At what value bitcoin will reach, the future value of a cryptocurrency is an unknown, and this is due to market volatility. Whether we’re talking about the Bull Market or Bear Market period, Bitcoin price fluctuations are present and pass the cryptocurrency’s value through “highs” and “lows”. By translation, the “highs” and “lows” represent the limits to which the cryptocurrency’s price reaches in a period of time. Charts with these points are analyzed by investors to try to predict bitcoin’s value in the immediate future.
At the moment, Bitcoin has a value of about 57 thousand EUR. It is in a very good point. Especially if you compare it to the same time last year when it was worth somewhere around EUR 24 thousand. From the end of last year until the spring of this year bitcoin has risen almost continuously. In some instances with small price swings. The peak of this period was on March 13 when one Bitcoin was bought for about 65 thousand EUR, setting a record in the history of the coin.
Although the Bitcoin price is high, the future remains uncertain. Careful analysis of the period ahead is very important. The last quarter of the year can provide clues about the market trend in the coming year. Also, in the coming period, traditional markets are realizing their balance sheets, which may also influence the cryptocurrency market.
All this data raises questions and creates speculation about the value of Bitcoin in the period ahead.
What value will Bitcoin reach by the end of 2024?
In order to have a better understanding of the future, we must first study the past. Identifying different patterns in market fluctuations can reveal details that herald a next trend.
Past years analysis of Bitcoin EURO conversion
After two years in which the months of September and October brought bad news for bitcoin’s price, this year the cryptocurrency has deviated from the so-called rule. The low of the period is 48 thousand EUR on September 7, and since then the price has been on an upward trend. It is very important to keep in mind that these analyses and comparisons with the past are only to try to predict the path of bitcoin, as the price may be impossible to determine exactly.
For example, in the fall of 2021, Bitcoin reached a value of 56 thousand EUR, after which it entered a period of decline that stopped only after a year. Therefore, the charts show us that after a “bullish” fall (indicating) a rise in Bitcoin’s value, the cryptocurrency can both continue its ascent and start its descent.
Although the end of the year is known to be volatile, it sets the trend for the period immediately following. If we follow the charts of past years we can observe this “pattern”.
Factors influencing the value of Bitcoin in 2024
The global economic context
Amid inflation, bitcoin has become a good asset for investors to hold their resources in. Being a decentralized network, the Bitcoin blockchain is not affected by global economic policies and inflation risk. So stability in the cryptocurrency market is higher when instability is high in the traditional market. Another reason why Bitcoin offers more confidence for investors is the fluctuation of rates.
Bitcoin halving or halving Bitcoin
“Halving” or halving refers to a process that happens about once every 4 years. The action itself is reducing the reward miners receive for validating transactions and adding them to the blockchain. In 2024 it was reduced from 6.25 BTC to 3.125 BTC – i.e. halved, hence the term halving.
This reduces the amount of money entering the market with virtually every transaction. This reduces the supply and balances the supply/demand ratio. However, the halving process is associated with an increase in the cryptocurrency price. The association is evidence-based as we have the impact from previous halving as follows:
- After the halving in 2012, bitcoin’s value rose by more than 8,500%;
- in 2016 the process repeats itself, and as a result, Bitcoin reaches the 20 thousand USD threshold for the first time in history;
- The penultimate halving, the one in 2020, helps Bitcoin to reach a new high, but that won’t be until 2021;
Forecasts and scenarios for the end of 2024
The debate about scenarios for the coming year is in full swing, as it is every year at this time. There is a lot of data and patterns on the charts by which we can try to intuit the cryptocurrency’s course. However, the emphasis has to be on the word “intuit” as we cannot know what will happen. This uncertainty about the future creates two camps among investors and analysts: the optimists and the pessimists.
Optimistic forecast – the Bitcoin EURO rate will reach a new all-time high
A well-known crypto market analyst who goes by the pseudonym “PlanB” has expressed optimism about Bitcoin’s future.
Why is his opinion important? Because of the analysis model he developed. PlanB has proposed a forecasting model called S2F (stack-to-flow), which predicts cryptocurrency price as a function of scarcity. The current supply (stock) is divided by the annual supply (flow) of Bitcoin in the market. Based on this model and thanks to the halving process, it is expected that the price of Bitcoin will increase, leading to new records. Both PlanB and various machine learning forecasts speculate that the price of Bitcoin could pass 90 thousand EUR by the end of the year.
Pessimistic forecast – Bitcoin will experience a bearish period
This is closely linked to the global economy. If it goes into recession, which is not impossible, then the price could fall on investor distrust. In this context, the entire crypto market will fall along with the bitcoin price.
The basic idea behind the pessimistic forecast is that if something goes wrong in the world, for example aggressive regulation against cryptocurrencies or recession, then the market will follow the trend.
It is clear to everyone that the Bitcoin price will either go up or down. The important thing is which side of the fence you are on – the optimistic or the pessimistic. However, one thing is certain, either way you can trade for profit. Choose Abarai, an exchange platform with an astonishing trading speed that cares about user privacy.