Everyone has heard Bitcoin’s name, even those who don’t have any interest in the crypto industry.

This is because Bitcoin, from the start, is still a market leader based on market capitalization.

This blog will discover how high Bitcoin can go in 2024 and in the coming years.

Key Points

• Bitcoin had a very stable track record in 2023 after seeing drastic fluctuations in 2020–2022.
• Bitcoin recently broke its record of $68,000 (November 2021) by crossing $69,000 (March 2024).
• Other cryptocurrencies also saw a rise in valuation, as somehow their price rises and drops are dependent on each other.

Current Market Situation

Bitcoin surged to a new high by crossing $70,000, which is more than its previous record of $68,000, which it achieved almost 2.5 years ago.

Many people and industry predictors were surprised by the price rise, and in fact, Coinbase suffered another outage due to high trading volume.

Other Altcoins, including Ethereum, are witnessing a surge in valuation as overall investor sentiment toward the crypto market looks highly positive.

Reasons for the Bitcoin Surge

• Spot ETFs: Launch and approval of Bitcoin ETFs (exchange-traded funds) by the U.S. Securities and Exchange Commission (SEC). These ETFs allow users to gain experience with Bitcoin price movements without actually investing in them.
• Institutional Interest: The involvement of large investing firms such as BlackRock and Fidelity in Bitcoin ETFs says a growing interest in crypto leads to big inflows and investments.
• Bitcoin Halving: An event is scheduled for April 2024 that will reduce the amount of bitcoin rewarded to miners by half; it will limit the supply and increase the price due to scarcity.
• Speculation: When prices start rising, it attracts more investors who keep pushing the price further.

Predictions from Various Famous Entities

“Cathie Wood, CEO of Ark Invest, says Bitcoin will reach the $1 million milestone well before the predicted year 2030.”

“Julian Timmer, director of Fidelity Investments, says the market capitalization of Bitcoin could hit $1.5 trillion soon.”

“Mike McGlone from Bloomberg Intelligence says Bitcoin will hit $100,000 per coin by the end of 2025.”

“VanEck predicts the $80,000 mark that Bitcoin could potentially hit in 2024 itself.”

Bitcoin Halving Event

There is a Bitcoin Halving event happening in April 2024.

Bitcoin halving is an event embedded in Bitcoin’s code itself that occurs roughly every four years.

In this event, Bitcoin gets reduced by half to create scarcity because there is a finite supply of Bitcoin (21 million).

Let’s look at how the Bitcoin halving event causes a price increase:

• Scarcity Economics: When a commodity is scarce, its value increases, and so does the price. Similarly, reduced supply and increasing demand for bitcoin shoot up prices.
• Market Hype: The halving event attracts media attention and creates hype among investors that leads to speculative buying and selling.

Historical Performance 

Let’s take a look at Bitcoin’s performance over the last 10 years, starting in 2024:

2014: Volatile Year

• High: $1000. Media hype and public interest fueled an increase in valuation.
• Low: $111.60. The Mt. Gox (crypto exchange) hack and regulatory concerns caused a price drop.

2015: Slow Recovery

• High: $500—a little increase in price as Bitcoin gains some investors’s confidence.
• Low: $170—continues to fluctuate throughout the year, with prices mostly averaging around 200–300 USD.

2016: Gain Momentum

• High: $900. Growing interest from investing firms and an increase in use cases boosted prices again.
• Low: $350. The price did drop at the start of that year but gradually increased.

2017: Massive Bull Run

• High: $19,345—a massive increase in valuation in the lateral part of that year that was done by media attention, speculations, and an increase in retail investors.
• Low: $770. Starting in 2017, Bitcoin’s price was well under $1000, showcasing crypto’s highly volatile nature.

2018: Crypto Winter

• High: $18,343—Bitcoin dropped but still kept the momentum of 2017’s bull run in most of 2018.
• Low: $3,217: Crypto winter sets in and Bitcoin’s valuation plummets due to increased government scrutiny and lowering hype.

2019: Stagnation

• High: $13,017. A surge around June offers temporary relief for the investors.
• Low: $3,401—again, a drastic fluctuation that a typical crypto coin goes through.

2020: A Ray of Hope

• High: $29,096—Bitcoin started to gain momentum around July and finished the year with a high as investors were looking for passive income in lockdown.
• Low: $3,850. At the start of 2020, Bitcoin was struggling due to a market crash in March, which was caused by a sudden lockdown.

2021: Bull Run

• High: $68,789- BTC continued the moment and even reached its record high at that time because of an increase in adoption and its limited supply (21 million coins), leading to scarcity that increased the prices.
• Low: $29,096. Despite seeing overall growth, BTC started to nosedive in November after complete restrictions by the Chinese government on it.

2022: Downfall

• High: $47,835—that is the highest Bitcoin could achieve in 2022, around March.
• Low: $16,000: Due to inflation, investors started to avoid risky investments, and blow-ups like with FTX further dropped the prices.

2023: Stability

• High: $42,581—Toward the end of 2023, Bitcoin’s price started to rise again after having a stable year.

Low: $16,605—Bitcoin had a very stable year where it mostly kept fluctuating between the $20k and $30k mark.

FAQs

Q1: Can Bitcoin reach $100,000 in the future?

While it’s possible, predicting the exact price is uncertain due to market volatility.

Q2: Will Bitcoin surpass the value of gold one day?

It’s hard to say, as both assets have unique value propositions.

Q3: Can Bitcoin become the new global reserve currency?

It’s a possibility, but there are many hurdles to overcome.

Q4: Could regulatory changes impact Bitcoin’s price?

Yes, government regulations can definitely influence Bitcoin’s value.

Q5: Is it realistic for Bitcoin to reach $1 million?

Some experts believe it’s possible in the long term.