TL;DR
- Robert Kiyosaki, Fundstrat’s Tom Lee, and “PlanB” laid out optimistic predictions for Bitcoin’s future price.
- Contrasting views come from analysts like Philakone and Crypto Rover, who foresee a possible short-term correction, and Peter Schiff, who anticipates regulatory challenges impacting BTC’s value.
Kiyosaki’s Forecast
There was a significant uptick in Bitcoin’s price in the first several days of 2024, with a peak of approximately $49,000 reached a day after the US SEC approved multiple spot BTC ETFs (including BlackRock’s application). Since then, though, the asset has been on a downtrend, eventually stopping at its current level of $41,300 (per CoinGecko’s data).
It would be interesting to follow BTC’s price performance throughout 2024 (which has yet to offer many other important events), so let’s observe some bullish forecasts.
Robert Kiyosaki – a well-known investor and author of the bestseller “Rich Dad Poor Dad” – recently predicted that the primary cryptocurrency is heading toward the $150,000 mark. He also plans to purchase BTC, gold, and silver with “fake fiat US dollars.”
Prior to that, Kiyosaki urged people to pay close attention to the upcoming Bitcoin halving (scheduled for April 2024). The event occurs every four years and cuts miners’ rewards in half. It causes a reduced supply growth that could trigger a price rally for BTC (assuming the demand stays the same or rises). Historically, the halving has been followed by record-breaking bull runs.
The Ultimate Bulls
Fundstrat’s Tom Lee and the popular X (Twitter) user “PlanB” have laid out even more optimistic bets. The former envisioned that BTC could spike to $100K-$150K in 2024 and skyrocket to $500K within five years. PlanB claimed that the stock-to-flow model predicts a price of $532,000 after the halving.
“In 2019, when BTC was $4000, I wrote the S2F article, calling for $55K BTC. People said I was crazy. Today, BTC is $40K, and S2F model predicts $532K after 2024 halving. People say it is impossible,” the analyst said.
The most shocking forecast came from Samson Mow (CEO of the development studio Pixelmatic), who believes that sooner or later, Bitcoin’s price would reach the astonishing $1 million per coin.
Those curious to check whether or not BTC is capable of tapping a new all-time high throughout 2024 can take a look at our video below:
Enter Bears
On the other hand, the X user Philakone thinks BTC might experience a correction in the months to come, setting a target between $37,000 and $34,000 “sometime between March and June.” However, the trader remains bullish for the long term, expecting “a heavy accumulation phase” which will lead into a bull market from Q3 2024 to Q4 2025.
Crypto Rover suggested there is a huge amount of “untapped liquidity,” which might result in BTC’s plunge below $40,000. Similar to Philakone, he believes the asset would thrive in the long run.
One person who anticipates only a decline in Bitcoin’s value is Peter Schiff. The economist, who is among the harshest critics of the cryptocurrency, recently claimed that Gary Gensler (Chairman of the US SEC) approved the spot ETFs after being “backed into a corner.”
As such, Schiff believes that the regulator’s head might soon implement “new onerous crypto regulations” that could increase the cost of BTC transactions and negatively impact the asset’s price. Meanwhile, numerous X users opposed the theory, reminding that Gensler has previously given Bitcoin the status of a commodity, thus placing it away from the SEC’s jurisdiction.
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