Is Bitcoin aiming for $80,000?

Iravan774

According to information obtained by the WiseMoney App, analysts from AllianceBernstein predict that Bitcoin is poised to reach its all-time high in 2024, potentially reaching around $80,000 by the end of the year. Analysts Gautam Chhugani and Mahika Sapra from AllianceBernstein believe that three main factors are driving the potential rise in Bitcoin prices this year: the expected approval of a Bitcoin exchange-traded fund (ETF) by U.S. regulatory agencies, the anticipated "halving event" set to occur in April, and the continuously growing demand from enterprises. "We expect 2024 to be a significant breakout year for cryptocurrencies," the analysts wrote in their report. Bitcoin experienced a surge of over 150% in 2023, and it began 2024 with a bullish trend, reaching a peak of $45,913 on Tuesday, the highest point since April 2022, according to CoinDesk data. However, the cryptocurrency remains more than 30% below its all-time high of approximately $68,990 set in 2021. Industry participants in the cryptocurrency sector anticipate that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin ETF applications submitted by ARK Investments and 21Shares before the January 10 deadline, which is considered the agency's final decision date. Participants suggest that the SEC may simultaneously approve similar products submitted by other asset management companies, such as BlackRock. In their report on Tuesday, AllianceBernstein analysts mentioned that if a spot Bitcoin ETF is approved, there might be a "relatively short-lived and mild selloff" as some traders sell their Bitcoin to lock in profits. However, the analysts pointed out that ETF approval could gradually attract more institutional funds, driving an increase in Bitcoin prices.

Ritu77

I think the possibility of this is quite significant.

Kamal531

The likelihood of this is also very high.

Niti998

The price has increased by a considerable amount.