2024 started with a significant boost for cryptocurrencies like Bitcoin It is Ethereumsparking excitement among crypto enthusiasts. As of July 9, 2024, BTC is trading at $57,400, with a market cap of $1.13 trillion, representing a 0.41% increase in the last 24 hours, a miserable 8.16% drop in the previous seven days, and a 17.18% drop in the last month.

BTC, the leading cryptocurrency, has been through a tumultuous period, losing approximately 65% ​​of its market value over the past year. Crypto enthusiasts were caught off guard by unforeseen events such as the Terra Luna crash, FTX decline, macroeconomic factors, and Binance’s legal issues. However, the crypto market has shown a remarkable recovery towards the end of the year, with BTC showing promising growth.

Bitcoin has reached impressive levels, surpassing its all-time high of $69,170 on March 8, 2024, to reach $70,083. Subsequently, on March 14, 2024, BTC once again surpassed its previous peak, reaching $73,750. This surge has boosted its market cap to $1.44 trillion, contributing to the overall cryptocurrency market cap of $2.77 trillion, reflecting an exceptional performance.

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Bitcoin Recovery Journey

After breaking the psychological threshold of the $31,000 mark, Bitcoin began to exhibit a bearish trend and traded below the $30,000 levels for most of the last year. However, it showed a remarkable recovery in the last few months of the year.

The world’s largest cryptocurrency, BTC, which has been on a recovery path, has surged by around 89.74% in a year. As of June 9, 2024, it is trading at $57,400, with a market cap of $1.13 trillion and a global cryptocurrency market cap of $2.11 trillion.

Cryptocurrency experts believed that if BTC held its $30,000 level, it could likely bounce back from there. Looking at the current scenario, Bitcoin surpassed its all-time high in March but witnessed a bearish trend later.

In April 2023, the leading cryptocurrency Bitcoin touched the key resistance of the $30,000 level for the first time since June 10, 2022, and then began to decline below $26,000. It rose significantly to $45,203 after May 2022. Crypto experts believe that if Bitcoin holds the $45,000 level and beyond, it could reach $60,000 by the end of 2024. In the first three months of the year, BTC has already touched the $73,750 level and set a new record for an all-time high.

While the future of Bitcoin is unknown, retail investors should be very cautious about every move of Bitcoin as it has witnessed turmoil before. Also, India’s stance on cryptocurrencies remains firm, with the government bringing all cryptocurrency-related transactions under the ambit of the Anti-Money Laundering Act. In a separate bulletin notificationIndia’s Finance Ministry has declared that all transactions related to digital assets or virtual currency would come under the purview of the Prevention of Money Laundering Act (PMLA).

The new development may seem detrimental to the cryptocurrency community in India. However, the industry on the ground has hailed the move as a step towards regulating the space. In the absence of regulators, enforcement agencies will immediately address any discrepancies.

Bitcoin ETFs in sight were a huge factor in Bitcoin’s growth. After the SEC approved ETFs in the US, retail investors showed great interest, pushing Bitcoin past its all-time high.

One of the other reasons why crypto experts were hopeful about Bitcoin is that this year, 2024, was a year for the Bitcoin halving event. The Bitcoin halving event happens every four years, during which the BTC rewards for its miners are cut by 50% (the miner payout will be reduced to 3,125 BTC). This event is usually positive for the price of Bitcoin as it helps contract the supply.

Historically, halvings have been seen as an excellent signal to bring momentum to the price of Bitcoin. So far, this year’s halving that occurred on April 20, 2024, has not caused BTC to surge as experts anticipated. Bitcoin’s current state reflects a significant bearish trend.

Bitcoin Halving History

The above table shows that past Bitcoin halving events have established long-term bullish drivers for the price of Bitcoin. Bitcoin halving events are related to its deflationary tendency and the crushing of its supply, which helps the price of Bitcoin to rise further. Since BTC is a decentralized cryptocurrency, no central bank or government can print it, and therefore the total supply of Bitcoin is limited.

Furthermore, “Bitcoin Whales,” referring to large investors, have started accumulating Bitcoin again. According to data from on-chain aggregator Santiment, these large Bitcoin whales, holding 1,000-10,000 BTC in their wallets, indicate that investors have been filling their wallets with a substantial amount of Bitcoin. This accumulation could contribute to boosting the price of Bitcoin.

Can Bitcoin reach $100,000 by 2024?

The current year is the year of Bitcoin’s fourth halving. It occurred on April 20, 2024. It forms the basis of Bitcoin’s monetary policy and supports its increasing scarcity by cutting the growth rate of Bitcoin’s supply in half approximately every four years.

The BTC halving will continue until all 21 million coins are mined, sometime in 2140. Currently, around 19.70 million BTC coins are in circulation in the cryptocurrency market.

Rajagopal Menon, Vice President of WazirX, a cryptocurrency exchange in indiaclaims that Bitcoin is eyeing a major breakout. If successful, the target is between $90K and $100K. Breaking this level could propel Bitcoin towards $90K-100K, driven by the next resistance and support levels within the existing parabola.

Psychologically, the 100k mark represents a significant resistance point. It stands to reason that Bitcoin will pause around 90k, potentially rising above 90k but remaining below 100k. This pattern aligns with typical market behavior around such round numbers, Menon says.

He also said that veteran trader Peter Brandt predicts a 150K market top by the end of 2025. His analysis is based on halving cycles, with the most recent halving occurring earlier this year. Historically, halvings occur around the midpoint of the cycle, suggesting a strong bull run until the end of 2025. This aligns with the traditional 4-year cycle seen in previous Bitcoin trends.

On July 9, 2024, BTC was trading at $57,400 with a market cap of $1.13 trillion. The halving was completed on April 20, 2024, at block height 840,000.

Note: Numbers were taken from CoinMarketCap.

Can Bitcoin reach $1,000,000 by 2025?

Bitcoin enthusiasts often make overly optimistic and sometimes unrealistic predictions for their favorite cryptocurrency. Following this mini-bull run, there has been a lot of discussion surrounding Bitcoin, the world’s largest digital currency. Some speculate that the cryptocurrency could reach $10 lakh by 2025.

Himanshu Maradiya, Founder and Chairman of CIFDAQ Blockchain Ecosystem, stated: “While predicting that Bitcoin will reach $1,000,000 by 2025 may seem overly optimistic, several factors make this scenario plausible. The growing adoption of Bitcoin, multiple countries approving BTC ETFs, the weakening of traditional fiat currencies due to hyperinflation, and the increasing profitability of BTC miners are the main drivers that could significantly increase its value.”

He also added that Standard Chartered’s recent upward revision of its BTC price prediction to $120,000 by the end of 2024 underscores the growing confidence in Bitcoin’s potential. As more investors and institutions turn to Bitcoin as a hedge against inflation, the possibility of it reaching unprecedented heights becomes more conceivable. If such sovereign wealth funds start investing in BTC or BTC ETFs, the price will undoubtedly rise much faster, and there is no limit to how much the price can climb given the size of these funds.

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24/7 dedicated support and easy to sign up for

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Conclusion

Among the numerous predictions about Bitcoin, the main takeaway remains that it has weathered multiple crashes and emerged stronger than before each time. Its resilient nature instills a sense of belief in cryptocurrency enthusiasts who see value in investing in decentralized currencies.

Only time will tell whether Bitcoin will soar higher or face challenges, and trading Bitcoin should be done with full awareness; your investment may yield a different return than expected.

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