The leading cryptocurrency is still expected to surge immensely this year, with experts predicting Bitcoin to reach a $100,000 point in 2024 despite the recent BTC crash. Monday had seen the asset fall below the $50,000 mark. Yet, it is already up 20% since that fall.
The token had hit heights of $62,000 on Friday. The asset’s increase was closely connected to decreased panic of an impending US recession. Currently, BTC has settled above $60,200 and is up more than 1% in the last 24 hours, according to CoinMarketCap. That may only be the beginning of its gains this year.
Also Read: Bitcoin ETF Options to Launch in the Second Half of 2024
Bitcoin to $100,000? 2024 Could Be the Year
Bitcoin has certainly become a focal point this year. The asset kicked off 2024 receiving approval for the first crypto ETF in the US in January. Just three months later, the asset reached an all-time high of $73,000. That may not be the end of its record-setting for this year, based on many expert forecasts.
Indeed, Bitcoin is predicted to surge to $100,000 in 2024 as BTC continues to rebound from Monday’s market crash. In a post to X (formerly Twitter), user Mags noted the upside for BTC. Specifically, they noted the leading crypto is “consolidating inside a broadening wedge pattern.” They then noted that the upside target is $100k.
That prediction is not alone, as other experts are increasingly optimistic about the token’s performance this year. One TradingView post from Alan Santana expects even greater gains for the token. They point to BTC’s RSI figure, currently above 57, as indicative of a bullish trend.
Source: Watcher.Guru
Also Read: Bitcoin at $62K: Sell Now? Schiff’s Take on the Rally
Yet, they expect the token to fall before that bullish momentum can be realized. The short-term bearish trajectory that was derived from similar 2022 data predicts that the asset could hit lows between $36,000 and $40,000. However, it would be set to rebound massively.
“These are discouraging signals for bulls but not all is lost,” Santana said. “Once we hit bottom, the only place left to go is up… We are projecting a new all-time high of $190,000- $230,000 in 2025/2026.”
That is certainly optimistic and could be easily accessible if the asset passes $100,000 this year. Bitcoin is currently is up more than 103% from its price one year ago. With Bitcoin ETF options expected in Q4 of this year, it could be set to face a monumental surge.
