Latest Bitcoin Price Prediction, End of 2024: What Price is BTC?
2024-11-12
Bittime - Towards the end of the year, the world's largest crypto asset, Bitcoin (BTC), is once again attracting the attention of global investors. Bitcoin prices continue to move up with strong momentum, as various factors influence market sentiment. So, what is the Bitcoin price prediction at the end of 2024? Check out the review.
Some analysts predict that BTC prices could reach new records. Meanwhile, fundamental observers see various on-chain data that supports this prediction.
However, amidst the bullish trend, uncertainty remains a part that cannot be ignored in the crypto world. What are the driving factors behind Bitcoin price movements, and what is the predicted price at the end of 2024?
What Is Bitcoin (BTC)?
Bitcoin was the first crypto asset launched in 2008 by an anonymous figure or group named Satoshi Nakamoto.
Built on blockchain technology, Bitcoin enables peer-to-peer transactions without the need for third parties or intermediaries.
This digital asset has a limited supply, namely a maximum of 21 million coins, which makes it even more rare and coveted as “digital gold.”
Decentralization and its security are a major attraction for investors around the world who want to protect their wealth from inflation.
Read also: What is the Maximum Supply of Bitcoin?
Bitcoin Price Analysis
During 2024, Bitcoin has shown strong performance with a stable value of around $76,000 (around IDR 1,193 billion) and is predicted to continue to rise.
In recent weeks, Bitcoin managed to penetrate an important resistance level at $68,000 (Rp. 1,068 billion), which gave a bullish signal for the next price movement.
With technical support from the wedge line and the RSI indicator which is at level 69, there is great potential for Bitcoin price to rise higher.
On-chain Analysis
On-chain analysis shows several important metrics supporting Bitcoin's upward momentum. One of them is the Market Value to Realized Value (MVRV) ratio which is now at a low level (around 2.0).
In conditions like this, Bitcoin is considered undervalued and is a good signal for investors who want to buy at a discount.
Bitcoin Hashrate
Bitcoin hashrate reached a record high in October 2024, namely 720 million TH/s. This shows that network security is increasing.
A high hashrate is often associated with strong interest from miners and investors, which indirectly signals optimism about the continuation of the bullish trend in Bitcoin.
Latest Bitcoin Price Predictions 2024
Based on technical analysis, Bitcoin will most likely consolidate around $86,200 (around IDR 1,353 billion) before making a surge to a higher target.
If institutional demand and bullish momentum continue to persist, then there is a big chance for BTC to reach $98,000 (around IDR 1,538 billion) to $115,000 (around IDR 1,805 billion) by the end of 2024.
Bitcoin Price Prediction According to Standard Chartered
Standard Chartered Bank projects that Bitcoin will reach $120,000 (around Rp. 1,884 billion) by the end of 2024.
This prediction is based on increasing institutional adoption as well as global inflation trends which have made many investors choose Bitcoin as a hedge asset.
Bitcoin Price Prediction According to JPMorgan
In contrast to Standard Chartered, JPMorgan has a more conservative view with a BTC price prediction of $45,000 (around IDR 706 million) by the end of 2024.
JPMorgan predicts that rising gold prices will attract investor interest in this “digital gold”, although growth is expected to be more moderate than other estimates.
Read also: Bitcoin Halal or Haram? Two Perspectives from the Ulama
Bitcoin Price Prediction According to Mathematical Models
The Stock-to-Flow model, developed by PlanB, suggests that the price of Bitcoin could reach around $100,000 (around IDR 1.57 billion) by the end of 2024.
The model predicts price increases based on Bitcoin scarcity, especially after halvings where the number of new Bitcoins mined decreases every four years.
Conclusion
Bitcoin price predictions at the end of 2024 vary, from JPMorgan's conservative projections to Standard Chartered's optimistic estimates. On-chain analysis and hashrate increase shows strong momentum for Bitcoin in the crypto market.
However, as always, high volatility remains a key characteristic of Bitcoin, so investors should always be prepared for any eventuality.
If the bullish scenario continues, it is possible that we will see Bitcoin reach a price of more than IDR 1.5 billion per coin by the end of the year.
How to Buy Crypto on Bittime
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Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
