Bitcoin has had a challenging time staging a sustained recovery since the August 5 pullback, with uncertainty around macroeconomic factors, the Federal Reserve’s policy path, and the forthcoming presidential election in the U.S. hindering its progress. In light of these challenges, several crypto experts have shared their views on the BTC price forecast in 2024, outlining key catalysts that could influence the crypto asset in the final months of the year.
Bitcoin’s recent performance has been a rollercoaster ride, with the cryptocurrency breaking above the $70,000 threshold earlier this year only to remain largely range-bound in the following months. The volatile performance of Bitcoin has been driven by mixed economic data, unexpected developments related to the upcoming presidential election, and various crypto-focused factors, such as repayments to creditors of Mt. Gox, a defunct cryptocurrency exchange.
The sharp pullback in early August, triggered by a surprisingly soft July jobs report and recession fears, marked a substantial shift for the crypto sector. Bitcoin fell to its lowest level in almost six months, while Ether plummeted to its lowest point since January. Despite a notable recovery, Bitcoin struggled to make significant upward moves since the pullback, with repeated attempts to push the price above $60,000 being met with strong resistance.
On August 15, Bitcoin managed to climb back to the $59,000 mark, driven by expectations of the first interest rate cuts by the U.S. Federal Reserve in September. Lower rates are favorable for crypto and other risk assets, as they lower the cost of borrowing, encourage investment, and typically weaken the dollar, driving investors to seek higher returns in alternative assets like cryptocurrencies.
In light of recent developments, crypto experts have shared their BTC price forecasts for the remainder of 2024. Justin Wang, founder and CEO of Zeus Network, believes that innovative wrapped versions of Bitcoin could play a significant role in bringing Bitcoin into the next phase of its evolution. Kristian Haralampiev, Structured Products Lead at Nexo, predicts range-bound price action for Bitcoin, with the possibility of a new all-time high above $73,000 depending on positively perceived events. Stefan Godly from fundraising platform Trailblaze emphasizes the fundamental growth in value of Bitcoin as a hedge and store of value, despite the noise and distractions in the market.
Overall, the future of Bitcoin remains uncertain, with various factors influencing its price trajectory in the final months of 2024. As the crypto market continues to evolve and adapt to changing macroeconomic and regulatory landscapes, investors will need to stay informed and vigilant to navigate the challenges and opportunities that lie ahead.
