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BTC to Peak at $117,000 in 2024: Bitcoin Price Prediction | CoinCodex


 Key highlights:

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  • According to some number crunching AI over at CoinCodex, BTC looks primed to pop off in a big way over the next few years.
  • It predicts we could see our favorite crypto claw its way up to around $42k by 2023 before truly exploding to hit nearly $117k in 2024.
  • TradingView's technical analysts also seem cautiously confident based on their charts. Things like upward trends in the 50-day and 200-day moving averages, as well as strengthening momentum signals, make them think buyer demand will continue overwhelming reduced supply as adoption grows.

The future price of Bitcoin is a hotly debated topic in crypto circles. With such a volatile and speculative asset, it's nearly impossible to foresee market movements with full certainty. However, that doesn't stop analysts and AI from taking a stab at forecasting where BTC may head in the coming years. In this article, we'll explore predictions from two leading cryptocurrency data providers - CoinCodex and TradingView.

What CoinCodex is forecasting for Bitcoin

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CoinCodex uses an algorithm that factors in the coin's historical price data as well as the periodic halving events that reduce Bitcoin's overall supply. According to its model, BTC has the potential for strong continued growth over the next few years, with a predicted peak of $117,000 in 2024.

image showing Price prediction by Coincodex

Price prediction by Coincodex

The prediction of Coincodex models a yearly low of $28,610 for 2023 but sees Bitcoin climbing throughout the year to finish around $42,411. 2024 is forecasted to be a breakout year, with BTC potentially ranging between $28,610 on the low end up to a whopping $117,269 peak. 2025 is predicted to start around $86,000 and could hit as high as $177,384 if bullish momentum persists.

By 2030, CoinCodex estimates a worst-case floor of $148,401 but puts the ceiling at a more ambitious $265,547 should several more positive adoption cycles unfold. Of course, these are simply mathematical probabilities spit out by an AI—no model can put a crystal ball to the murky cryptocurrency waters. But it shows the potential Bitcoin's innovative technology has to continue disrupting our financial world.

What the charts are saying

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Let's check in on TradingView's technical analysis to see if the charts align with CoinCodex's optimistic outlook. Their analyst MonoCoinSignal was eyeing Bitcoin on the 4-hour timeframe when it was trading near $28,600. A mix of indicators were pointing to tentative bullishness with MACD showing strengthening momentum and RSI holding in the favorable range above 50.

image showing Price Prediction by Tradingview

Price Prediction by Tradingview

Zooming out to the daily chart, we can see MACD is bullishly positioned above its signal line, while both 50-day and 200-day simple moving averages are trending firmly upward—all constructive signs. Volume hasn't been explosive but consolidation around this level could see continued buying pressure materialize. With major exchange and institution adoption still in early stages, it isn't hard to imagine demand quickly outpacing reducing supply in the years to come.

Regulatory tailwinds

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The TradingView analyst also noted regulatory developments like the SEC ruling not to block a Grayscale Bitcoin ETF and the conclusion of the Bitcoin Amsterdam conference as potential short-term catalysts. A warmer embrace of cryptocurrency by policymakers could open the floodgates to a whole new class of investors seeking exposure. This would turbocharge Bitcoin's hype and demand cycles that have catapulted the price thousands of percent in the past.

Of course, any unpredictable moves by powerhouse regulators like the SEC or chairman Jay Powell's Federal Reserve could also send the market tumbling. But the broader trend seems to be increasingly accepting tones as the ecosystem matures and institutional quality rises. If things continue progressing gradually on this positive path, it isn't difficult to envision the catalysts for Bitcoin to sustain triple-digit price appreciation through the 2020s.

Stay cautiously optimistic

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In summarizing the forecasts, both CoinCodex's AI and TradingView's analyst communicate cautiously bullish short-term views while maintaining optimistic medium-term outlooks based on on-chain growth trends and supply dynamics. As with all speculative assets, past performance is not a guarantee of future success. But if history is any indicator, Bitcoin has proven stubborn in its resilience and ability to outperform skeptics' wildest dreams. Staying diversified yet selectively accumulating on dips could reward patient investors well in the years to come. Perhaps we'll be cheerfully sipping mojitos on the beach come that $117k prediction date in 2024! Until then, stay tuned for further price developments.

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