Bitcoin to reach all-time high of over $100,000 per token in 2024
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Compared to the trading figure of $16,500 at the start of the year, Bitcoin's value has increased over 160% this year and traded at over $44,200 on Saturday.
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An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, Thursday, February 17, 2022. (AP)
A report by CNBC this week cited industry analysts who stated that cryptocurrency top-dog Bitcoin is anticipated to keep surging in 2024, to possibly all-time highs of over $100,000 per token.
Compared to the trading figure of $16,500 at the start of the year, Bitcoin has rallied over 160% this year and traded at over $44,200 on Saturday.
CEO of Ledger, Pascal Gauthier, was quoted by CNBC saying, "It feels that [2023] was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for [2024] and 25".
In November 2021, Bitcoin hit a record high of almost $69,000, but nearly $1.4 trillion was erased from the market last year due to sector bankruptcies which came after the collapse of FTX, the world’s second-largest crypto exchange at the time.
Read more: Russian Deputy Finance Minister says Cryptocurrency is 'evil'
FTX's founder, Sam Bankman-Fried, has been charged with two counts of wire fraud and six counts of conspiracy, including conspiracy to launder money and commit campaign finance violations. If convicted, he may face up to 115 years in prison.
On top of that, just like a domino effect, Binance CEO Changpeng Zhao stepped down from his position after pleading guilty to violating US anti-money laundering laws as part of a $4.3 billion settlement, per prosecutors.
Experts, per CNBC, believe "the two cases [are] concluding as a line being drawn under issues that have plagued the crypto market."
A run for the price
Experts argue that the next Bitcoin "halving", a mechanism to limit supply, which occurs every four years and is scheduled for April 2024, will be another source of price increase.
Vijay Ayyar, vice president of international markets at cryptocurrency exchange CoinDCX, told CNBC, "A number of market participants are expecting a bull run some time after the halving, but given the ETF (Exchange-Traded Fund) news, we could very well have a run before that leaving most investors on the sidelines. That could cause a massive upward run in the price".
Last month, Standard Chartered Bank claimed that Bitcoin would reach $100,000 by the end of 2024, or even earlier.
"We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs. This suggests a risk that the $100,000 level could be reached before end-2024," the bank stated.
