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Bitcoin Price Prediction 2024: BTC Drops as Halving Approaches

Last Updated 4 hours ago
Peter Henn
Last Updated 4 hours ago

Key Takeaways

  • Bitcoin is both the original and largest cryptocurrency. 
  • BTC exchange-traded funds hit the market in January 2024, and the next halving is expected in about a week. 
  • Bitcoin reached a series of new all-time highs in early March 2024.
  • Some Bitcoin price predictions say BTC could break past $100,000 as soon as this year. 

Bitcoin is the biggest cryptocurrency out there. When something happens to it, it has an impact on the entire cryptosphere. In 2024, the United States Securities and Exchange Commission finally approved 11 spot Bitcoin exchange-traded funds.  After that, the crypto climbed up, rising above $60,000 and, on March 5, 2024, it hit a new all-time high of $69,170.63. That peak was followed by another one of $70,083.05. After a comparatively quiet weekend, BTC reached another series of record prices, peaking at $73,750.07 on March 14.

In 2023, the coin was bolstered by the news that a range of Bitcoin-based exchange-traded funds (ETFs) could potentially come onto the market.

ETFs were approved in January. Although BTC dipped after that, it has recovered with excitement over the blockchain’s upcoming halving event helping lift the price to an all-time high.

After reaching its peak, the price of Bitcoin wavered as interest mounted ahead of the halving. By April 15 2024, BTC was worth about $66,500.

Bitcoin did not immediately respond to a request for comment.

But what is Bitcoin (BTC)? How does Bitcoin work? Let’s see what we can find out, and also take a look at some of the Bitcoin Price Predictions that were being made as of March 11, 2024.

Bitcoin Price Prediction

Let’s examine some of the Bitcoin price predictions being made on April 15, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $126,698 $207,205 $565,641
Prediction #2 $138,267 $155,659 $487,100
Prediction #3 $85,763 $122,197 $776,187

CoinCodex  had a short-term Bitcoin price prediction that said BTC would climb to $74,621 by April 20 before rising further to reach $85,325 by May 15. The site’s technical analysis was, perhaps surprisingly, bearish, with 16 indicators sending discouraging signals and 14 making bullish ones. 

Bitcoin Price Prediction for 2024

LongForecast  made a BTC price prediction which saw the coin trade at $126,698 by the end of this year. DigitalCoinPrice  said it would get to $138,267 then, while PricePrediction.net  thought Bitcoin would trade at $85,763 in 2024.

Bitcoin Price Prediction for 2025

Moving forward, DigitalCoinPrice thought Bitcoin would trade at $155,659 next year. PricePrediction.net’s Bitcoin price forecast said it would get to $122,197 then. LongForecast was more optimistic, saying BTC would reach $207,205 in the middle of next year.

Bitcoin Price Prediction for 2030

Looking at a more long-term Bitcoin price prediction, PricePrediction.net thought BTC would reach $776,187 in 2030. DigitalCoinPrice said it would hit $487,100 that year. Bitnation  said Bitcoin would trade at $565,641 at the start of the next decade. 

Google Gemini AI Price Prediction for Bitcoin (as of March 11)

Google’s Gemini AI platform gave the following price prediction for Bitcoin on March 11. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short-term (Next few months):

  • Prediction: Uncertain, possibly ranging between $50,000 and $80,000.
  • Reasons: The crypto market is currently volatile, and Bitcoin’s price is influenced by various factors like upcoming regulations, adoption news, and even broader economic trends. Some analysts predict a rise towards $80,000 by the end of 2024, while others expect a slight decline.

Medium-term (1-2 years):

  • Prediction: Potentially reaching $100,000 or more.
  • Reasons: This timeframe coincides with the next Bitcoin halving event, scheduled for roughly May 2024. Historically, halvings (when mining rewards are cut in half) have been followed by price increases, though the effect might be delayed. If wider adoption and institutional investment pick up, Bitcoin could surpass the $100,000 mark.

Long-term (5+ years):

  • Prediction: Highly variable, with estimates ranging from $200,000 to $1 million or even higher.
  • Reasons: Long-term predictions are inherently uncertain. Factors like global economic conditions, regulations, and competition from other cryptocurrencies will significantly impact Bitcoin’s price. Some analysts believe Bitcoin could become a mainstream asset class, driving its value considerably higher. However, stricter regulations or the emergence of superior technologies could hinder its growth.

It added: “These are just predictions, and the cryptocurrency market is inherently volatile. It’s crucial to do your own research and consider your risk tolerance before investing in Bitcoin.”

Recent Updates from Bitcoin

Bitcoin reached an all-time high on March 5, 2024, as excitement about the upcoming Bitcoin halving, expected to take place in April, and the success of spot Bitcoin ETFs combined to lift BTC to an all-time high of $69,170.63. It reached another one of $70,083.05 on March 8 and its third in a week on March 11, when it traded at $71,627.95.

On January 10, the United States Securities and Exchange Commission (SEC) finally approved 11 spot Bitcoin ETFs. The products started going on sale from January 11, and there is speculation that other cryptos could have their own ETFs.

In the end, SEC Chair Gary Gensler joined Republican commissioners Hester Peirce and Mark Uyeda in voting to approve the ETFs. Gensler’s fellow Democrats Jaime Lizarraga and Caroline Crenshaw voted against it.

On February 28 2024, BTC rose above $60,000.

Commenting on its recent rally, Tristan Dickinson, Head of Marketing at the dYdX Foundation said: “The recent BTC price increase is down to a combination of multiple factors. However, it’s evident the recent surge can be attributed, in part, to the success of the Bitcoin ETF. The increased institutional investment and positive regulatory news signals a growing acceptance of cryptocurrency in mainstream finance. Looking ahead, volatility is likely as the crypto markets respond to evolving economic indicators.”

BTC Price History

Now, let’s examine some of the highlights and lowlights of the Bitcoin price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Bitcoin price prediction.

When Bitcoin first came onto the open market in 2009 it was, perhaps inevitably, not worth anything. As more people started buying, selling, trading, and using it, its price moved to $0.09 in 2010. It broke past the dollar in early 2011 and even managed some time above $10 later in the year. There were plenty of peaks and troughs, but it was able to top three figures in 2013 before things fell in 2014 only to recover the following year. 

In 2017, it rose past $1,000. The crypto bubble of late 2017 saw it reach a high of more than $17,000. The following year saw a dip to below $10,000 as the market entered a so-called crypto winter, but 2021 was the year where both BTC and crypto as a whole blossomed. Bitcoin had a couple of peaks, reaching a high of more than $60,000 in April before the market slumped over the summer. After that, though, things picked up again and the coin reached a high of $68,789.63 on November 10, 2021. It closed the year at $45,819.95.

In the following year, though, things got bad for the entire crypto market, with a series of crashes leaving BTC trading at below $20,000 in November. On December 31, 2022, it was worth $16,517.52. This represented an annual loss of nearly 65%, in line with the overall crypto market.  

Bitcoin in 2023

Bitcoin Price History
Bitcoin reached a string of record highs in March 2024 | Credit: CoinMarketCap

2023 ended up being a pretty good year for Bitcoin. It went past $30,000 for a few days in April before going on a decline which culminated in a low of $24,797 on 15 June. At that time, the market was in a downturn following the SEC suing the Coinbase and Binance exchanges, even if BTC was not listed as a potential unregistered security in the regulator’s legal filings.

In late June, the price shot up, as excitement about ETFs grew and on June 21 it broke through $30,000 for the first time in more than two months. Over the next month or so, it hovered around that level, spending more time above it than below it.

On August 17, it dropped to $25,409.11. However, the news about the Grayscale ETF saw it shoot past $28,000 on August 29 and, on August 31, 2023, BTC was worth about $27,240. By October 16, it was worth about $27,000.

The following weeks saw BTC go on an upturn. It broke past $30,000 on October 23 before continuing to shoot upwards. It rose above $35,000 on November 1 and, on December 3, it climbed above $40,000 for the first time since April 2023. On the following day, it was worth about $41,575. The coin kept climbing and closed the year at $44,167.33. This meant it had climbed more than 165% over the course of the year, outperforming the market as a whole.

Bitcoin in 2024

The climb continued in the new year. BTC peaked after the fake news tweet, hitting $47,893.70 on January 9 but, once ETFs came on the market on January 11, it reached $48,969. The coin then dropped, falling below $40,000 later on in the month, but February saw a recovery. By February 9, 2024, Bitcoin was worth about $47,125.

The crypto shot above $50,000 on February 12. On February 28, it rose above $60,000 to reach a high of $63,913. On the following day, Bitcoin was worth about $62,650.

Things kept progressing and, on March 5, 2024, Bitcoin reached an all-time high of $69,170.63. Although it dropped, it recovered to hit $70,083.05 on March 8 and it reached a final all-time high of $73,750.07 on March 14. It slid down from there, reaching lows of below $61,000 on March 20 and April 13 before trading at around $66,500 on April 15 2024.

At that time, there were 19.68 million BTC in circulation, representing the total supply. This gave it a market cap of around $1.3 trillion and left it as the single largest crypto by that metric. 

Bitcoin Price Analysis 

Bitcoin Price Analysis
Bitcoin could fall significantly or reach a new record high.

After peaking at an all-time high of $74,000 on March 13, the cryptocurrency experienced a 17% drop to $60,800 by March 20. Subsequent attempts to resume its upward trajectory faltered on April 8, as it failed to overcome the descending resistance line, resulting in a further decline.

It has recovered around 10% from the weekend’s low, with the price currently retesting its broken support for resistance. The significant uptrend that began in January may have concluded on March 13.

If this is the case, Bitcoin’s price could fall as low as $53,500.

On the other hand, this could merely be a pause before the price climbs above $80,000, setting a new all-time high. 

BTC would likely face more downside movement if we see a rejection at $66,700. But if it pulls back above, it could mean it has ended its corrective pattern and has now entered another upward advance.

Is Bitcoin a Good Investment?

Bitcoin is the biggest crypto out there. After reaching a string of all-time highs, it has cooled off somewhat.

The notoriously crypto-sceptic SEC’s approval of spot Bitcoin ETFs appears to have proven positive, with BTC moving closer to general acceptance. 

What happens both in the run up to and after the halving will certainly be worth monitoring.   

Bitcoin has spearheaded the boom in cryptocurrency and has maintained its market position over the last decade. This means it appears as if it should remain the world’s largest cryptocurrency for some time to come. 

To put it another way, for a great many people across the world, Bitcoin and cryptocurrency are synonymous.  Nevertheless, with regulators having it in their sights, you should exercise caution.  Cryptocurrencies can be incredibly volatile, and it might be some time before BTC reaches the heights it previously enjoyed.  It is always possible there will be further lows before that can happen. 

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in BTC.

Will Bitcoin go up or down?

No one can tell right now. While the Bitcoin crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Bitcoin?

Before you decide whether or not to invest in Bitcoin, you will have to do your research, not only on BTC, but on other, related, coins and tokens such as Bitcoin Cash (BCH) or Bitcoin SV (BSV). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who is the Founder of Bitcoin?

Pseudonymous developer Satoshi Nakamoto founded Bitcoin in 2008.

Who Holds the Most Bitcoin (BTC)?

As of April 15, 2024, a wallet associated with the Binance (BNB) crypto exchange held the most Bitcoin.

Richest BTC Wallet Addresses

On April 15, 2024, the five wallets with the most Bitcoin were

  • 34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo. This wallet, linked to Binance, held 248,597 BTC, or 1.18% of the maximum supply.
  • bc1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwvw97. This wallet, linked to the Bitfinex exchange, held 108,010 BTC, or 0.86% of the maximum supply.
  • bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2. This wallet held 136,295 BTC or 0.65% of the maximum supply.
  • bc1qazcm763858nkj2dj986etajv6wquslv8uxwczt. This wallet held 94,643 BTC, or 0.45% of the total supply.
  • 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF. This wallet held 79,957 BTC, or 0.38% of the maximum supply.

Fact Box

Supply and distribution Figures
Maximum supply 21,000,000
Circulating supply as of April 15, 2024 19,683,106 (93.73% of maximum supply)
Holder distribution Top 10 holders own 5.26% of the maximum supply, as of April 15, 2024.

From the Whitepaper

In its technical documentation, or whitepaper , Bitcoin says it aims to make internet transactions easier and safer. 

It says: “Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust-based model.”

It goes on to add: “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.  Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.”

Bitcoin (BTC) Explained

Bitcoin is, pretty much, the original cryptocurrency, created in 2008.

Founded in the wake of the recession of the late 2000s, Bitcoin serves as an alternative to traditional, fiat currency.

While fiat currency relies on centralization, Bitcoin is decentralized. It is based on the Bitcoin blockchain, a decentralized electronic ledger.

How Bitcoin Works

Bitcoin uses a Proof-of-Work (PoW) consensus mechanism. This means people earn Bitcoin by solving increasingly complex mathematical equations to add blocks of transactions to the chain in a process called mining.  There is a maximum supply of 21 million BTC. Miners’ rewards are halved every four years or so. Rewards have been  6.25 BTC per block since 11 May 2020 and will halve again in 2024. 

Bitcoin itself can buy things in the real world and it is legal tender in both El Salvador and the Central African Republic. 

People can buy, sell, and trade Bitcoin on cryptocurrency exchanges. 

Bitcoin Attention Tracker

Bitcoin Google Search Volume
Bitcoin Google search volume | Credit: Google

Here is a chart for the Bitcoin Google search volume for the past 90 days. This represents how many times the term “Bitcoin” has been Googled over the previous 90 days. 

FAQs 

How many Bitcoin are there?

On April 15, 2024, there were 19.68 million BTC in circulation, representing the total supply.

Will Bitcoin reach $100,000?

It might do. Bitnation, DigitalCoinPrice and LongForecast all think it will get to six figures this year, while PricePrediction.net says it will break $100,000 in 2025.

 

What is Bitcoin used for?

Bitcoin is a store of value. It can be used to pay for a range of goods and services in the real world. It is legal tender in El Salvador and the Central African Republic. People can also buy, sell, and trade it on crypto exchanges.

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.