The chief analyst of Singaporean exchange Bitget, Ryan Lee, has recently presented some intriguing Bitcoin price projections for the year 2024. This forecast comes in the wake of Bitcoin’s recent decline of 4% below the $42,000 price mark. In an X post on December 17, Brave New Coin shared Lee’s predictions for Bitcoin’s future in three phases.
According to Lee, in the short term, Bitcoin’s price is expected to fluctuate between $32,000 and $50,000, depending on the outcome of the spot ETF approval saga in the US. The hope is that the SEC would finally grant approval for a spot Bitcoin ETF, which has led to optimism among many crypto enthusiasts. This ongoing interaction between regulators and asset managers has fueled speculation regarding a potential green light.
The Mid-Term Phase
Looking towards the mid-term, Lee predicts Bitcoin to be valued between $38,000 and $75,000 based on the effects of the halving event. Historically, the halving event has led to a surge in Bitcoin prices due to reduced new Bitcoin minting, causing scarcity and a subsequent increase in demand and price. This anticipated rise in valuation aligns with the trend observed in previous halving events.
The Long-Term Outlook
In the long term, Lee expects Bitcoin to trade at a range of $40,000 to $120,000 in 2024. The determining factor for the price, according to the Bitget chief analyst, would be US policy and regulations surrounding cryptocurrency usage. This projection factors in potential changes in regulatory frameworks that could impact Bitcoin’s adoption and market dynamics.
Implications for Bitcoin
Currently, Bitcoin is trading at $41,874.33, with a minor decline of 0.12% in the last hour. Furthermore, its daily trading volume has decreased by 16.99% and is valued at $14.85 billion. These figures indicate a relatively stable yet slightly bearish trend in the short term. It remains to be seen how Bitcoin will perform in the coming weeks as the market awaits potential regulatory developments.
In addition to Bitcoin, Lee has also provided predictions for the top altcoins in the market for 2024. He anticipates that Ethereum (ETH) will potentially outperform BTC and trade within the range of $3,000 to $3,500. Looking further ahead, Lee suggests that ETH could reach an all-time high of $4,900. These estimations are based on the anticipated growth and adoption of the Ethereum ecosystem.
Likewise, Lee foresees XRP following a similar trajectory to BTC, with a projected price range of $1 to $1.5 in 2024. Considering the ongoing legal battles faced by Ripple, this prediction is contingent on favorable outcomes for the company. Lastly, Lee expects Cardano (ADA) to thrive, with a potential price range of $1.2 to $1.8, pending significant growth and development of the Cardano ecosystem.
While these predictions provide valuable insights into the potential future performance of Bitcoin and leading altcoins, it is essential to approach them with caution. The crypto market is notoriously volatile and influenced by various factors, including regulatory changes, market sentiment, and technological advancements. Therefore, investors are urged to conduct thorough research and exercise their own judgment before making any investment decisions.
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