Bitcoin 2024

Will Bitcoin Hit New Highs in 2024

Bitcoin 2024 should be interesting. In 2017, Bitcoin entered the spotlight for the first time. In less than 12 months, its price rose by nearly 2,000% and hit $20,000 for the first time. Market participants and people who had nothing to do with finance wanted a piece of the action.

Some became wealthier overnight, while others got greedy and fooled by the hype. After a sudden decline, it took three years for the price of Bitcoin to hit \$20,000 again. 

In 2021, a second Bitcoin rally fueled new hype around cryptocurrencies and NFTs. The price soared to an all-time high of $67,000, but the euphoria proved short-lived again.

Over the next six months, Bitcoin’s value plummeted by 75%. This year, Bitcoin’s price has been steadily rising once again. Many are speculating that it might surpass its previous high for various reasons. Will it reach $100,000 and beyond, or is another crash imminent?

Bitcoin 2024 is making headlines once more. This time, it’s not because of FTX, NFTs, or another cryptocurrency scandal. In the first two months of 2024, Bitcoin’s price increased by nearly 40%. It isn’t far from its all-time high set in November 2021.

Many believe it will keep rising and reach new levels. It’s hard to predict what will happen, but two important catalysts may push Bitcoin’s price even higher.

Bitcoin 2024 Halving

First, Bitcoin is halving on April 20th, 2024. Bitcoin 2024 halving is an event that occurs approximately every four years, reducing the reward miners receive for validating transactions on the Bitcoin blockchain by 50%.

This process is encoded in the Bitcoin protocol to control the issuance of new bitcoins and ultimately cap the total supply at 21 million, which should happen in 2140. The halving is a crucial aspect of Bitcoin’s monetary policy, often sparking debates about its impact on its value.

Some enthusiasts believe that the reduction in the rate of new Bitcoin creation creates scarcity, driving up demand and, consequently, the price. On the other hand, skeptics argue that the impact of halving is overrated and that market dynamics and external factors play a more substantial role in determining Bitcoin’s value.

2012, 2026, and 2020 Bitcoin Halvings

Bitcoin already halved three times since its creation. An incredible rally ensued each time in the months before and after the halving.

  • 2012: From around $12 to over $250, an approximate increase of over 2,000%
  • 2016: From around $652 to over $20,000, an approximate increase of almost 2,000%
  • 2020: From less than $9,000 to $67,000, nearly 700%

So far this year, we are still far from these numbers. Even a 100% increase will result in prices exceeding $100,000. Imagine what can happen if Bitcoin 2024 becomes a multibagger this year. Its price could exceed anybody’s wild dreams. 

Spot Bitcoin ETF

Second, the SEC recently approved a dozen Spot Bitcoin ETFs. You can find the list below. The result was an immediate influx of institutional investors. 

A Spot Bitcoin ETF allows investors to buy shares of the ETF, which holds the actual Bitcoins. This contrasts with a futures-based Bitcoin ETF, where the fund holds Bitcoin 2024 futures contracts rather than the physical Bitcoin.

The current rally coincides with the approvals of various Spot Bitcoin ETFs. An increasing number of institutions are creating their own, which will attract more investors.

The new Spot Bitcoin ETFs and the upcoming halving might propel Bitcoin even higher. However, don’t be surprised by a rollercoaster of volatility. History has repeatedly shown that Bitcoin’s peaks are brief. Significant declines typically follow them. Don’t be greedy. Enjoy your profits while they last.

Understanding Bitcoin 2024

Many investors jump on an investment because of the hype. However, Bitcoin isn’t your everyday investment. Many aspects of Bitcoin must be understood: technological, economic, and social.

As a result, make sure you’re clear on Bitcoin 2024. Don’t get caught up in the greed as many did in 2020. It caused quite a bit of panic and had some sad endings. 

Regulation

Bitcoin 2024 regulation varies worldwide, with diverse approaches by governments and regulatory bodies. Some countries have embraced it and recognize Bitcoin as a legal tender or a legitimate asset.

Others have imposed restrictions or outright bans, citing concerns about its potential use in illegal and fraudulent activities. According to some data, billions of dollars of fraudulent transactions occurred in 2023 alone.

Last year, we all heard how FTX stole billions from its customers or how a cryptocurrency scam or exchange affected the lives of thousands of people. 

However, some countries have implemented measures to bring Bitcoin within the legal framework. This includes licensing cryptocurrency exchanges, implementing anti-money laundering regulations, and establishing tax guidelines for cryptocurrency transactions.

Over time, establishing more robust regulations has the potential to instill investor confidence, dependent on the nature and structure of the rules.

Storing Bitcoin 2024

Online wallets offer users direct control over their cryptocurrency and allow easy transactions thanks to a crypto broker. However, many wallets have been hacked, and the funds have been stolen.

Some unregulated crypto brokers like FTX went bankrupt, and the funds have disappeared. Spot Bitcoin ETFs were created to increase the security around Bitcoin wallets. Financial institutions are a much safer ‘’wallet” for Bitcoin and other cryptocurrencies because they are regulated.

Using Bitcoin

How many investors buy Bitcoin to use it as a currency? Unfortunately, the majority of buyers only see Bitcoin as an investment. Bitcoin and very few other cryptocurrencies are accepted on some websites, but they are rare. Elon Musk accepted Bitcoin to buy a Tesla, which ended in 2021. 

Some believe that Bitcoin can become the Internet’s currency. It will provide anonymity and decentralization. Others believe it has the potential to replace Gold.

We are still far from these achievements. You can expect even more price movement if Bitcoin becomes a widely accepted and regulated payment method.

Investing in Bitcoin 2024

There are many ways to invest in Bitcoin, Ethereum, and other cryptocurrencies. You can invest in a mining stock, Spot Bitcoin ETF, or a futures-based Bitcoin ETF.

Bitcoin Mining Stocks

If you don’t want to invest in a Spot Bitcoin ETF or a futures-based Bitcoin ETF, here are a few stocks that mine Bitcoin and other cryptocurrencies, such as Ethereum. Many are focusing on increasing their hash rate capacity while staying environmentally friendly.

In previous rallies, their stock price has increased proportionally to Bitcoin’s. However, their growth hasn’t been as exciting during this Bitcoin 2024 rally.

Futures-Based Bitcoin ETFS

Bitcoin 2024 Rally Final Take

To conclude, Bitcoin 2024 is rallying again, and many investors will undoubtedly try to take advantage of the situation. This time, it is fueled by an upcoming halving (April 20th) and the approval of several Spot Bitcoin ETFs.

This might be an appealing investment if you can time your purchase and set stop limit orders. Bitcoin and other cryptocurrencies are very volatile and carry a lot of risk. This rally might set new all-time highs, but as history has shown, they might not last long. Invest smartly and stay disciplined!

Frequently Asked Questions

Experts predict Bitcoin 2024 could reach upwards of $400,000 by the end of the year. 

Bitcoin will always be volatile without regulation. As a result, Bitcoin 2024 may not be the safest investment. Should you trade it, make sure to use risk management and trade with a plan.  

Yes. Bitcoin will be halving in April 2024, affecting the price before and after. 

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