Why is Bitcoin soaring these days? Expert’s outlook for 2024!

Over the past couple of months, Bitcoin has picked up a tremendous pace in the market. In October 2023, the crypto surged from 27,967 dollars to 35,000 dollars.

This trend was the first stable uptick BTC encountered after May 2022. The crypto continued this surge for a while, primarily because of the buzz surrounding the US ETFs. Now, Bitcoin is comfortably trading above the 42,000-dollar mark.

The anticipation regarding Bitcoin ETFs generated a positive market outlook that lifted the entire crypto market. In February 2024, the momentum has slowed a bit, but Bitcoin has found a solid foothold above 42,000 dollars.

Besides the ETF hype, Bitcoin enthusiasts are also waiting for its fourth halving process. Scheduled for April 2024, the halving process will reduce BTC’s available supply and mining rewards. Traditionally, experts have associated Bitcoin halvings with a price boost.

The process limits BTC’s supply, making the coins even more scarce. In addition, previous halving events have been followed by huge price hikes in Bitcoins, although not instantly but surely. Above all, an activity as huge as halving attracts new investors to the market, creating a price surge.

Thus, it is natural for traders to worry about Bitcoin price prediction with a halving due in a couple of months. Currently, Bitcoin is performing at 63 on the fear and greed index. The metric represents the overall sentiment surrounding an asset using different data sources. A score of 63 shows decent demand for Bitcoin, slightly tilting toward the greed level.

According to experts, BTC is expected to trade around 57,500 dollars before 2024 ends. The number is bound to fluctuate based on the technological changes that halving will bring. However, the positive sentiment that cryptocurrency carries can easily outperform these difficulties.

Moreover, the market is yet to fully capitalize on the benefits enabled by Bitcoin ETFs. While the ETFs have been highly anticipated, they have yet to deliver the intended results. The duo will facilitate significant outcomes when merged with the hype of BTC’s 4th halving.

Overall, the expert outlook for Bitcoin in 2024 is highly optimistic. The crypto market has upcoming major updates, with cryptocurrencies becoming more popular. However, traders must keep monitoring market developments, given the dynamic nature of the crypto industry.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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