It seems that the ‘bonanza’ period for Bitcoin (BTC) is not showing signs of a halt. On April 4, 2024, BTC went past the $64,000 level, showing a nearly 186% price hike in the previous year. From what it’s understood, the cryptocurrency crossed the price mark for a second time within a week, since it was last recorded on February 28, 2024. “I think BTC has overcome the psychological resistance of $62,000 levels. Despite indications of a strengthening dollar index, the technical indicators for BTC/USD suggest a positive outlook. The positive effects of the ETF launch, which are the institutional investments that saw a rise in 2023, and the upcoming halving, which is expected to affect the demand-supply ratio in favour of BTC’s price, have all seemingly started adding to the market momentum,” Rajagopal Menon, vice-president, WazirX, a cryptocurrency exchange, told FE TransformX.
It’s believed that this BTC price rise has been attributed to the increasing trading levels of spot BTC exchange-traded funds (ETFs), along with anticipation of the BTC Halving event. A survey conducted by Finder, a UK-based financial technology (fintech) firm, mentioned the BTC price expectations to have an upward trend after the conclusion of the BTC Halving event, which is scheduled to take place in April 2024. Seemingly, around 47% of those surveyed in the Finder study stated that roughly half a year post the halving event, BTC will clock a new record high. Insights from the survey also found that in 2024, BTC should clock the $88,000 level before consolidating near the $77,000 level by the end of it. Market reports even suggest that in 2024, the cryptocurrency can reach as much as the $200,000 mark. Going by the report, Kadan Stadelmann, CTO, Komodo, a blockchain platform, highlighted the pressure around BTC price on account of the halving event, along with the entry of institutional players’ contributing towards BTC demand.
“Climbing beyond the $64,000 threshold, I think BTC’s trajectory underscores the confidence in blockchain’s potential and solidifies its position as a linchpin of the decentralised economy. This milestone not only aims to reflect investor trust but also heralds a shift in the global financial paradigm, emphasising the relevance and resilience of digital assets. As we observe this historic ascent, it intends to serve as a reminder of the ongoing evolution within the cryptocurrency space and the impact it continues to exert on traditional financial systems,” Sumit Ghosh, co-founder and CEO, Chingari, a Web3.0 live streaming application, emphasised.
At the time of writing, on March 4, 2024 (1.10 pm, Indian Standard Time), BTC was still trading close to the $64,000 level, having a roughly $1.26 trillion worth of market capitalisation and a 24-hour trading volume worth $34.74 billion, as per CoinMarketCap, a crypto price-tracking website. In an official blog post on X, formerly Twitter, Will Woo, a BTC analyst, predicted BTC to overtake the $125,000 level before the conclusion of 2025. Woo also stated that the $125,000 level could be achieved if BlackRock, having $9.1 trillion worth of total assets, and Fidelity, having $4.2 trillion worth of total assets, designate three percent belonging to their clients’ portfolios towards BTC. Going forward, predictions laid by CoinCodex, a cryptocurrency data website, have specified that for 2025, BTC could clock around 144% gain at the back of an upper price target worth $156,225. For 2030, BTC could increase by nearly 381% over an upper price target of $308,078. “I believe the surge of BTC beyond $64,000 marks not just a milestone, but a testament to the resilience and adaptability of the crypto space. This achievement aims to underscore the recognition of BTC as an asset class and a harbinger of decentralised financial evolution. BTC’s trajectory intends to reflect a collective commitment to innovation and a global shift towards decentralised systems,” Pratik Gauri, CEO, 5ire, a fifth-generation blockchain ecosystem, concluded.
Follow us on Twitter, Facebook, LinkedIn
