They have struggled to mount a sustained recovery following their August 5 pullback, hampered by uncertainty surrounding macroeconomic factors, Federal Reserve policy, and the upcoming U.S. presidential election. With that in mind, several crypto experts have shared their views on the 2024 BTC price prediction, outlining key catalysts that could impact the cryptocurrency in the final months of the year.
Bitcoin’s latest earnings summary
Since crossing the $70,000 mark earlier this year, bitcoin’s price has remained largely in a range in the months since.
The world’s largest cryptocurrency’s volatile performance was mainly due to mixed economic data, unexpected events related to the upcoming presidential election, and several other cryptocurrency-focused factors, such as the repayment of creditors of Mt. Gox, a defunct cryptocurrency exchange.
Bitcoin’s price fell sharply in early August after a surprisingly feeble July jobs report sparked recession fears, denting investor sentiment toward risk assets. Stocks also fell significantly during that time.
The crisis marked a significant change for the cryptocurrency sector, which had recently enjoyed optimism over the approval of ETFs linked to the spot price of bitcoin and dollars.
Sentiment was also boosted by Republican presidential candidate Donald Trump’s pro-cryptocurrency speech at a bitcoin conference last month.
Bitcoin fell to its lowest level in almost six months, while ether fell to its lowest level since January.
While its price has clearly rebounded, the leading cryptocurrency has struggled to make significant moves higher since the pullback. The piercing decline pushed Bitcoin’s price below a key support level set by the 50-day plain moving average (SMA). While there have been multiple attempts to reclaim this level, none have sparked a sustained uptrend.
On August 15, Bitcoin managed to return to the $59,000 level, fueled by expectations of the first interest rate cuts by the US Federal Reserve in September. Lower interest rates are good for cryptocurrencies and other risk assets because they lower the cost of borrowing, encourage investment, and typically weaken the dollar, which can prompt investors to seek higher returns from alternative assets such as cryptocurrencies.
However, despite repeated attempts to push the price above $60,000, forceful resistance consistently held back further gains.
Cryptocurrency experts share BTC price predictions
In lithe of recent events, here is what cryptocurrency experts have to say about the BTC price prediction.
“We can expect innovative wrapper versions of Bitcoin, such as sBTC, cbBTC, and zBTC, to play a significant role in taking Bitcoin to the next phase of its evolution. This could be a factor that encourages holders to increase their BTC positions to generate profits, especially on high-yielding chains like ,” said Justin Wang, Founder and CEO of Zeus Network.
“Bitcoin is likely to experience a range-bound price movement towards the end of 2024, influenced by these macroeconomic and regulatory events. While a new all-time high above $73,000 may be possible, this will depend on a number of positively perceived events, such as progress towards the Fed’s 2% inflation target, renewed investor interest, and favorable stablecoin legislation,” commented Kristian Haralampiev, Head of Structured Products at Nexo.
“Bitcoin price follows fundamentals more than anything else, and fundamentals tell us that the price will continue to rise. Volatility on top of a fundamental rally is mostly noise, distracting retail traders and private investors from losses.
Despite the media FUD, “It doesn’t matter if it’s ETF picks or any other FOMO theory that comes out; it’s all just storytelling to keep your mind occupied. The real value lies in the long-term positioning of this unique asset as a hedge and store of value,” Stefan Godly, co-founder of Venture Studio, told Investing.com.
