As the price of Bitcoin has continued to surge breaking the $70k price this week, several analysts are projecting a bullish movement for the crypto asset.
Since BTC reclaimed the $60,000 price range, bitcoin price predictions of all types have come out of the woodwork. With a continued increase in price value, market participants are making bold long-term and short-term predictions for the asset. Most analysts who have analyzed Bitcoin prices agree that the bullish trend will continue throughout 2024.
Predicting a bullish price forecast, renowned Entrepreneur and author of “Rich Dad Poor Dad”, Robert Kiyosaki who is a big fan of Bitcoin has predicted that the price of the crypto asset will surge to $300,000 per BTC in 2024.
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He said on X(formerly Twitter),
“BITCOIN on fire. The biggest mistake you can make is to procrastinate. Important to start, even if only for $500. Next stop $300,000 per BC in 2024”.
Also making a bullish price forecast, on-chain analyst Willy Woo is convinced that Bitcoin can go above $100,000 within the next 22 months. As such, Woo expects Bitcoin to maintain stability above its current levels for the rest of 2024. He cites BlackRock and Fidelity as factors that could propel this price upswing.
As he explained in a post shared with X (formerly Twitter),
“BTC price will go past $125k minimum before the end of 2025 just from Blackrock and Fidelity clients if they rotate 3% exposure to Bitcoin. These are their most optimistic portfolio allocation recommendations:Blackrock ($9.1T): 84.9% and Fidelity ($4.2T):3%.”
However, despite the recent Bitcoin bullish momentum, he urged investors to tread cautiously amid the rally. Notably, he warned against potential profit-taking opportunities by the investors, as measured by the Spent Output Profit Ratio (SOPR), suggesting an impending period of consolidation.
Veteran trader Peter Brandt has also provided an update on his Bitcoin price prediction. He explained that the price target for “the current bull market cycle” scheduled to end in Aug/Sep next year has been raised from $120,000 to $200,000.
Referencing his chart below, Brandt wrote on social media platform X,
“With the thrust above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in Aug/Sep 2025 is being raised from $120,000 to $200,000. A close below last week’s low will nullify this interpretation.”
Bitcoin’s historic price surge was fueled by the growing bullish sentiment on the market, while spot Bitcoin ETFs continue to consume massive amounts of Bitcoin, with other financial institutions and retail buyers joining them.
As Bitcoin hits the $72,000 mark, trend-based Fibonacci analysis suggests a potential rise to $78,909. The cryptocurrency’s 3.21% intraday growth comes as the rounding bottom breakout gains momentum.
The ongoing bull run, bolstered by bullish market indicators and Fibonacci projections, suggests a peak near $96,000 is possible. If Bitcoin breaks above $75,000 with a strong bullish close, it could escalate to $79,000, paving the way for reaching higher milestones.