In a recent analysis, Ryan Lee, the chief analyst of the prominent Singaporean exchange Bitget, provided a nuanced forecast for Bitcoin’s trajectory in 2024. This intriguing speculation comes in the wake of Bitcoin’s lackluster performance last week, which saw the pioneer digital asset tumble by 4%, dipping below the $42,000 threshold.
Ryan Lee has divided his Bitcoin outlook for 2024 into three distinct phases. He envisions a near-term scenario where the cryptocurrency’s value will experience swings within the $32,000 to $50,000 bracket. This volatility is expected to hinge largely on the hotly anticipated verdict from U.S. regulators regarding the approval of a spot ETF for Bitcoin, a move that could turbocharge the market. The crypto sphere is abuzz with optimism, clinging to the hope that the Securities and Exchange Commission (SEC) will issue its much-awaited nod following earnest discussions with various asset management firms.
Bloomberg’s James Seyfarrt suggests there’s a high likelihood—an astonishing 90%—that the SEC’s approval, if it materializes, could arrive between January 8th and January 10th, 2024, an event that could catalyze a significant price shift for Bitcoin in the imminent future.
Turning attention to the medium term, Lee forecasts a price range oscillating between $38,000 and $75,000. He ties these numbers to the aftershocks expected from Bitcoin’s halving event, a phenomenon that traditionally foreshadows a surge in the currency’s worth. This deflationary mechanism confronts the market with a dwindling supply of new Bitcoin, engendering scarcity and thereby amplifying demand and value.
Looking further out, the prognosis places Bitcoin potentially exchanging hands from $40,000 to an eye-watering $120,000 in the year 2024. Lee attributes this expansive range to the looming influence U.S. policy and regulatory frameworks may exert on the use of cryptocurrencies.
As of the most current metrics, Bitcoin’s trading value stands at $41,874.33. The currency has encountered a slight 0.12% decrement within the last sixty minutes. Concurrently, the trading volume for the day exhibits a 16.99% drop, amounting to $14.85 billion.
Beyond Bitcoin, Lee also cast predictions over the broader altcoin space for the year 2024. He projects that Ethereum (ETH) could eclipse Bitcoin’s performance and find a corridor between $3,000 and $3,500. By the year’s end, he envisions Ethereum achieving a new historical peak at approximately $4,900.
Lee does not stop at Ethereum. His lens on the altcoin market extends to XRP, which he expects to mirror Bitcoin’s price behavior, potentially reaching $1 to $1.5 during the same period. Additionally, he forecasts that ADA (Cardano) could escalate to a price range of $1.2 to $1.8, subject to the anticipated expansion of the Cardano ecosystem.
