2024 began with significant momentum for cryptocurrencies like Bitcoin and Ethereum, eliciting enthusiasm among crypto enthusiasts. As of June 6, 2024, BTC is trading at $70,996, boasting a market capitalization of $1.40 trillion, representing a 0.33% increase in the last 24 hours, hovering around the $70,000 mark and increasing by 4.58% over the previous seven days.
BTC, the leading cryptocurrency, has endured a tumultuous period, shedding approximately 65% of its market value over the past year. Crypto enthusiasts were taken aback by unforeseen events such as the Terra Luna crash, FTX decline, macroeconomic factors, and Binance’s legal issues. Nonetheless, the crypto market exhibited a remarkable recovery towards the end of the year, with BTC showing promising growth.
Bitcoin surged to impressive heights, surpassing its all-time high of $69,170 on March 8, 2024, reaching $70,083. Subsequently, on March 14, 2024, BTC again exceeded its previous peak, reaching $73,750. This surge propelled its market capitalization to $1.44 trillion, contributing to the overall crypto market capitalization of $2.77 trillion, reflecting exceptional performance.
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Bitcoin’s Recovery Journey
After surpassing the psychological threshold of the $31,000 mark, Bitcoin started exhibiting a bearish trend and traded below $30K levels for most of the last year. However, it has shown remarkable recovery in the latter months of the year.
The world’s largest cryptocurrency, BTC, which was on a recovery path, has increased around 164.96% in one year. As of June 6, 2024, it is currently trading at $70,982, with a market capitalization of $1.40 trillion and a global cryptocurrency market capitalization of $2.64 trillion.
Cryptocurrency experts believed that if BTC maintained its level of $30,000, it could likely bounce back from there. Looking at the current scenario, Bitcoin surpassed its all-time high in March but witnessed a downtrend later.
In April 2023, the top cryptocurrency Bitcoin touched the key resistance of the $30,000 level for the first time since June 10, 2022, and then started dipping below to $26,000. It significantly rose to $45,203 after May 2022. Crypto experts believe that if Bitcoin maintains the $45,000 level and beyond, it could reach $60,000 by the end of 2024. In the first three months of the year, BTC has already touched the level of $73,750 and set a new record for an all-time high.
While the future of Bitcoin is unknown, retail investors must be very cautious about every move of Bitcoin, as it has witnessed tumultuous before. Moreover, India’s stance on cryptocurrencies continues to be firm with the government bringing all crypto-related transactions under the ambit of the Money Laundering Act. In a specific gazette notification, the Union Finance Ministry of India stated that all the transactions related to digital assets or virtual currency would fall under the purview of the Prevention of Money Laundering Act (PMLA).
The new development may appear damaging to the cryptocurrency community in India. On the ground, however, the move has been praised by the industry at large as a step towards regulating this space. In the absence of regulators, the enforcement agencies will immediately take recourse to any discrepancies.
The Spot Bitcoin ETFs have been a tremendous factor in Bitcoin’s growth. After the SEC approved the ETFs in the U.S., retail investors showed great interest, leading to Bitcoin surpassing its all-time high.
One of the other reasons crypto experts were hopeful about Bitcoin is that this year, 2024, was a year for Bitcoin’s halving event. The Bitcoin halving event happens every four years, during which BTC rewards to its miners are cut by 50% (the miner’s payout will be reduced to 3.125 BTC). This event is usually positive for Bitcoin’s price, as it helps contract supply.
Historically, halving has been seen as an excellent sign for bringing momentum to Bitcoin’s price. So far, this year’s halving that took place on April 20, 2024, has not caused the surge to the BTC, as experts anticipated.
Bitcoin Halving History
| Bitcoin Halving Event | Price on Halving Day | |||
|---|---|---|---|---|
| 2012 | $12.35 | $127 | ||
| 2016 | $650.53 | $758.81 | ||
| 2020 | $8,821.42 | $10,943 | ||
| 2024 | $62,205.94 | Yet to be known | ||
| (Source: cointelegraph.com) | ||||
The above table shows that past Bitcoin halving events have established long-term bullish drivers for Bitcoin’s price. The Bitcoin halving event relates to its deflationary tendency and crushing its supply, which helps the Bitcoin price to rise further. As BTC is a decentralized cryptocurrency, any central banks or governments can’t print it, and thus, Bitcoin’s total supply is limited.
Moreover, “Bitcoin Whales,” referring to large investors, have started accumulating Bitcoin again. According to data from the on-chain aggregator Santiment, these large Bitcoin whales, holding 1,000-10,000 BTC in their wallets, indicate that investors have been filling up their wallets with a substantial amount of Bitcoins. This accumulation may contribute to boosting the price of Bitcoin.
Can Bitcoin Reach $100,000 by 2024?
The current year is the year of Bitcoin’s fourth halving. It occurred on April 20, 2024. It forms the basis of Bitcoin’s monetary policy and supports its increasing scarcity by cutting Bitcoin’s supply growth rate in half approximately every four years.
At one point, Bitcoin’s supply growth rate exceeded 10%, but it was cut to about 1.75%. The BTC halving will continue until all 21 million coins are mined, sometime in the year 2140. Currently, around 19.70 million BTC coins are circulated in the cryptocurrency market.
Rajagopal Menon, vice president of WazirX – a cryptocurrency exchange in India, states that Bitcoin is eyeing a major breakout, and if successful, the target lies between $90k and $100k. Breaking free from this level could propel Bitcoin all the way to $90k-100k, driven by the next resistance and support levels within the existing parabola.
Psychologically, the 100k mark represents a significant resistance point. It’s logical for Bitcoin to pause around 90k, potentially rising above 90k but staying below 100k. This pattern aligns with typical market behavior around such round numbers, states Menon.
He also said that veteran trader Peter Brandt predicts a market top of 150k by the end of 2025. His analysis is grounded in the halving cycles, with the recent halving occurring earlier this year. Historically, halvings occur around the midpoint of the cycle, suggesting a strong bullish phase until the end of 2025. This aligns with the traditional 4-year cycle observed in previous Bitcoin trends.
As of June 6, 2024, BTC is trading at $70,982 with a market capitalization of $1.40 trillion. The halving was completed on April 20, 2024, at block height 840,000.
Note: The figures are taken from CoinMarketCap.
Can Bitcoin Reach $1,000,000 by 2025?
Bitcoin enthusiasts often make overly optimistic and sometimes unrealistic predictions for their favorite cryptocurrency. After this mini-bull run, numerous discussions have taken place around Bitcoin, the world’s largest digital coin. Some speculate that the crypto coin could reach $10 lakh by 2025.
Himanshu Maradiya, founder and chairman of CIFDAQ Blockchain Ecosystem, stated, “While predicting Bitcoin will reach $1,000,000 by 2025 might seem overly optimistic, several factors make such a scenario plausible. The increasing adoption of Bitcoin, various countries approving BTC ETF, the weakening of traditional fiat currencies due to hyperinflation, and the rising profitability for BTC miners are key drivers that could significantly boost its value.”
He also added that Standard Chartered’s recent upward revision of its BTC price prediction to $120,000 by the end of 2024 underscores the growing confidence in Bitcoin’s potential. As more investors and institutions turn to Bitcoin as a hedge against inflation, the possibility of it reaching unprecedented heights becomes more conceivable. If such sovereign funds start investing in BTC or BTC ETF, the price will undoubtedly escalate much faster, and there is no limit to price escalation because of the quantum of these funds.
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Mudrex is Indian Govt. recognized platform with 100% insured deposits stored in encrypted wallets
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24/7 dedicated support & easy to sign up
On BlackBull Market's secure website
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Bottom Line
Among the myriad predictions on Bitcoin, the bottom line remains that it has experienced several downfalls and has emerged stronger than before each time. Its resilient nature instills a sense of belief in crypto enthusiasts who see value in investing in decentralized currencies.
Only time can tell whether Bitcoin soars higher or faces challenges, and trading Bitcoin should be done with full awareness; your investment may yield a different return than the anticipated return.
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