© Reuters
According to Khac Hieu
Investing.com – Analysts are now predicting prices will continue to skyrocket in 2024 and could reach a new all-time high price of $100,000 per coin.
This large-cap cryptocurrency has increased more than 150% in value this year and was trading at over $44,200 on December 9.
CEO Pascal Gauthier at e-wallet company Ledger commented: “2023 seems to be the year to prepare for the upcoming price increase. Market sentiment is looking forward to 2024 and 2025.”
Bitcoin price rose to a record high of nearly 69,000 USD in November 2021. However, 2022 is a bad time for digital currencies. Nearly $1.4 trillion has been wiped out of the cryptocurrency market amid the sector’s bust.
The above crisis originated from the collapse of FTX, the world’s second largest cryptocurrency exchange at the time of insolvency. FTX founder Sam Bankman-Fried now faces more than 100 years in prison on seven counts of fraud.
Additionally, last month, Binance CEO Changpeng Zhao pleaded guilty to criminal charges. Mr. Changpeng Zhao resigned as CEO of Binance following a $4.3 billion settlement with the US Department of Justice. The former director of the world’s largest cryptocurrency exchange is facing up to 10 years in prison for money laundering.
According to CNBC, many industry experts consider the above two cases as borderline to the problems plaguing the cryptocurrency market.
Experts also say the cycle of reducing the number of Bitcoins will take place every four years to limit supply. The next reduction expected at the end of April 2024 will be another cause of price increase.
Last month, Standard Chartered Bank reiterated its forecast that the Bitcoin price will reach $100,000 by the end of 2024 or even sooner.
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