FINANCE
When are new all-time highs predicted for Bitcoin according to experts?
Despite a sluggish year, factors such as Bitcoin’s increasing integration into financial systems are spurring forecasters into big predictions.
Bitcoin, the world’s leading cryptocurrency, has been a focal point for investors for years. It’s purported use as an alternative to real currency has been pushed aside as people aiming to get rich quick are drawn to its unstable nature; huge peaks followed by stark drops.
The cryptocurrency hit an all-time high in March of this year, reaching a value of more than $73,700. This was its highest peak since November 2021, where it reached a value of $69,000.
Howver, it since slipped to around $50,000 at the beginning of August before increasing in value by $9,000 a week later, showcasing its turbulent nature.
Many analysts are predicting it will be much sooner that bitcoin can exceed ists maximum value again.
Analysts predictions of Bitcoins next highest value
One of the more bullish forecasts comes from Anthony Scaramucci of SkyBridge Capital, who anticipates Bitcoin could reach $170,000 within the next year.
Tom Lee of Fundstrat Global Advisors also share a positive outlook, forecasting Bitcoin to hit $150,000 in the short term. Lee further speculates that Bitcoin could reach an astonishing $500,000 within five years, driven by technological advancements and broader acceptance.
“We’re seeing that bitcoin investors are long-term investors,” Bitwise Asset Management chief investment officer Matt Hougan told Yahoo Finance. “They’re not, sort of, paper hands that are folding.”
Martin Leinweber, director of digital asset research at MarketVector also spoke to Yahoo, saying “If we can regain the old highs around $72,000, I think it’s not unrealistic to see bitcoin between $80K and $100K [by the end of 2024.”