Last year was a turnaround year for Bitcoin (BTC), which had suffered massive declines — and it now seems 2024 is off to the races, with the asset hitting the $50,000 mark earlier this month. The bulls are getting more bullish by the day, with some predicting Bitcoin will hit $100,000, if not higher, by the end of 2024.
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As of Feb. 23, Bitcoin is up 114% year-over-year — and 25% in the past 30 days, according to CoinGecko data. It’s still 26% down from its all-time-high of $69,044.77, which it hit on Nov. 10, 2021.
Yet, the bulls are getting more enthusiastic, citing a slew of reasons which could help the asset climb even higher than its previous record. And investors who had a timid and tepid approach toward Bitcoin are also warming up to it, boosting supply-demand dynamics.
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Drivers That Could Boost the Price
Indeed, several drivers have helped buoy Bitcoin lately, chief among them the approval — by the Securities and Exchange Commission (SEC) — of spot Bitcoin exchange-traded funds (ETFs) on Jan. 10. This approval was deemed a landmark decision by many experts, a decision which came after many years of anticipation and stalling.
In turn, the perception of Bitcoin as a viable, long-term investment is gaining traction among both retail and institutional investors. The spot Bitcoin ETFs are enabling exposure to the asset easier on a broad level.
As Anthony Georgiades, a general partner at Innovating Capital, argued, the ETFs have helped to resolve some perception and accessibility issues hampering BTC. As a result, there will likely be a sustained influx of capital flowing into the coin.
“In short, Bitcoin is becoming a mainstream asset among both retail and institutional audiences, and this bodes auspiciously for its future,” he added.
Looking to the very near future, another driver is expected to boost the price even further — the so-called Bitcoin halving, an event occurring every four years which is slated for April.
Evander Smart, founder of Bitcoin University, indicated that right now, only 900 Bitcoins are produced every day, and with the halving event, supply will drop down to 450 BTC…
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