How high will the price of Bitcoin reach in 2024?

There are great expectations around the intersection of the approval of a Bitcoin exchange-traded fund (ETF) and the timing of Bitcoin’s (BTC) fourth halving in April 2024. This anticipation itself will weigh heavily on the price of BTC in 2024. Due to the expected price volatility, industry players have come up with their predictions at various price points.

This is reminiscent of Van Eck’s recent valuation report for Solana (SOL), which set the coin’s forecast at an unrealistic range of $10 to $3,211 by 2030. However, Bitcoin, the largest cryptocurrency by market cap, has a narrower price range than that forecast.

The expected price of BTC in 2024 is at least $80,000. On average, the target price is slightly above $87,000. Most of the reasons behind the BTC price in 2024 revolve around the optimism of Bitcoin ETFs.

To that end, how will the major Bitcoin halving price predictions play out in 2024?

What is the Bitcoin price prediction for 2024?

When aggregating different predictions from several experts, we observe a central theme: the average Bitcoin price prediction for 2024 hovers around $87,000. This number, culled from a survey of 31 fintech experts conducted by Finder, is an important indicator of market expectations and sentiment regarding Bitcoin’s post-halving value.

Interestingly, 47% of them believe that BTC is currently undervalued, while only 10% believe it is overpriced. The consensus average of $87,000 is noteworthy, as it is not only a numerical prediction, but also reflects the market's current understanding and expectations of Bitcoin's future. It reflects the optimism of some experts and the caution of others, weighing various factors such as the upcoming halving, macroeconomic impacts, and the potential impact of Bitcoin ETFs.

However, it is important to note the diversity of these forecasts. For example, ARK Invest's forecast calls for a worst-case scenario of $600,000 by 2030. Meanwhile, other forecasts such as Matrixport and BitQuant suggest short-term targets of $80,000 to $250,000 by the end of 2024. These variations highlight the inherent uncertainty and complexity of predicting cryptocurrency prices, which are affected by a range of factors from market liquidity to macroeconomic trends.

Therefore, while the $87,000 average forecast showcases the current mainstream opinion among experts, it should be interpreted in the context of wider market dynamics and potential future developments. This number is more than just a number; it reflects the collective market sentiment of the cryptocurrency market and indicates the opportunities and challenges we face as the 2024 halving approaches.

What is Bitcoin Halving?

Bitcoin halving is a mechanism to mitigate inflation, i.e. the mining reward is halved. It follows the basic principle of supply and demand. Similarly, Bitcoin halving is also intended to mitigate demand-pull inflation. In Bitcoin's core code, it is planned to occur every 210,000 blocks mined, which takes about four years.