Expert forecast: Bitcoin at $195,000 – what awaits cryptocurrencies by 2024?
Bitcoin (BTC) to Reach $195,000 by the End of 2024 – Forecast by Fred Krueger
In the first quarter of 2024, the world witnessed a dynamic rise in the value of Bitcoin, gaining as much as 68%. The main reason behind this phenomenon was the outflows from U.S. BTC ETFs based on spot markets. The total outflows from these instruments amounted to $12 billion, contributing to Bitcoin’s market capitalization surpassing the $1 trillion mark for the first time.
Fred Krueger’s Forecast: Bitcoin to be Worth $195,000
Fred Krueger, an experienced investor in the world of cryptocurrencies, estimates that due to the outflows from BTC ETFs, the value of Bitcoin could reach an impressive amount of $195,000 by the end of 2024. His analysis is based on historical data and market trends observation.
ETFs as Key Driver of Bitcoin Price Growth
Krueger believes that the bull cycle in the cryptocurrency market in 2024 is mainly driven by outflows from ETFs from traditional finance. With a revaluation of 50 times, he forecasts that Bitcoin’s market capitalization could reach as high as $3.9 trillion, representing a huge increase compared to the current market situation.
Risk of Sudden Price Collapse
Despite optimistic forecasts regarding the increase in Bitcoin’s value, there is a risk of a sudden price collapse. Analysts warn that even with speculation about a possible rise to $500,000, investors should be aware of potential market changes and exercise caution in making investment decisions.
Bitcoin’s Record Achievement
According to Rekt Capital, a price analyst in the cryptocurrency market, Bitcoin confirmed a breakout to new highs after closing the weekly candle above the previous historical peak of $69,000, further emphasizing the dynamic development and growing popularity of this cryptocurrency.
