The year 2024 has witnessed a robust start for major cryptocurrencies such as Bitcoin and Ethereum, igniting excitement among crypto enthusiasts. As of July 9, 2024, Bitcoin (BTC) is valued at $57,400 with a market capitalization of $1.13 trillion. This marks a 0.41% increase over the past 24 hours, though it’s down by 8.16% over the last week and 17.18% in the past month.
Bitcoin’s Rollercoaster Year
BTC, the premier cryptocurrency, has faced a volatile year, losing about 65% of its market value. Unexpected events like the Terra Luna crash, FTX’s downfall, various macroeconomic pressures, and legal challenges for Binance have rocked the market. Despite these setbacks, Bitcoin showed a notable rebound towards the end of the year, with promising signs of growth.
Surpassing Milestones
Bitcoin achieved remarkable milestones, surpassing its previous all-time high of $69,170 on March 8, 2024, and peaking at $70,083. It further soared to $73,750 on March 14, 2024, pushing its market capitalization to $1.44 trillion and boosting the overall crypto market cap to $2.77 trillion.
Bitcoin’s Recovery Journey
After breaking the psychological barrier of $31,000, Bitcoin showed a bearish trend, trading below $30K for most of the last year. However, it has exhibited a strong recovery in recent months, with a year-over-year increase of around 89.74%. As of June 9, 2024, BTC trades at $57,400, with a global cryptocurrency market cap of $2.11 trillion.
Cryptocurrency analysts believe maintaining the $30,000 level was crucial for Bitcoin’s recovery. After touching its all-time high in March, Bitcoin experienced a downtrend but managed to recover, reaching significant levels.
The Role of Bitcoin Halving
One major event fueling optimism is Bitcoin’s halving, which took place on April 20, 2024. Halving events, occurring every four years, reduce miners’ rewards by 50%, decreasing Bitcoin’s supply growth rate and historically driving up its price. Despite initial expectations, this year’s halving hasn’t yet caused a substantial price surge.
Historical Halving Events
| Bitcoin Halving Event | Price on Halving Day | Price 150 Days Later |
|---|---|---|
| 2012 | $12.35 | $127 |
| 2016 | $650.53 | $758.81 |
| 2020 | $8,821.42 | $10,943 |
| 2024 | $62,205.94 | Yet to be known |
These events typically bring long-term bullish trends, driven by Bitcoin’s deflationary nature and limited supply, which central banks or governments cannot increase.
Market Influence and Predictions
Large investors, known as “Bitcoin Whales,” are accumulating Bitcoin, which might boost its price. According to data from Santiment, these whales, holding between 1,000 to 10,000 BTC, are filling their wallets, suggesting investor confidence.
Can Bitcoin Reach $100,000 by 2024?
The 2024 halving underpins Bitcoin’s monetary policy, supporting its increasing scarcity. Currently, approximately 19.70 million BTC are in circulation, out of a maximum supply of 21 million.
Rajagopal Menon, vice president of WazirX, suggests that Bitcoin could break out to $90,000-$100,000 if it surpasses certain resistance levels. Veteran trader Peter Brandt predicts a market peak of $150,000 by the end of 2025, based on historical halving cycles.
Can Bitcoin Reach $1,000,000 by 2025?
Speculations abound about Bitcoin reaching $1,000,000 by 2025. Himanshu Maradiya, founder of CIFDAQ Blockchain Ecosystem, considers this plausible due to factors like increasing Bitcoin adoption, approval of BTC ETFs, the weakening of fiat currencies, and rising miner profitability. Standard Chartered’s recent prediction of Bitcoin reaching $120,000 by the end of 2024 further underscores this confidence.
Conclusion
Bitcoin’s history of resilience through downturns reinforces the belief in its potential. Whether it soars to new heights or faces new challenges, investing in Bitcoin requires cautious consideration and awareness of the market’s volatility. Only time will reveal the true trajectory of Bitcoin’s price.
English