2024 started with a significant boost for cryptocurrencies like Bitcoin It is Ethereum, sparking excitement among crypto enthusiasts. On May 24, 2024, BTC was trading at $67,165, boasting a market capitalization of $1.33 trillion, representing a 3.83% drop in the last 24 hours. However, it has experienced a recent surge, hovering around the $69,000 mark and rising 1.30% in the previous seven days.

BTC, the leading cryptocurrency, has gone through a tumultuous period, losing approximately 65% ​​of its market value over the past year. Crypto enthusiasts were surprised by unforeseen events such as the fall of Terra Luna, the decline of FTX, macroeconomic factors, and Binance’s legal issues. However, the crypto market showed a notable recovery towards the end of the year, with BTC showing promising growth.

Bitcoin has reached impressive heights, surpassing its all-time high of $69,170 on March 8, 2024, reaching $70,083. Subsequently, on March 14, 2024, BTC surpassed its previous peak again, reaching $73,750. This increase boosted its market capitalization to $1.44 trillion, contributing to the global crypto market capitalization of $2.77 trillion, reflecting exceptional performance.

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Bitcoin’s recovery journey

After breaching the psychological threshold of the $31,000 mark, Bitcoin began exhibiting a downtrend and traded below $30,000 levels for most of last year. However, it showed a notable recovery in the last months of the year. The world’s largest cryptocurrency, BTC, which was on a recovery trajectory, increased by about 206.68% in one year. It is currently trading at its highest level, surpassing its all-time high in 2021 and setting a new benchmark at $70,083 on March 8, 2024. The current valuation is around $69,157.

The world’s largest cryptocurrency, BTC, which was on a recovery path, appreciated by around 150.88% in one year. As of May 24, 2024, it is currently trading at $67,165, with a market capitalization of $1.33 billion and a global cryptocurrency market capitalization of $2.51 trillion.

Cryptocurrency experts believed that if BTC maintained its $30,000 level, it could likely recover from there. Looking at the current scenario, Bitcoin surpassed its all-time high in March but witnessed a downtrend thereafter.

In April 2023, the leading cryptocurrency Bitcoin touched the key resistance of the $30,000 level for the first time since June 10, 2022, and then began to fall below $26,000. It increased significantly 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 reached the level of $73,750 and set a new record for an all-time high.

Although the future of Bitcoin is unknown, retail investors should be very cautious about Bitcoin’s every move, as it has been tumultuous before. Furthermore, India’s stance on cryptocurrencies remains firm, with the government bringing all cryptocurrency-related transactions under the ambit of the Money Laundering Act. In specific diary notificationIndia’s Union Ministry of Finance declared that all transactions related to digital assets or virtual currency would fall under the Prevention of Money Laundering Act (PMLA).

The new development may seem detrimental to the cryptocurrency community in India. On the ground, however, the measure was praised by the industry in general as a step towards regulating this space. In the absence of regulators, enforcement agencies will immediately appeal any discrepancies.

Spot Bitcoin ETFs have been a tremendous factor in the growth of Bitcoin. After the SEC approved ETFs in the US, retail investors showed great interest, causing Bitcoin to surpass its all-time high.

One of the other reasons why crypto experts are hopeful about Bitcoin is that this year, 2024, will be the year of the Bitcoin halving event. Bitcoin’s halving event happens every four years, during which BTC rewards for its miners are reduced by 50% (miner payout will be reduced to 3,125 BTC). This event is usually positive for the price of Bitcoin, as it helps contract supply. Historically, the halving has been seen as a great signal to boost the price of Bitcoin.

Bitcoin Halving History

The table above shows that previous Bitcoin halving events have established long-term bullish drivers for the Bitcoin price. Bitcoin’s halving event is related to its deflationary tendency and the crushing of its supply, which helps the price of Bitcoin to rise further. Since BTC is a decentralized cryptocurrency, no central bank or government can print it, and therefore the total supply of Bitcoin is limited.

Furthermore, “Bitcoin Whales”, referring to large investors, started accumulating Bitcoin again. According to data from on-chain aggregator Santiment, these large Bitcoin whales, with 1,000 to 10,000 BTC in their wallets, indicate that investors have been filling their wallets with a substantial amount of Bitcoins. This accumulation could contribute to increasing the price of Bitcoin.

Can Bitcoin reach $100,000 by 2024?

The current year is the year of Bitcoin’s fourth halving. It is expected to take place in April. It forms the basis of Bitcoin’s monetary policy and supports its increasing scarcity by halving the growth rate of Bitcoin’s supply approximately every four years.

At one point, Bitcoin’s supply growth rate exceeded 10%, but has since been reduced to around 1.75%. In the month of the halving, that is, scheduled for April this year, it will fall to just 0.85%. The halving of BTC will continue until all 21 million coins are mined, sometime in the year 2140. Currently, around 19.6 million BTC coins are circulating in the cryptocurrency market.

Geoff Kendrick, head of crypto research at Standard Chartered Bank, believes the price of BTC will reach $100,000 by the end of this year. Bitcoin halving could be a source of price increase.

As of May 24, 2024, BTC is trading at $67,165 with a market capitalization of $1.33 trillion. The halving was completed on April 20, 2024, at block height 840,000.

Note: Numbers 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 took place around Bitcoin, the world’s largest digital currency. Some speculate that the cryptocurrency could reach $10 lakh by 2025.

Several well-known personalities have thrown this hypothetical and notable figure of $10 lakh into the crypto world. Recently, Standard Chartered, one of the leading British multinational banks, increased its forecast price for BTC from $1,00,000 to $1,20,000 by the end of 2024 in one of its latest research reports, citing more profit for BTC miners. The multinational bank predicts BTC will reach $50,000 by the end of this year.

Chinese-Canadian Bitcoin entrepreneur and CEO of crypto firm JAN3, Samson Mow, believes the cryptocurrency will reach $1 million in the next five years. With several of these wild guesses, Balaji Srinivasan, investor and former chief technology officer at Coinbase, bet that BTC could reach $10 lakh or more in just 90 days.

Srinivasan made this strong statement simply believing that as the world enters the hyperinflation phase, the value of the dollar will weaken and people will start buying more and more BTC. The term “Hyperinflation” means an extreme increase in the price of goods and services over a period of time.

On the other hand, cryptocurrency experts believe that BTC could reach $10 lakh in the next few years, but not anytime soon. Predicting this level in 2023 or in 90 days is simply not possible.

Marshall Beard predicted: “Bitcoin will be worth a million dollars in 90 days. Some crazy things are happening in the world that we don’t want.” However, he said it could take 10 years to reach that extreme prediction.

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Legacy

More than 1 million investors trust Mudrex for their crypto investments

Security

Mudrex is the Indian government. recognized platform with 100% insured deposits stored in crypto wallets

Rates

Enjoy zero crypto deposit fees and the best rates in the industry.

Multi-award winning broker

Listed in Deloitte Fast 50 Index, 2021 Best Global FX Broker – ForexExpo Dubai October 2021 and more

Best in class for investment offering

Trade over 26,000 assets with no minimum deposit

Customer support

Dedicated 24/7 support and easy to sign up

Please invest carefully, your capital is at risk

Conclusion

Among the countless predictions about Bitcoin, the bottom line is that it has suffered several crashes and emerged stronger than before. Its resilient nature inspires a sense of belief in crypto enthusiasts who see value in investing in decentralized currencies.

Only time can tell whether Bitcoin rises higher or faces challenges, and Bitcoin trading must be done with full awareness; Your investment may yield a return that differs from the expected return.

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