A mix of catalysts and historical behavior could catapult bitcoin (BTC) to as high as $160,000 in a widely expected bull market analysts say could take off in 2024. Expected demand for bitcoin from several spot exchange-traded funds (ETFs) in the U.S., the forthcoming reward halving and growth in broader stock markets on the back of lower interest rates could lift bitcoin prices to at least $50,000 in the short-term, on-chain analysis firm CryptoQuant said in a Wednesday report shared with CoinDesk. “We argue that bitcoin and crypto markets could have a positive year in 2024 mostly amid the effects from: 1. The market valuation cycle, 2. Network activity, 3. The bitcoin halving, 4. The macroeconomic perspective, 5. Bitcoin spot ETF approval and 6. Growing stablecoin liquidity,” CryptoQuant analysts said.

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Author: Lyllah Ledesma

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