According to the boldest assumptions, the value of the digital currency Bitcoin could increase to $1 million. Some experts suggest that BTC, on the contrary, will drop to $12,000. A well-known analyst has calculated how high this digital currency can rise during the upcoming bull rally. In the article – the main nuances that investors should know.
What the bitcoin rate will be in 2024
An authoritative trader under the nickname Dave the Wave is already known to the investment community for his accurate predictions regarding the behavior of the crypto market. The specialist predicted the crash of 2021 and the impressive bullish growth that followed. Now the expert is focused on analyzing the bitcoin rally. The trader has calculated how high he thinks the number one cryptocurrency will rise.
BTC is currently trading at $59,416 after rising by 4.55% in the past 24 hours. Moreover, the price of the coin has reached a one-week high.
According to the charts, the cryptocurrency can both rise and fall to $48,000. In turn, leading trader Michael van de Poppe believes: a broader correction of the asset is likely to occur. The expert still expects that the local top of bitcoin will be the segment of $54,000-58,000. This rise could also have a positive impact on the value of digital gold-related assets – for example, Bitcoin Cash or Green Bitcoin.
The Dutch analyst emphasizes that even if the probability of BTC rising to $500,000 in the long term exists, the next price level change will still come. According to Poppe, if bitcoin corrects by 20% or more, it is worth using this opportunity to buy the cryptocurrency. Investing in Bitcoin will work out in different ways, such as through specialized platforms or payment systems such as PayPal.
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Nevertheless, a number of industry analysts expect that in the medium term, BTC may stop at a lower price point. Popular chart expert Dave the Wave, for example, is convinced of this. After predicting the collapse of bitcoin in 2021, the specialist is considered one of the most accurate crypto analysts in the industry. His current prediction of the digital gold rate based on chart analysis: $180,000.
However, the trader admits that Bitcoin may not rise as high as it did during previous bull rallies. Moreover, investors are now divided into two camps. Some take into account the past results, so they are convinced that Bitcoin will become less profitable in the future. Others, on the contrary, continue to believe in the upcoming price growth.
Dave the Wave supports the position of the former. He believes that the history of the cryptocurrency’s behavior is something on which you can base predictions. The trader has more than 145,000 subscribers in the social network X.
Will there be a real bull run for bitcoin
At the moment, digital gold has two advantages: the rate halving in April and the influx of capital into bitcoin funds (ETFs). However, even this has not yet allowed the asset to beat its previous all-time high.
For this reason, many traders and investors are switching to other altcoins that are somehow related to the market leader. One of the alternatives is Green Bitcoin (GBTC). This asset does not yet have a market capitalization, as it is not yet available on the open market. That means a potentially exorbitant rise in value is possible.
Early investors are already joining the ecosystem in the current pre-sale, meaning they are buying GBTC project tokens on the developers’ website. So far, $1.1 million has been raised. Thus, the coin will enter the markets with strong financial backing.
Green Bitcoin combines the basic principles of the digital currency BTC and the “green” algorithm of the Ethereum blockchain. The development team offers market participants an innovative system of bitcoin price forecasting, under which they will receive crypto bonuses. A steaking mechanism is built into the platform. This implies the possibility of passive income for GBTC blockchain.
Using the PoS mechanism of the Ethereum network, Green Bitcoin significantly reduces energy consumption. Thus, the steaking process is more environmentally friendly, and accurate predictions are rewarded with additional blockchain bonuses.
As for the distribution of payouts, the project’s system can be called generous. Players are offered up to 100% bonuses in the form of tokens. According to the official page of the project, the annual profit for staking can reach 256%. However, this is not all: crypto analysts also believe that a sharp increase in the value of the GBTC coin is possible.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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