{"id":565726,"date":"2023-12-17T13:00:51","date_gmt":"2023-12-17T13:00:51","guid":{"rendered":"https:\/\/ktsl888.com\/?p=565726"},"modified":"2024-06-11T07:33:04","modified_gmt":"2024-06-11T07:33:04","slug":"analyst-rates-bitcoin-as-most-promising-asset-for-2024-predicts-price-potential-of-120000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/analyst-rates-bitcoin-as-most-promising-asset-for-2024-predicts-price-potential-of-120000\/","title":{"rendered":"Analyst Rates Bitcoin As Most Promising Asset For 2024, Predicts Price Potential Of $120,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Chief analyst of Singaporean exchange Bitget, Ryan Lee, has laid out some interesting Bitcoin price predictions for 2024. This forecast comes after BTC\u2019s negative performance in the last week, where the maiden cryptocurrency declined by 4%, falling below the $42,000 price mark.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitwise-reveals-two-major-triggers-that-will-send-bitcoin-price-to-80000\/\" target=\"_blank\" rel=\"noopener \">Bitwise Reveals Two Major Triggers That Will Send Bitcoin Price To $80,000<\/a><\/div>\n<h2><strong>Bitcoin To Trade At $120,000 In 2024 &#8211; Ryan Lee\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In <a href=\"https:\/\/x.com\/bravenewcoin\/status\/48192148?s=20\" target=\"_blank\" rel=\"noopener nofollow\">an X post on December 17,<\/a> crypto data platform Brave New Coin shared Ryan Lee\u2019s projections for Bitcoin in the new year, which were presented in three phases.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">For the short term, Lee anticipates Bitcoin\u2019s price to fluctuate between $32,000-$50,000 as determined by the outcome of the spot ETF approval saga in the US. <\/span>Currently, many crypto enthusiasts are highly optimistic about the SEC finally granting a green light to the launch of a spot Bitcoin ETF, following multiple meetings between the regulator and several asset managers involved.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin Predictions For 2024 &#8211; Bitget Chief Analyst Ryan Lee picks some price ranges for BTC and other winners next year \ud83d\ude80 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin2024?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin2024<\/a> <a href=\"https:\/\/t.co\/LPlhJwgm9w\" rel=\"nofollow\">pic.twitter.com\/LPlhJwgm9w<\/a><\/p>\n<p>&mdash; Brave New Coin (@bravenewcoin) <a href=\"https:\/\/twitter.com\/bravenewcoin\/status\/48192148?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">According to Bloomberg analyst James Seyfarrt, there is a<a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-etf-approval-date-hinted-by-expert-sec-decision-expected-january-5th-10th-2024\/\" target=\"_blank\" rel=\"noopener \"> 90% chance<\/a> that this potential approval order will come between January 8th and January 10th, 2024, meaning Bitcoin\u2019s price may be set for a major movement in the coming weeks.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In regards to the mid-term phase, Ryan Lee predicts Bitcoin prices to range between $38,000 &#8211; $75,000 based on the effects of the halving event, which is historically known to cause a rise in BTC prices. <\/span><span style=\"font-weight: 400\">This is because the halving event causes a reduced rate of new Bitcoin minting, which leads to scarcity, in turn boosting the token\u2019s demand and price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the long term, Bitget chief analyst projects Bitcoin to trade between $40,000 and $120,000 in 2024. He believes the major determinant in BTC price at this time would be US policy and regulations guiding the use of cryptocurrency.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">trades<\/a> at $41,874.33, with a decline of 0.12% in the last hour. Meanwhile, the token\u2019s daily trading volume is down by 16.99% and valued at $14.85 billion.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/aQ2nhmJE\/\" alt=\"Bitcoin\" width=\"1480\" height=\"893\"><\/p>\n<pre style=\"text-align: center\">BTC trading at $41,921 on the daily chart | Source: <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD chart on Tradingview.com<\/a><\/pre>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/all\/altcoin-season-incoming-analyst-forecasts-further-bitcoin\/\" target=\"_blank\" rel=\"noopener \">Altcoin Season Incoming: Analyst Forecasts Further Bitcoin Correction, Signals Alts Market Upswing<\/a><\/div>\n<h2><strong>Lee\u2019s Take On The Altcoin Market<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Alongside Bitcoin, Lee has also given some interesting predictions on the top tokens in the altcoin market for 2024. The Bitget executive expects Ethereum (ETH) could outperform BTC and trade between $3,000 and $3,500. <\/span><span style=\"font-weight: 400\">By the end of 2024, Lee predicts ETH could attain a historic price point of $4900. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, the analyst expects XRP to trend in a similar fashion as BTC, hitting a price range of $1-$1.5 in 2024. In addition, Lee also projects that ADA could reach $1.2-$1.8 pending a significant growth of the Cardano ecosystem.<\/span><\/p>\n<div class=\"disclaimer-shortcode\"><em>Featured image from InfoWorld, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chief analyst of Singaporean exchange Bitget, Ryan Lee, has laid out some interesting Bitcoin price predictions for 2024. This forecast comes after BTC\u2019s negative performance in the last week, where the maiden cryptocurrency declined by 4%, falling below the $42,000 price mark.\u00a0 Related Reading: Bitwise Reveals Two Major Triggers That Will Send Bitcoin Price To $80,000 Bitcoin To Trade At $120,000 In 2024 &#8211; Ryan Lee\u00a0 In an X post on December 17, crypto data platform Brave New Coin shared Ryan Lee\u2019s projections for Bitcoin in the new year, which were presented in three phases.\u00a0 For the short term, Lee anticipates Bitcoin\u2019s price to fluctuate between $32,000-$50,000 as determined by the outcome of the spot ETF approval saga in the US. Currently, many crypto enthusiasts are highly optimistic about the SEC finally granting a green light to the launch of a spot Bitcoin ETF, following multiple meetings between the regulator and several asset managers involved. According to Bloomberg analyst James Seyfarrt, there is a 90% chance that this potential approval order will come between January 8th and January 10th, 2024, meaning Bitcoin\u2019s price may be set for a major movement in the coming weeks. In regards to the mid-term phase, Ryan Lee predicts Bitcoin prices to range between $38,000 &#8211; $75,000 based on the effects of the halving event, which is historically known to cause a rise in BTC prices. This is because the halving event causes a reduced rate of new Bitcoin minting, which leads to scarcity, in turn boosting the token\u2019s demand and price. In the long term, Bitget chief analyst projects Bitcoin to trade between $40,000 and $120,000 in 2024. He believes the major determinant in BTC price at this time would be US policy and regulations guiding the use of cryptocurrency. At the time of writing, Bitcoin trades at $41,874.33, with a decline of 0.12% in the last hour. Meanwhile, the token\u2019s daily trading volume is down by 16.99% and valued at $14.85 billion. BTC trading at $41,921 on the daily chart | Source: BTCUSD chart on Tradingview.com Related Reading: Altcoin Season Incoming: Analyst Forecasts Further Bitcoin Correction, Signals Alts Market Upswing Lee\u2019s Take On The Altcoin Market Alongside Bitcoin, Lee has also given some interesting predictions on the top tokens in the altcoin market for 2024. The Bitget executive expects Ethereum (ETH) could outperform BTC and trade between $3,000 and $3,500. By the end of 2024, Lee predicts ETH could attain a historic price point of $4900. Meanwhile, the analyst expects XRP to trend in a similar fashion as BTC, hitting a price range of $1-$1.5 in 2024. In addition, Lee also projects that ADA could reach $1.2-$1.8 pending a significant growth of the Cardano ecosystem. Featured image from InfoWorld, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":565728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,428,1119,90890,90891,84647],"class_list":["post-565726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-bitcoin","tag-btc","tag-btc-price-predictions","tag-ryan-lee","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>Analyst Rates Bitcoin As The Most Promising Asset For 2024, Predicts Price Potential Of $120,000<\/title>\n<meta name=\"description\" content=\"Chief analyst of Singaporean exchange Bitget Ryan Lee lays out some interesting Bitcoin price predictions for 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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