Popular trader Bitcoin Jack expressed doubt about BTC hitting $42,000, pointing out that the Binance and ETF news failed to significantly alter market dynamics
Bitcoin (BTC), the world’s largest digital asset currently trading at $37,704 has experienced significant volatility since its inception. As we look ahead to 2024, investors, enthusiasts, and analysts are beginning to unveil their predictions for the future price of Bitcoin.
Binance Woes and BTC ETF Optimism on Bitcoin’s Price
The recent regulatory shocker involving a $4.3 billion fine and Changpeng Zhao’s resignation as CEO at Binance sent ripples through the crypto market. Accordingly, Bitcoin experienced a dip to one-week lows, only to rebound swiftly to near 18-month highs within 24 hours.
Some speculate that this regulatory action was a strategic move to pave the way for the first US spot Bitcoin Exchange-Traded Fund (ETF), a remarkable moment that could transform the crypto ecosystem. Despite the optimism surrounding the ETF narrative, not everyone in the crypto space is convinced that its approval will trigger a parabolic Bitcoin price reaction.
Popular trader Bitcoin Jack expressed doubt about BTC hitting $42,000, pointing out that the Binance and ETF news failed to significantly alter market dynamics. He suggested that $30,000 could still come back into play, highlighting the importance of monitoring support levels.
Other analysts, like Filbfilb, co-founder of trading suite DecenTrader, conducted a social media survey with a near 50/50 split on whether Bitcoin could hit $40,000 or $30,000 first. The uncertainty reflects mixed sentiments in the market, with various opinions on the potential impact of regulatory developments.
Similarly, Titan of Crypto, a popular social media trader, reiterated his pre-halving price target of $50,000. This aligns with his forecast made a year ago, anticipating a price range between $39,000 and $50,000 for BTC before the halving.
On the extreme end of the spectrum is Samson Mow, CEO of Bitcoin adoption firm Jan3, who suggested in a recent post that Bitcoin could not only hit $1,000,000 per coin as a result of the potential spot ETF approval but that hodlers predicting anything less would be in for a pleasant surprise.
ChatGPT’s 2024 Outlook on Bitcoin’s Price
Amidst the uncertainties, ChatGPT, a Large Language Model-based chatbot developed by OpenAI, offers a compelling perspective on Bitcoin’s potential trajectory in 2024. It points to key catalysts, including the launch of spot BTC ETFs by major financial players like BlackRock Inc (NYSE: BLK), which could enhance accessibility and legitimacy, attracting a new wave of investment.
Additionally, ChatGPT highlights the significance of the Bitcoin halving event scheduled for April 2024, historically preceding explosive bull runs. According to ChatGPT’s analysis, conditions are favorable for Bitcoin to retest its former all-time high before the halving. Post-halving, an even more ambitious target of $70,000 to $100,000 is suggested if institutional ETF demand materializes.
Technical analysis also plays a role in shaping predictions. CryptoCon, a crypto analyst and trader, identifies the breaking of the Fair Value Layer resistance as a significant development. The analyst highlighted that this, coupled with potential ETF approval, could propel Bitcoin towards levels above $60,000, with minimal apparent resistance until $61,156.