Bitcoin’s Price May Skyrocket to $160K in 2024, Driven by a Bull Market Fueled by Halving, Says Analyst

Bitcoin’s price could reach $160,000 in 2024, according to analysts, driven by a bull market supported by several catalysts, including the upcoming halving, expected demand from US spot exchange-traded funds (ETFs), and growth in broader stock markets on the back of rate cuts.

On-chain analysis firm CryptoQuant believes that these factors, combined with strong on-chain valuation and network metrics, signal that Bitcoin is set to make steady gains and establish two significant price levels of $54,000 and $160,000 as a cycle price top.

The next halving event, which automatically reduces the supply of new coins in the open market, is scheduled for April 2024 and is expected to drive up the cryptocurrency’s value.

Furthermore, talks between over seven major traditional finance players, such as BlackRock and VanEck, and the US Securities and Exchange Commission for potential Bitcoin spot ETFs are reportedly progressing positively, indicating solid investor interest in the cryptocurrency. Despite these bullish signals, analysts warn of a possible price correction in the short term as new investors sit on large unrealized gains.

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