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What is AllianceBernstein’s forecast for Bitcoin (BTC) price in 2024?

Bitcoin’s price trajectory in 2024 has attracted a lot of attention. Especially considering the potential approval of a spot Bitcoin ETF (exchange-traded fund).

Some analysts are predicting a landmark year for Bitcoin and predicting a possible rise to all-time highs.

AllianceBernstein Bitcoin Price Prediction

Optimism about Bitcoin (BTC) performance in 2024 is the result of a combination of factors. Notably, Bitcoin rose more than 150% in 2023 and reached $45,913 in early 2024, its highest level since April 2022.

Despite the price gains, Bitcoin remains more than 30% below its all-time high set in 2021 (around $68,990).

Learn more: What is a Bitcoin (BTC) ETF?Beginner’s Guide

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

The U.S. Securities and Exchange Commission (SEC) is expected to rule on applications from well-known companies such as ARK Investments on January 10.

This approval may be echoed by other asset managers, e.g. BlackRock and Fidelitymay herald a new era of institutional investment in Bitcoin, pushing its price towards $80,000.

Bitcoin (BTC) price performance.
Bitcoin (BTC) price performance. Source: TradingView

Gautam Chhugani and Mahika Sapra Computing By 2024, total inflows will be approximately $15 billion. By 2028, they expect 10% of Bitcoin to be held in ETFs. As a result, there will be significant changes in how this cryptocurrency is traded and stored.

“We expect 2024 to be an inflection year for cryptocurrencies. The accumulation of Bitcoin ETF traffic may be gradual, but claimants will fight to gain an advantage in this game of massive asset accumulation, fine-tune Bitcoin advertising and branding, This leads to a snowball effect,” they noted. AllianceBernstein Analyst.

Another major event on the horizon is the Bitcoin halving, scheduled for April 2024.Historically, such events halved, which reduced the rewards for mining Bitcoin, causing the price to rise significantly in the following months. AllianceBernstein expects this pattern to repeat itself, further fueling Bitcoin’s gains.

Likewise, Robert Kiyosaki, author of Rich Dad, Poor Dad, stresses the importance of the next generation. halved Bitcoin. He urged investors to pay attention to this important development.

“If you want to get rich, you must have rich friends, or at least friends who want to get rich. The Bitcoin halving is coming. Please pay attention to the Bitcoin halving, gold, and silver in January, February, and March. Please Choose your friends carefully,” Kiyosaki emphasized.

AllianceBernstein: Other cryptocurrencies also look promising

The broader cryptocurrency market is also showing promise. AllianceBernstein expects the Ethereum ETF to be approved in June 2024. As a result, Ethereum has the potential to become the only other cryptocurrency to have direct investment in exchange-traded funds.

James Seyffart, Bloomberg ETF Analystexplained that this expectation is based on the SEC’s decision last year to allow Ethereum futures ETFs. This is an indirect act of classifying Ethereum as a commodity.

He stressed that the SEC did not question Ethereum’s classification during the Commodity Futures Trading Commission’s (CFTC) ETF registration process. sefat Mentioned:

“The CFTC blatantly calls Ethereum a commodity. They don’t call it a value. (…) The SEC has approved an Ethereum futures ETF. So Gary Gensler won’t make it clear whether Ethereum is a security or a commodity, but in In their actions, by approving these Ethereum futures ETFs, they are implicitly accepting these Ethereum futures as commodity futures.”

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

This bullish outlook for Bitcoin, Ethereum The cryptocurrency market in general is shared by several industry experts and opinion leaders.

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

on the other hand, Denelle Dixon, CEO, Stellar Development Foundation, Predicting prosperity Tokenization and blockchain-based transactions to increase global financial inclusion.

Paul Brody, Global Leader Blockchain EY remains optimistic about the growth of the cryptocurrency ecosystem due to the EU’s implementation of Markets in Crypto-Assets (MiCA). Seth Ginns, managing partner of CoinFund, believes that the boom of altcoins may overshadow Bitcoin.

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Disclaimer

Disclaimer: BeInCrypto is committed to providing unbiased and transparent reporting in accordance with the Trust Project Guidelines. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article.

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