As bitcoin closed the month of January in a more bullish state than before, analysts are making even more positive predictions for the long term.
Ari Paul, CIO and founder of BlockTower, took to Twitter to reveal his predictions for the big bull in the coming months. Paul cites $100,000 as a possible price point for Bitcoin in 2024.
He points to Bitcoin’s performance in 2017, explaining that it is not at all an exaggeration to expect Bitcoin to be 4x its price next year.
“Going out on a limb: I think BTC > $110k by end of 2024. (current price $23k). Feels like relatively aggressive prediction if we only consider current cycle, but zoom out to 2017, feels quite reasonable. We’ve kind of got 5 years of price compression now.” He explained in a tweet.
Building on his prediction, he cites a technical target made by analyst Davethewave, in which Bitcoin’s price looks likely to touch $180,000 in 2025.
With Bitcoin’s market cap already sitting at $467 billion, he asserts that the introduction of traditional financial offerings, such as funds and exchange products, can help the market usher in a significant amount of fiat currencies, similar to how Grayscale’s GBTC did.
The founder also notes that Bitcoin at $110,000 is twice the price of Bitcoin’s 2021 all-time high of $69,045. He added that it seems challenging for Bitcoin to attempt the $110,000 price level with the current market state. However, he believes that $110,000 is a conservative price prediction if the market returns to “macro risk-on just half-way back to 2021 mania.”
“How could this prediction be wrong? (and even comically, atrociously wrong?) Lots of ways. If we get a general recession and equities fall 30% next quarter, my base case would be new lows for BTC. Maybe we’re <$12k at end of 2024 instead of >$110k. Many other risks.” He added.
CryptoQuant: 2023 is the year for “bull market preparations”
Meanwhile, Cryptocurrency on-chain analytics platform CryptoQuant has branded 2023 as the year for a bull run.
“We can intuitively know the movement of market participants with the BTC percentage estimated to be 1 week to 1 month after being bought.” Cryptoquant notes in a recent analysis.
A bull market typically begins after the percentage of Bitcoin records a sudden upsurge, following a major market decline after a long period. The percentage of 1-week to 1-month BTC is also expected to rise swiftly.
Cryptoquant maintains that it is uncertain how long it will take for BTC actually to bottom. However, a massive downswing in Bitcoin’s price indicates a positive result ahead.