The cryptocurrency space is seemingly making a rise again for many. Interest in Bitcoin grew among both individual and institutional investors. The number of Bitcoin addresses holding small amounts of BTC increased, showing more people see Bitcoin as a valuable investment.
Even in a year with ups and downs in the market, long-term holders of Bitcoin continued to increase their investments, demonstrating their belief in Bitcoin’s value. With that being said, it’d be interesting to see what 2024 has in store. Below are expert opinions on the state of Bitcoin this year:
Our Experts
- Eric Bravick, Head Of Artificial Intelligence, CryptoOracle Collective
- Kate Leaman, Chief Market Analyst, AvaTrade
- Edan Yago, Core Contributor, Sovryn
- Mona El Isa, CEO, Avantgarde
- Peter Wood, Chief Technical Officer, Spectrum Search
- Lukman Otunuga, Senior Market Analyst, FXTM
- Kurt Wuckert Jr, Bitcoin Historian, CoinGeek
- Isa Goksu, UK&I CTO, Globant
- Mark Richardson, Chief Commercial Office, Zodia Markets
- Zachary Michaelson, Snr. Director, Head of Digital Assets & Emerging Technologies, Financial Services, Publicis Sapient
Eric Bravick, Head Of Artificial Intelligence, CryptoOracle Collective
“In 2024, Bitcoin will become relatively boring, and that’s a good thing. As Bitcoin becomes predictable and integrated with existing financial systems, its value steadily climbs.
“Major players will integrate Bitcoin into their portfolios. Bitcoin will solidify its position within the established financial landscape.
“While Bitcoin may not offer the rapid gains of the past, but its reliability will attract long-term, stable investors.
“Bitcoin’s upward journey suggests that sensible regulation will follow. It will be steadily up and to the right over the long term.
“Bitcoin may not offer short-term excitement in 2024, but its consistent growth trajectory promises a reliable investment future.”
Kate Leaman, Chief Market Analyst, AvaTrade
“This year is expected to be a pivotal one for cryptocurrencies – particularly Bitcoin. The world’s largest and most popular cryptocurrency is set to undergo significant developments. This includes its halving event and the emergence of new investment products like BlackRock’s ETF, which are set to directly impact Bitcoin’s market demand and reawaken interest in its market.
“Furthermore, Bitcoin is increasingly being used as an alternative to gold when it comes to hedging against inflation, with this trend likely to continue into the new year. This reflects the increasing interest in the cryptocurrency as a store of value.
“As such, the majority of views regarding Bitcoin’s price this year are positive. Bullish experts believe that Bitcoin is set to experience significant growth in the coming year, with some even suggesting that its price could reach a new all-time high, possibly exceeding $100,000 or even $200,000 per BTC.
“Meanwhile, other analysts have adopted a more conservative outlook on its price, predicting modest growth of between $50,000 and $80,000 by the end of the year.
“Despite some differences between experts regarding the scale of growth which is set to take place, the general consensus is that Bitcoin will deliver strong returns this year.”
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Edan Yago, Core Contributor, Sovryn
“In 2024, the most critical use case for Bitcoin will be its role as a store of value. The asset’s value and the network’s expansion are anticipated to remain the primary driving forces, underlining Bitcoin’s importance as a reliable and appreciating financial asset amidst a growing user base and technological advancements.
“I’m also really excited by Layer 2 Rollups as they significantly enhance Bitcoin’s scalability and efficiency, allowing developers to create diverse applications at any scale. By offering faster transactions and lower fees, these technologies expand Bitcoin’s utility, making it a more versatile platform for innovation and a broader range of use cases in the digital economy.”
Mona El Isa, CEO, Avantgarde
“The approval of a Bitcoin spot ETF holds immense significance for the cryptocurrency industry. It has the potential to bring substantial capital into the market, potentially in the billions, as investors seek exposure to Bitcoin through a trusted and regulated vehicle.
“Unlike futures ETFs, which track Bitcoin’s price through derivative contracts, a spot ETF would directly hold the underlying asset. This means that it could create organic demand for Bitcoin itself, potentially driving up its value as more investors, including institutional allocators like BlackRock and Fidelity, seek to hold the asset within the ETF.
“This, in turn, could have a cascading effect, further solidifying Bitcoin’s position in the global financial landscape.”
“The approval of a Bitcoin spot ETF signifies a growing acknowledgment of cryptocurrencies within traditional finance. It can lead to increased collaboration between crypto and Wall Street, ultimately reshaping the dynamics of the industry as we know it.
“It’s important to note that this development could mark just the beginning of a broader trend. The approval of a Bitcoin spot ETF would be a significant step, but it’s also worth keeping an eye on the nascent trend of Ethereum (ETH) futures and spot ETF applications. Now the Bitcoin applications are approved, Ethereum ETFs could represent the next wave of adoption for Wall Street.
“As the two main cryptocurrencies continue to gain recognition and acceptance, we can expect further innovation and financial products centered around the use of blockchain technology.
“The approval of both Bitcoin and Ethereum ETFs could open the door to a new era of mainstream tokenization with implications far beyond the crypto industry itself. These developments highlight the evolving landscape and the growing importance of digital assets in the global financial ecosystem.”
Peter Wood, Chief Technical Officer, Spectrum Search
“As we look towards 2024, the landscape for Bitcoin appears both challenging and ripe with opportunity. My perspective, deeply rooted in the fusion of artificial intelligence and blockchain technology, suggests a pivotal year ahead for Bitcoin.
“Regulatory frameworks around the globe are beginning to take shape, offering clearer guidance yet also imposing constraints that could influence Bitcoin’s adoption and utility. Technological advancements, particularly in AI, are poised to significantly enhance the security and efficiency of Bitcoin transactions, potentially broadening its appeal.
“The socio-economic environment remains a critical factor; amidst global economic uncertainties, Bitcoin’s role as a digital safe haven could become more pronounced. Investors, seeking to hedge against inflation, might increasingly turn to Bitcoin, buoyed by its decentralized nature and potential for significant returns.
“Moreover, the industry’s strides towards sustainability, with a shift towards more energy-efficient mining practices, could help mitigate environmental concerns, making Bitcoin a more attractive investment.
“Innovation within AI and blockchain is set to drive forward not just the technological underpinnings of Bitcoin but also how it’s perceived and utilized across various sectors. As these technologies converge, they’ll likely unlock new potentials for Bitcoin, cementing its place in the financial landscape of tomorrow.”
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Lukman Otunuga, Senior Market Analyst, FXTM
“The approval of a spot Bitcoin ETF this year marked a historic moment for the digital asset.
“In the long term, it could greatly support Bitcoin prices due to fresh inflows from retail and institutional investors. However, given how markets at the time were expecting the ETF approval – Bitcoin could fall before investor inflows push prices higher down the road.
“Looking further into 2024, now that Bitcoin ETFs have been approved, now is a great time to learn more about trading Crypto the smart way. While such volatility presents opportunities for trading, it also underscores the need for continuous investor education.
“Navigating this landscape requires a deep understanding of market dynamics to make informed decisions, rather than succumbing to impulsive trading behaviours influenced by market hype.
“Both the SEC’s decision and the Bitcoin halving have the ability to shape Bitcoin’s value. Investors and stakeholders are always advised to stay informed and exercise caution, balancing the excitement of potential gains with a sound understanding of inherent risks and market fundamentals.”
Kurt Wuckert Jr, Bitcoin Historian, CoinGeek
“In 2024, I think we will see the beginnings of a bull run, but I don’t think we will hit peaks until late in the year or 2025. I also think layer one-coin values will be blunted by the fact that ordinal-style token inscriptions have taken a lot of steam away from Ethereum and DeFi.
“And since these inscriptions are so flexible and well-liked, we might see a bull run that leads with some utility this time around – in contrast to prior runs focused almost exclusively on promises. Imagine the growth in volume and liquidity all happening in the token layer of a major blockchain instead of all occurring in the USD pairs on major centralized exchanges.
“This cycle will kick off with FTX off the table and Binance operating with the eyes of US regulators on the open books of the exchange – meaning the temptation to trade off-shore is mostly gone just as smart contracts and higher-level trading are beginning to occur on-chain and avoiding old world financial models altogether.
“While the BTC bulls are crowing for a $100k price, I think it barely makes new highs this cycle as we see the resurgence of older, more scalable bitcoin-based forks like Doge, BCH and BSV because people will begin to see that real trading and commerce can happen on chain. Total paradigm shift.”
Isa Goksu, UK&I CTO, Globant
“The industry is going to have to think hard about how we address the deepfake threat. 2023 saw Binance’s Chief Security Officer report on deepfakes being used to bypass KYC verification – it’s a very real threat and only going to get worse.
“Trust is central to the growth of the bitcoin market – no one wants to invest in a currency they can’t trust. So future investment may well depend on the solutions companies are developing to protect against deepfakes.
“This is also an important year for bitcoin regulation. Previously, there’s been reluctance to enforce regulatory measures – there was a general sense that bitcoin was a fad and not a serious threat to traditional financial systems.
“But we saw the long-awaited launch of spot Bitcoin ETFs in the US this January (likely to attract significant institutional investment) and are expecting the Markets in Crypto-Assets (MiCA) regulation to come into effect in mid-2024, which will establish a comprehensive framework for crypto across the European Union.
“So it seems the tide is turning and governments are now taking bitcoin seriously – that means new requirements for stablecoin issuers, exchanges, and wallets. And a greater focus on how to ensure consumer protection and market stability.”
Mark Richardson, Chief Commercial Office, Zodia Markets
“With the dust settling post the SEC’s ETF approval and BTC trading briefly through USD 50k, we look forward to the rest of 2024 with price gains continuing as the ETF market matures and a year-end view of Bitcoin (as predicted by Standard Chartered Global Research) at the USD 100k level.
“There has already been significant reclassification following the SEC approval with BTC holdings moving from Grayscale Trust to GrayscaleETF and as some futures-based ETFs have rotated into spot ETFs, but this has slowed down.
“Changes to current aggregate holdings are what will drive expected price to the upside and the market has already seen over USD 3bn of ETF inflows. Throughout the rest of 2024, we expect BTC ETF inflows of greater than USD 50bn.
“The options market is also pricing a bullish trajectory and showing consistent bias to own call options which is positive for BTC. In the near term, we see the impact of BTC halving in April mostly priced in. Looking forward to May, attention will turn to the possible SEC approval of an ETH ETF.
“Since ETH was not among the 67 coins identified by the SEC as securities, there’s optimism that ETFs may receive approval. This will further drive institutional adoption and inflows which will continue to support higher prices for BTC.”
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Zachary Michaelson, Snr. Director, Head of Digital Assets & Emerging Technologies, Financial Services, Publicis Sapient
“I anticipate Bitcoin will remain range-bound in 2024, up or down 50% from its current $50K level (i.e. $25-$75K). The interplay of current high interest rates and financial system tightening historically discourages allocations to speculative, high-risk, low-yielding assets (like Bitcoin).
“I believe this environment will persist longer than currently expected by the market as US inflation will fail to fall at or below the 2% target. Despite Bitcoin’s reputation as a hedge on inflation, monetary policy, or economic volatility, its performance history does not support this role, and I do not foresee a change in this trend for 2024.
“Additionally, I predict modest new demand from those not already invested in Bitcoin. New demand will have to come from institutional investors who will want a broadly “risk-on” environment to move more towards Bitcoin, but will see that risk appetite waning over 2024. The relationship between mining costs and Bitcoin’s price, akin to a commodity’s marginal cost of production, serves as a flexible price anchor.
“Given that prices have historically struggled to sustain levels beyond four times the mining cost — a threshold already quite high relative to other commodities — I expect this factor to further constrain Bitcoin’s price potential in 2024.”
