2024 will see the fourth Bitcoin halving, which is an event strongly related by the community to the start of a new bull market. At the same time, the US Securities and Exchange Commission is expected to greenlight a number of spot Bitcoin ETFs – another potential catalyst for massive price gains, given the amount of institutional funds that can enter the ecosystem through the regulated funds.
As such, the bullish sentiment has dominated the end of 2023, with many anticipating a new all-time high next year. Although there’re some concerns about potential sell-the-news events following an ETF approval, ChatGPT’s rival – Perplexity – seems to be on the bullish side, with predictions of up to $150,000 in certain cases.
BTC at $150K in 2024?
There have been some wild BTC price predictions in the past, with perhaps the most notable being the late John McAfee’s $1 million in 2020. Others have been more modest in time, but the general consensus is that the primary cryptocurrency will tap a new all-time high in 2024.
Perplexity also weighed in on the matter, indicating that the estimations range from “around $63,140 to $148,000.” When asked to delve into more details, the AI chatbot said the highest price it sees for next year – $148,000 – could occur if BTC is to repeat the 2023 run.
In contrast, the AI resource believes BTC’s low will be somewhere around $57,027 for next year, while its price will spend most of its time between $63,140 and $74,967.
On the question of whether the asset will break its 2021 ATH of $69,000 next year, Perplexity answered:
“Bitcoin’s price reaching a new all-time high in 2024 is uncertain and subject to various predictions. Some experts predict that Bitcoin could reach $100,000 by the end of 2024, which would be a new all-time high.”
Factors Influencing Such Surge
One of the first factors that could potentially impact BTC’s price for 2024 that Perplexity listed was the halving. It’s an event that reduces the block rewards for miners in half (with the next one slashing them to 3.125 BTC), which essentially slows down the production of new bitcoins and decreases its inflationary rates. Historically, the halving has been associated with an upcoming bull market.
Next, the AI chatbot said institutional adoption will be key, especially if the US finally approves a spot exchange-traded fund. This could “lead to increased demand and price appreciation.”
The last two factors mentioned by the ChatGPT rival were as follows:
- Regulatory Changes: Regulatory developments, such as the potential approval of a spot Bitcoin ETF in the U.S., could legitimize Bitcoin in the financial services industry and attract fresh capital, leading to higher demand and price growth.
- Macroeconomic Trends: Macroeconomic factors, including changes in interest rates and monetary policy, could also influence Bitcoin’s price in 2024. For example, a looser monetary policy driven by potential rate cuts is generally favorable for riskier assets like Bitcoin.