What price does AllianceBernstein predict for Bitcoin (BTC) in 2024?

Bitcoin’s price trajectory in 2024 is attracting a lot of attention. Especially in light of the potential approval of spot Bitcoin ETFs (exchange-traded funds).

Many analysts predict that this will be an important year for Bitcoin and foresee a potential rise to new all-time highs.

alliancebernstein bitcoin price prediction

The optimism surrounding Bitcoin (BTC) performance in 2024 is due to a confluence of factors. Notably, Bitcoin surged more than 150% in 2023, with an impressive rally reaching $45,913 in early 2024. This is its highest level since April 2022.

Despite this price increase, Bitcoin remains more than 30% below its all-time high of around $68,990 set in 2021.

Read More: What are Bitcoin (BTC) ETFs? a beginners guide

Analysts at AllianceBernstein, a global asset management firm with $669 billion in assets under management, highlighted several key drivers for Bitcoin’s anticipated growth. The first is the potential approval of a Bitcoin spot ETF, a highly anticipated development by the cryptocurrency community.

The US Securities and Exchange Commission (SEC) is expected to rule on the applications of major companies like ARK Investments by January 10.

This endorsement, which is likely echoed by other asset managers BlackRock and FidelityThis could usher in a new era of institutional investment in Bitcoin, driving its price to $80,000.

Gautam Chhugani and Mahika Sapra calculate The total inflow by 2024 will be around $15 billion. By 2028, he expects 10% of Bitcoin to be held in ETFs. As a result, there will be a significant change in the way this cryptocurrency is traded and stored.

“We expect 2024 to be an important year for cryptocurrencies. The accumulation of Bitcoin ETF inflows may be gradual, but contenders will have to work hard to gain an edge in this game of large-scale asset accumulation, Bitcoin advertising and branding fix, creating a snowball effect.’ ‘ AllianceBernstein analysts say.

Another major event on the horizon is the Bitcoin halving scheduled for April 2024. Historically, such to halve, which reduced the rewards for mining BTC, leading to a substantial increase in prices in the following months. AllianceBernstein predicts that this pattern will repeat itself, further fueling Bitcoin’s growth.

Similarly, Robert Kiyosaki, author of “Rich Dad, Poor Dad”, highlighted the importance of the next coincidence Of Bitcoin. He urged investors to pay attention to this important development.

“If you want to be rich, it’s important to have rich friends or, at least, friends who want to be rich. The Bitcoin halving process is fast approaching. Please pay attention to the influx of Bitcoin, gold and silver in January, February and March. Please choose your friends carefully,” Kiyosaki stressed.

AllianceBernstein: Other cryptocurrencies also look promising

The broader cryptocurrency market also looks promising. AllianceBernstein expects an Ethereum ETF to be approved in June 2024. Therefore, Ethereum could potentially become the only other cryptocurrency with a direct investment exchange-traded fund.

James Seifert, ETF analyst at Bloomberg, noted that this anticipation is based on the SEC’s decision last year to allow Ethereum futures ETFs. This was an action that indirectly classified Ethereum as a commodity.

He highlighted that the SEC has not questioned Ethereum’s classification during the ETF registration process at the Commodity Futures Trading Commission (CFTC). seifert mentioned:

“The CFTC is clearly calling Ethereum a commodity. They don’t call them values. (…) The SEC has approved an Ethereum futures ETF. So, again, Gary Gensler will not explicitly say whether Ethereum is a security or a commodity, but in his action, by approving those Ethereum futures ETFs, he is indirectly acknowledging those Ethereum futures as commodity futures. Are.

Read More: Bitcoin (BTC) Price Prediction: 2023, 2024 and 2035

This bullish outlook on Bitcoin, Ethereum And the cryptocurrency market in general is shared by many experts and opinion leaders in the field.

For example, Lindsey Lee, investor at Bessemer Venture PartnersHighlighted the role of decentralized formation of large language models (LLMs) and verification of ownership of AI-generated content in boosting the cryptocurrency market.

On the other hand, Danelle Dixon, CEO of Stellar Development Foundation, predicted bullishness tokenization and blockchain-based transactions, improving global financial inclusion.

Paul Brody, global leader blockchain EY remains optimistic about the growth of the cryptocurrency ecosystem due to the implementation of the Markets in Crypto Assets Regulation (MICA) in the EU. For his part, Seth Ginns, managing partner of Coinfund, believes in a surge in altcoins that could overshadow Bitcoin.

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