Bitcoin price has become a balmy issue lately as different financial institutions project different future images of it. Bitcoin’s value as of September 26, 2024 is approximately $63,000; shows some consistency after previous fluctuations.

This price is still significantly higher than the value from a year ago, when it hovered around $26,000. The cryptocurrency market remains volatile and many analysts wonder what lies ahead for Bitcoin.

Forecasts of financial institutions

Different financial companies design different Bitcoin pricing paths. For example, Standard Chartered recently changed its forecast from a previous forecast of $100,000 to $120,000 by the end of 2024.

This change expresses increasing hopes for Bitcoin’s market potential, especially considering the immense impact of the recent halving.

On the other hand, Berenberg showed more caution, setting a target of $56,630 by April 2024. Their forecast takes into account the possibility of significant market corrections.

However, Fundstrat has set a lofty target of $180,000 because it believes the introduction of the BTC ETF will drive prices higher. Such forecasts highlight divergent opinions within the industry and show how much market attitudes can change.

The researcher sees Bitcoin targeting $68,000 next

The head of research at Uphold, Martin Hiesboeck, expressed hope for the foreseeable future of this crypto asset. He believes Bitcoin is “poised” to break through the $68,000 level, representing a potential upside of 6.67% from its current price.

It looks $BTC is ready to break directly to 68000 🤞
Have fun trading!

— Dr. Martin Hiesboeck (@MHiesboeck) September 25, 2024

According to Hiesboeck’s research, Bitcoin has recently shown tremendous momentum, almost approaching $65,000 before encountering some resistance. He expects bitcoin to continue rising and eventually reach $68,000.

Variables affecting the price of Bitcoin

The price of Bitcoin changes for several reasons. Unlike conventional stocks, which typically react to corporate performance or economic news, macroeconomic trends, technological improvements, and legislative changes can impact Bitcoin’s value.

Institutional interest in Bitcoin also continues to grow. Many investors see this as a way to diversify their portfolio and hedge against inflation. Certified financial planner Drew Feutz said, “The potential benefits of investing in cryptocurrencies are potentially higher returns than traditional assets.” Many others agree that over time, Bitcoin can outperform conventional stock and bond portfolios.

The road lies ahead

As for 2025 and beyond, forecasts vary widely. Some analysts estimate that by 2030 the value of BTC will be between $400,000 and $1 million. However, these forecasts are at best only hypothetical and are mostly based on macroeconomic conditions and external events, including legislative changes.

Featured image from CNBC, chart from TradingView