What Should You Expect for the Bitcoin Price by the End of 2024?
A very specific indicator could help you better anticipate Bitcoin's price action at the end of 2024.
The price of Bitcoin is once again over the symbolic $100K mark.
After a light correction a few days ago, which purged the market, the price of Bitcoin is once again climbing towards uncharted territory.
$1.1B Liquidated in Just a Few Hours: Bitcoin Hits a Low of $93K. What’s Going on?
December 4, 2024, will go down as a very special day in the history of Bitcoin and probably of humanity. It's the day Bitcoin breaks the $100K barrier for the first time.
This correction will have purged the market, as the saying goes.
The big question on everyone's mind now is whether the price of Bitcoin will soar again between now and the end of 2024. For 2025, everything seems already written, and the price of Bitcoin will be heading north.
What's most surprising at the moment is that, with the price of Bitcoin hovering around $102K, retail investors remain curiously cautious and aloof. There is no euphoria for the moment, as we've seen in similar situations in the past.
The existence of Bitcoin Spot ETFs may explain this. Some people prefer to invest via these vehicles instead of buying Bitcoin on the spot market and taking possession of their private keys. This is a monumental mistake, but unfortunately, apart from repeating it repeatedly, there's not much more we can do.
Just consider that American Bitcoin Spot ETFs hold over 1.1 million BTC on behalf of their clients:
BlackRock now owns over 524K Bitcoins, and this figure will continue to grow over the coming weeks and months. Well, when I say “owns”, I'm abusing the term, since everyone knows that Coinbase is responsible for storing BlackRock's Bitcoins.
This is a subject I've wondered about on several occasions throughout 2024:
Why Doesn’t BlackRock Directly Ensure the Security of the Bitcoin It Holds for Its Clients?
No, BlackRock Does Not Own 1% of the Total Bitcoin Supply. Here’s Why.
Right now, it's interesting to analyze on-chain data to understand what's going on in the Bitcoin market and try to anticipate what might happen between now and the end of 2024.
It's always a perilous exercise, but it's an interesting one. Incidentally, my article detailing all the on-chain indicators you need to know about Bitcoin is available here:
Overview of the On-Chain Indicators You Need to Know in the Bitcoin World.
I'm a Bitcoiner, so I’m convinced of the future success of the Bitcoin revolution.
Keep reading with a 7-day free trial
Subscribe to In Bitcoin We Trust Newsletter to keep reading this post and get 7 days of free access to the full post archives.