Quartz spoke with BlockStream founder and cypherpunk Adam Back, digital asset expert and former head of market research at Genesis Trading Noelle Acheson, and head of derivatives at Bitfinex Jag Kooner. When asked by journalists about the prospects for Bitcoin to rise in value by the end of 2024, Adam Back said that the digital asset market is being heated up by rumors of BTC reaching the $100,000 mark.
“However, it is unlikely that the leading cryptocurrency will reach the $100,000 mark or even come close to it in 2024,” Adam Back believes.
According to his forecasts, a significant increase in the value of Bitcoin should have occurred in the near future. However, for objective reasons, primarily related to political events and the difficulties of market regulation, achieving a new record in the value of BTC is becoming a difficult task.
Noelle Acheson added that the $100,000 BTC scenario remains a likely event if the political uncertainty in the US resolves favorably. For example, if former President Donald Trump wins in November — or if current Vice President and Democratic presidential candidate Kamala Harris expresses unequivocal support for the development of the cryptocurrency industry.
Bitfinex Head of Derivatives Jag Kuhner echoed Adam Back and Noelle Acheson’s sentiments. Kuhner attributed the current complexity to a combination of factors, including the aftermath of the halving, the launch of new institutional investment models based on BTC, and changes in the regulatory and macroeconomic environment that impact Bitcoin’s price dynamics.
“The forecasts of most popular crypto experts do not take into account macroeconomic shifts, market maturation, and changes in investor behavior. The current period may represent a typical post-halving re-accumulation phase, which has historically been observed in previous BTC life cycles. Investors should expect a traditional decline in the value of bitcoins amid financial risks and events associated with “selling the news,” “the expert said.
Jag Kuhner believes that maintaining the Bitcoin price in the range of $63,000 to $65,000 will allow investors to end the consolidation period and is crucial for the positive dynamics of the BTC rate in 2025.
The day before, the founder of the Cardano crypto project, Charles Hoskinson, noted that the crypto industry no longer needs Bitcoin – it has become a religious symbol, so its ecosystem is doomed.
Source: Bits
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