Multiple analysts see Bitcoin surpassing $120k by the end of 2024 Bitcoinprice BTC Fundstrat
- Bitcoin is expected to undergo its quadrennial halving sometime in April 2024, and investment research firm Fundstrat thinks the price of the top cryptocurrency could increase more than 500% to hit $180,000 in the lead-up to the event.
“This [bitcoin ETF launch] would bring daily demand to $125 million, while daily supply is only $25 million,” Fundstrat said. “The implied equilibrium price would need to rise so daily supply matches daily demand. Equilibrium analysis suggests that a clearing price is $140,000 to $180,000, before the April 2024 halvening.”
Farrell added that he sees a 75% probability that a spot BTC ETF is approved in the near term after some of the largest asset managers in the world, including BlackRock and Fidelity, submitted applications. “Bitcoin ETF eventually could become >$300 billion category,” Fundstrat said, a figure that would surpass the precious metals ETF market, which currently holds around $230 billion in assets.
“The monetary value of gold is about $6 trillion,” he said. “I think Bitcoin can replace all of that. The monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300K.”
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