Indications are that bitcoin may witness a massive surge, estimated to reach a record high near USD 160,000, as a result of a combination of historical stimuli and behaviors. This positive performance is expected to be part of a widespread bull market, which, according to analysts ‘ analysis, is likely to occur in 2024.
This prediction comes in the context of bitcoin rising above the USD 44,000 level in the last few hours, although it has retreated slightly from this level at the time of writing.
Demand for bitcoin is expected to be high by many exchange-traded investment funds (ETFs) in the United States. The upcoming halving event and growth in the stock markets are also expected to have a positive role in boosting bitcoin prices to levels above USD 50,000 in the short term, according to a report by CryptoQuant.
The report explained that the bitcoin and cryptocurrency markets may experience a positive year in 2024, with positive influences from the market valuation cycle, network activity, Bitcoin halving, and macroeconomic indicators. ETFs will also have an important role to play, along with increasing the liquidity of stablecoins.
According to the report,the assessment on the smart chain and network metrics indicates the strength of bitcoin within the bull market, and the currency is expected to target the levels of 54,000 dollars in the medium term and 160,000 dollars as its highest price in this cycle.
