Bitcoin had its highest daily close on March 4 at $68,245, surpassing its previous record close of $67,525 on November 8, 2021. The world’s first cryptocurrency is up over 18% on the weekly chart and over 55% on the monthly chart.
Does this mean that the Bitcoin price is on track to reach $100,000 by the end of the year? Some analysts expect an even higher price level, while others expect a local peak at the all-time high price resistance of USD 69,000.
ETFs could drive the BTC price to over USD 100,000 by the end of 2024
According to a research report by Bitfinex analysts shared with Cointelegraph, the new price-independent demand introduced by Bitcoin exchange-traded funds (ETFs) in the US will help the world’s largest cryptocurrency break through its previous all-time high. In particular:
“Our analysis forecasts that a conservative price target of $100,000 to $120,000 should be reached by the fourth quarter of 2024 and that the peak of the cycle will be reached sometime in 2025 in terms of total crypto market capitalization.”
BTC/USD 1-Day Chart, Source: TradingView
Bitcoin rose 2.85% in the 24 hours to 9:25am UTC, trading at $66,799. Bitcoin’s price was inches away from $69,000 on March 5, but fell $150 short of breaking through its all-time high and psychological price level.
While the Bitcoin price typically consolidates immediately after the quadrennial halving events, it reaches its best performance the following year, which could help Bitcoin break through the $100,000 mark, Vetle Lunde, a senior analyst at K33 Research, told Cointelegraph.
“Based on past performance data alone and the diminishing effects of halving rallies, Bitcoin could see a rally of 130-150% in the year following the halving, leading to a peak in the $125,000 to $150,000 range in 2025.”
Bitcoin’s rising price performance comes a day after MicroStrategy, the largest corporate holder of Bitcoin, announced plans to raise $600 million as part of its plans to buy more BTC. The funds will be issued in the form of senior convertible notes, according to a March 4 post by CEO Michael Saylor.
Most well-known Bitcoin analysts are optimistic about Bitcoin in the near future. On March 1, pseudonymous quantitative analyst PlanB predicted that the Bitcoin bull market won’t start for another 10 months with a “melting FOMO”.
In addition, Willy Woo, Bitcoin analyst and managing partner at CMCC Crest, said that the current rally is just a warm-up phase and that the “full fundamentally-driven bull market” has not even started yet.
Is a Bitcoin price correction coming amid “extreme greed”?
The Crypto Fear and Greed Index, a multi-factor measure of sentiment in the crypto market, rose to a three-year high of 90, indicating “extreme greed” and higher chances of a correction. The last time the index was above 90 was in February 2021, followed by a local peak in the spring.
Furthermore, Bitcoin prices could still see a drop to below $44,000 in 2024, according to technical analysis from pseudonymous Bitcoin analyst Dave the Wave, who stated in a March 5 X post:
“While I’m comfortable with an indefinite future and we are currently technically and potentially at a pivotal point with resistance at prior highs, the default option has to be to hold on to the continuation of the parabolic move until it at least reaches the bold dotted line is broken.”
Bitcoin’s high funding rate also raises the possibility of an eventual correction and suggests a heavy use of leverage that could eventually lead to cascading liquidations. According to Coinglass data, Bitcoin’s funding rate on Binance, the world’s largest crypto exchange, has reached a multi-year high of 0.0995%.
3 Alternative Cryptocurrencies for Long Term investment in 2024
Here is the list of 3 best alternative cryptocurrencies for long term in the Crypto world:
- 5thScape (5SCAPE)
- Solona
- Dogecoin
Let us study about each of them in detail to know why they are referred to as the best alternate crypto coins for long term investment in detail. This detail will give you a brief idea about each project and help you decide whether to invest in them.
1. 5thscape: The Best Cryptocurrency with Game-Changing Virtual Reality Tech of 2024
The 5thScape project has emerged as a strong player in the Virtual Reality world. 5thscape, built using blockchain technology, enables users to buy, sell, and trade virtual assets on its decentralized metaverse.
Click here to visit the 5thScape>>
The project use case is not limited only to VR and 3D gaming but expands to education, healthcare, entertainment, and enterprise training. With the innovative approach to entering different markets and addressing their problems with modern-time solutions, this project has a high potential to grow your wealth in the upcoming years.
It offers an opportunity to add this digital currency to your crypto portfolio and diversify your long term investments. This type of well-thought-out and diversified portfolio not only increases your probability of profit but also helps mitigate risk.
2. Solona (SOL)
Solana has rapidly gained attention due to its high-performance blockchain technology. It offers lightning-fast transaction speeds and low transaction fees. Its innovative Proof of History (PoH) consensus mechanism enables scalability without compromising on decentralization. With a focus on supporting decentralized finance (DeFi) and Web3 applications, Solana has attracted a growing community of developers and users. Its ecosystem includes projects ranging from decentralized exchanges (DEXs) to non-fungible token (NFT) platforms, making it a promising crypto currency for long-term among the best cryptocurrencies to invest in 2024.
3. Dogecoin (DOGE): The Memetic Cryptocurrency with a Cult Following
With a ticker DOGE launched in a meme coin category featuring the Shiba Inu Dog, Dogecoin was a light-hearted meme joke. Within a short span after its launch, the coin gained a lot of supporters and investors due to its fun and inclusive nature.
With the increasing number of investors today, this coin is a legitimate digital currency with a well-established global ecosystem of users and merchants. The transaction cost of this coin is low.
Therefore, it is widely used for giving tips and donations, which reflects the generosity of the community. Unlike the tether, this coin does not have a stable price and can face volatility due to factors such as market sentiment. Dogecoin continues to attract global investors and showcases its enduring presence in the crypto world.
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