In 2023, the leading cryptocurrency Bitcoin, surged past the USD 45,000 mark, marking its highest level in almost two years. The spike reaching as much as 5.2 per cent has been fuelled by mounting anticipation surrounding the potential approval of an exchange-traded fund (ETF) directly investing in the digital currency.

Bitcoin experienced a significant rally, registering a staggering 152 per cent growth for the year in 2023.

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With two high-profile legal cases in the cryptocurrency industry, FTX’s bankruptcy and Binance’s settlement, resolved, the industry executives anticipate a new bull run.

“Options traders had been betting on Bitcoin hitting USD 50,000 buoyed by optimism surrounding the spot ETF. The broader bullish sentiment, coupled with the upcoming halving event, mitigates the likelihood of a major correction,” says Cici Lu McCalman, founder of blockchain adviser Venn Link Partners.

There are numerous factors driving the bullish momentum of crypto in the year 2024.

Occurring every four years, the halving event reduces miners’ rewards, effectively limiting the supply of Bitcoin. Previous cycles have shown a correlation between halving and a subsequent rise in Bitcoin’s price.

Also, excitement builds over the potential approval of a Bitcoin ETF by the US Securities and Exchange Commission. This approval could attract a broader range of investors, including large institutional players.

For 2024, there are bold predictions for Bitcoin’s price as Mark Mobius predicts a rise to USD 60,000, citing heightened interest due to a potential Bitcoin ETF.

Bit Mining forecasts a high of USD 75,000, attributing the rise to increased institutional investment and the Bitcoin halving. At the same time, CoinShares estimates a potential rise to USD 80,000, driven by the approval of Bitcoin ETFs and potential central bank interest rate cuts.

Nexo said Bitcoin reaching USD 100,000 in 2024, propelled by the Bitcoin halving and ETF approval. Standard Chartered reiterates a $100,000 call, citing the approval of numerous ETFs and the supportive impact of the halving.

For 2024, Carol Alexander predicted Bitcoin trading between USD 40,000 to USD 55,000 initially, with potential for a rise to USD 100,000 post-settlement of SEC charges.

Matrixport projects a rise to USD 125,000 by the end of 2024, factoring in the macroeconomic environment and Bitcoin’s inflation model.

CoinFund offers a more ambitious outlook, suggesting Bitcoin could range between USD 250,000 and USD 500,000 in 2024, with the potential to touch USD 1 million in subsequent cycles.