Bitcoin (BTC) Starts New Year on Bullish Note
Bitcoin has kicked off 2024 with a noteworthy achievement, reaching a new yearly high of $43,500 on the Bitstamp exchange. The world's largest cryptocurrency is up roughly 3% over the last 24 hours.
Bitcoin's remarkable price journey
The last decade has been nothing short of a rollercoaster for Bitcoin, marked by unprecedented highs and notable lows.
Tracing back to 2009, Bitcoin was virtually worthless, a novel concept untested in the financial markets.
However, as the years progressed, its value saw exponential growth. During the period between 2010 and 2017, the price of the largest cryptocurrency jumped from mere cents to over $14,000.
Alex DovbnyaThe subsequent years were a testament to Bitcoin's unpredictable nature. 2018 saw a dramatic plunge, with prices falling sharply, only to be followed by a gradual recovery in 2019 and 2020.
The year 2021 was a landmark, with Bitcoin reaching an all-time high, driven by increased institutional adoption and mainstream acceptance. However, this peak was short-lived, as the following years witnessed significant corrections in 2022.
In 2023, Bitcoin managed to stage a comeback, surging by over 150%.
High hopes for 2024
As 2024 begins, predictions for Bitcoin's future are varied. On the conservative end, Mark Mobius suggests a potential price of $60,000. On the more bullish side, CoinFund predicts a rise to as much as $500,000.
The potential approval of a Bitcoin ETF is adding to the conversation, with some like Michael Saylor viewing it as a pivotal development. However, others, including analysts at CryptoQuant, caution against potential volatility post-approval.
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