Chief analyst of Singaporean exchange Bitget, Ryan Lee, has made some interesting Bitcoin price predictions for 2024. This prediction comes after BTC’s negative performance over the past week, when the premier cryptocurrency fell 4% and fell below the $42,000 price line.
Bitcoin will trade at $120,000 in 2024 – Ryan Lee
In an X-post on December 17, crypto data platform Brave New Coin shared Ryan Lee’s projections for Bitcoin for the new year, which were presented in three phases.
For the near term, Lee expects Bitcoin’s price to fluctuate between $32,000 and $50,000, as determined by the outcome of the spot ETF approval saga in the US. Currently, many crypto enthusiasts are very optimistic about the SEC finally giving the green light to the launch of a spot Bitcoin ETF, after several meetings between the regulator and several asset managers involved.
Bitcoin Predictions for 2024 – Bitget Lead Analyst Ryan Lee Picks Some Price Ranges for BTC and Other Winners Next Year 🚀 #Bitcoin2024 pic.twitter.com/LPlhJwgm9w
— Brave New Coin (@bravenewcoin) December 17, 2023
According to Bloomberg analyst James Seyfarrt, there is a 90% chance that this potential approval order will come between January 8 and January 10, 2024, meaning Bitcoin’s price could see a big move in the coming weeks.
Regarding the medium-term phase, Ryan Lee predicts that Bitcoin prices will be between $38,000 and $75,000, based on the effects of the halving, which has historically been known to cause a rise in BTC prices. This is because the halving event causes a reduced number of new Bitcoin coins, leading to scarcity, which in turn drives the demand and price of the token.
In the long term, Bitget’s lead analyst expects Bitcoin to trade between $40,000 and $120,000 by 2024. He believes that the main determinant of the BTC price right now is the US policies and regulations that guide the use of cryptocurrency.
At the time of writing, Bitcoin transactions at $41,874.33, down 0.12% in the past hour. Meanwhile, the token’s daily trading volume is down 16.99% and is valued at $14.85 billion.
BTC trading at $41,921 on the daily chart | Source: BTCUSD chart on Tradingview.com
Lee’s take on the Altcoin market
Besides Bitcoin, Lee also made some interesting predictions about the top tokens in the altcoin market for 2024. The Bitget executive expects that Ethereum (ETH) could outperform BTC and trade between $3,000 and $3,500. Lee predicts that ETH could reach a historic price of $4900 by the end of 2024.
Meanwhile, the analyst expects XRP to develop in a similar manner to BTC, reaching a price range of $1-$1.5 by 2024. Moreover, Lee also expects that ADA could reach $1.2-$1.8 pending significant growth in the Cardano ecosystem.
Featured image from InfoWorld, chart from Tradingview
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