Bitcoin (BTC) Price Expected to Reach New All-Time High in Next 12 Months
According to recent analysis from industry specialists and experts, the price of Bitcoin (BTC) is predicted to reach an all-time high (ATH) within the next 12 months. While these projections remain optimistic, institutional traders appear more cautious, as revealed by a recent survey conducted by JPMorgan.
A survey conducted by Finder, involving 40 crypto industry specialists, indicated that 78% of these experts believe Bitcoin will achieve a new ATH in the next year. The survey’s findings suggest that Bitcoin could surge to a peak of $87,875 by the end of 2024, surpassing its current valuation.
Several factors contribute to this optimistic outlook for Bitcoin. Kadan Stadelmann, the CTO of Komodo, highlights the influence of major companies and institutional investors, as well as the upcoming Bitcoin halving event, which is expected to increase scarcity and drive demand. Daniel Polotsky, the founder and chairman of CoinFlip, emphasizes the potential impact of rate cuts by the US Federal Reserve and the approval of spot Bitcoin ETFs in boosting Bitcoin’s price. Jason Lau, Chief Innovation Officer at OKX, points to the increasing adoption and accessibility of Bitcoin, particularly with the approval of Bitcoin ETFs, as drivers of its long-term growth trajectory.
However, not all experts share the same bullish sentiment. John Hawkins, a Senior Lecturer at the University of Canberra, remains skeptical, viewing Bitcoin as a speculative bubble. Jeremy Cheah, an Associate Professor of Decentralized Finance at Nottingham Trent University, takes a cautious approach, predicting a modest correction in Bitcoin’s price amidst an economic slowdown and reduced ETF hype.
Contrary to the optimism expressed by industry specialists, the JPMorgan survey presents a different perspective. The survey reveals that over half (54%) of institutional traders do not plan to trade cryptocurrencies in the next five years. This raises questions about whether traditional institutional players will increase their exposure to Bitcoin following the approval of Bitcoin ETFs and its significant growth.
In addition, blockchain technology is perceived as having less influence than in previous years, with AI and machine learning taking precedence in shaping the future of trading.
While industry experts predict a significant all-time high for Bitcoin, institutional traders approach their cryptocurrency exposure with caution. The market remains uncertain, and only time will tell how Bitcoin’s price will be affected by various factors such as economic conditions and regulatory developments.
