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Bitcoin: towards a stratospheric surge in crypto prices ?

© Unsplash/André François McKenzie

The cryptocurrency market is expected to take off during this year 2024. This is in any case the optimistic forecast of Brad Garlinghouse, CEO of the startup Ripple, one of the players in the sector. Questioned by our colleagues from CNBC, he points to two simultaneous movements at work which have an upward influence on the price of cryptos.

A doubling of the market from 2024?

He cites in particular macroeconomic factors and especially the arrival of the first bitcoin exchange-traded funds (ETFs). These allow you to invest in this cryptocurrency without holding it directly. The second movement at work is the halving of bitcoin.

This is above all a technical procedure which occurs approximately every four years. It will halve the reward granted to bitcoin miners. The last time this happened in 2020, the price of this cryptoasset had soared.

From then on, Brad Garlinghouse doesn't beat around the bush& ;nbsp;:

I've been in this industry a long time and have seen these trends come and go. I am very optimistic. I think macro trends, big picture things like ETFs, are generating real institutional money for the first time. You see that this stimulates demand and at the same time demand increases and supply decreases. You don't have to be an economics expert to know what happens when supply contracts and demand increases.

He therefore predicts a doubling of the total capitalization of cryptocurrencies. If this happens, it would increase from 2.6 trillion dollars currently to 5.2 trillion dollars this year.

Different opinions

Of course, it is by definition impossible to be certain, and many predictions related to cryptocurrencies are off the mark. We can also recall that other experts are not as optimistic.

To cite just one example, last February, Michaël van de Poppe, CEO and founder of MN Trading Consultancy, on the contrary expected an imminent correction in the price of Bitcoin.

He explained: “I'm not sure where this will come from, but given the data, it's reasonable to suspect that markets peak between 53,000 and 58,000. nbsp;000 $ and from there undergo a correction of 20 to 40 %.”

For l At the moment, such a movement has not yet occurred and Bitcoin is worth more than $72,000 at the time of writing.

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Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116