How high can Bitcoin go in 2024?
Bitcoin (BTC) price reached new all-time highs this week, hitting $73,000 before pulling back.
My BTC forecast is that bitcoin will at least double by the end of 2024.
The biggest reason is the halving cycle (more on this here). Bitcoin will halve on April 20, 2024.
Another reason I’m bullish is all the money flowing into Bitcoin ETFs.
The first Gold ETF (GLD) was a game-changer when it launched in 2004.
GLD was a one-click way to trade gold. Money poured in and gold quadrupled in price over the following decade.
GLD was the fastest ETF to accumulate $10 billion in assets. That was, until the bitcoin ETFs debuted a few weeks ago.
GLD took three years to reach $10 billion. BlackRock’s (BLK) iShares Bitcoin ETF (IBIT) did it in seven weeks.
The bitcoin ETF is GLD 2.0. A catalyst that pushes billions of dollars into a new asset — and ignites a multi-year boom.
Scores of wealth managers and financial advisors can buy bitcoin for the first time ever. Americans are now holding BTC in their 401(k) retirement accounts, which was all but impossible to do before.
As I’ve said since BTC was sitting at $27,000, it can hit $150,000 by year-end.
That’s about a 2X gain from here.
But I wouldn’t buy Bitcoin.
I prefer to own crypto businesses with real products producing real revenues, like Ethereum (ETH) or Solana (SOL).
P.S: For more insights and analysis, subscribe to my investing letter The Jolt⚡.
I publish fresh research on cryptocurrencies and stocks every M/W/F.
