towards the 2024 halving event. 

According to PlanB, BTC will trade above $32K during the 2024 halving, expected around April, according to reports. He also predicted that the bull market would begin in 2025, with BTC surpassing the $100K mark. 

PlanB’s BTC Trajectory. Source

So far, PlanB’s forecast seems accurate. BTC has not dipped below $15.5K since November 2022 and has climbed from $18K in January to $26K currently. PlanB reaffirmed his prediction by quoting his January tweet, saying, “To be clear, I still stand by my January 12 prediction.”

Tim Draper’s Prediction:

Tim Draper, a renowned venture capitalist, made a bold prediction in 2018, stating that BTC would hit $250K by 2022. As we’re in 2023, this prediction has yet to materialize. 

However, Draper has been right before. In 2014, after buying millions worth of BTC, he predicted its price would reach $10K within three years. This prediction came true in 2017. 

In an interview with Hall of Fame, Draper admitted feeling pressured to make another prediction after his first one’s success. He attributed the unfulfilled $250K prediction to actions by the U.S. government. Yet, he remains hopeful, stating in December 2022 that BTC would reach $250K before the 2024 halving. He humorously added, “If it’s not $250,000 or higher, then don’t listen to me ever again on that kind of prediction.”

Robert Kiyosaki’s Views:

Robert Kiyosaki, a prominent figure in the crypto space, has been vocal about his BTC price predictions. In July, he tweeted that BTC would reach $120K the following year (2024). This came after his earlier prediction of BTC hitting $500K by 2025. Despite BTC’s price fluctuations, Kiyosaki has consistently advised people to invest in it and gold and silver. 

However, his recent tweet with the caption “BYE BYE Bitcoin and US Dollar?” has left many wondering about his current stance on BTC.

Pantera Capital and Chartered Bank 

As reported by Crypto News Flash, American hedge fund Pantera Capital and Chartered Bank, a British multinational bank, have similar views about the BTC’s price. 

The news outlet disclosed that Pantera Capital predicts $150K for BTC, while Chartered Bank sees BTC reaching the $120K mark in 2024. Both bold predictions have been made due to the highly anticipated halving event in 2024. Historically, Bitcoin’s halving is seen as a bullish event in the blockchain industry. 

What Next For BTC?

Predicting BTC’s price is challenging, given its volatile nature. While some predictions are on track, others have not materialized. As with any investment, it’s essential to do thorough research and consult with financial experts before making decisions. Only time will tell which of these predictions, if any, will come to fruition.

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