Bitcoin ETF Approval Fuels Crypto Enthusiasts’ Predictions of Surge Past $100,000

Bitcoin prices are expected to surge past the $100,000 mark in 2024 following regulatory approval of the first US Bitcoin ETF. Several cryptocurrency analysts and investors have forecasted that the price of Bitcoin will rise significantly in 2024 after the first US Bitcoin exchange-traded fund (ETF) was approved by the Securities and Exchange Commission (SEC). The approval removes a major regulatory hurdle for widespread institutional investment in Bitcoin and signals greater acceptance of digital assets in traditional markets. Many in the crypto industry see this as a pivotal moment that will drive greater awareness and investment in cryptocurrencies.

What is a Bitcoin ETF?

An ETF is an investment vehicle traded on stock exchanges that allows investors to gain exposure to assets like Bitcoin without directly purchasing the cryptocurrency. It expands the pool of potential investors beyond blockchain and crypto natives to include mainstream investors seeking diversified crypto exposure through their existing brokerage accounts. In addition to the ETF approval, the upcoming Bitcoin “halving” event is also anticipated to impact prices in 2024 positively.

The halving occurs periodically and decreases the rate of new Bitcoin entering circulation, putting upward pressure on prices as supply tightens. Extended bull runs for Bitcoin have followed previous halving cycles. With both ETF approval and halving converging, analysts predict a “perfect storm” that could see exponential gains for Bitcoin in the year ahead.

Price predictions range from $100,000 to $250,000

Leading cryptocurrency proponents like investors Anthony Scaramucci and Tim Draper foresee Bitcoin reaching new all-time highs above $100,000 within the next year based on accelerating levels of adoption, institutional investment through ETF vehicles, and supply constraints from halving. Some of the most bullish predictions put the 2024 Bitcoin price between $150,000 to even $250,000, representing extraordinary gains over current rates. However, with the volatility of this emerging asset class, there is no guarantee such lofty targets will be achieved. If realized, though, it would cement Bitcoin’s arrival among mainstream investable assets.