Bitcoin Price Predictions for 2024 From Crypto Big Names, Hit or Miss?
2024-12-25
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As 2024 comes to an end, so does the timeline for several price predictions for bitcoin (BTC) from big names and companies in the crypto industry. While new reports are emerging with price forecasts and expectations for 2025, examining how well previous predictions performed is essential.
Several experts and market analysts expected BTC to rally well above $100,000 by the end of the year, while others underestimated the potential effect of the ongoing bull season and predicted that the leading cryptocurrency would remain below $100,000. Regardless, BTC hit a new high of $108,200 about a week ago and was trading at $98,000 by press time.Experts’ BTC Predictions for 2024
Some crypto executives were off the mark with their predictions, while others narrowly missed the target.
In October 2023, Arthur Hayes, the co-founder of the crypto exchange and derivatives trading platform BitMEX and founder of the family office Maelstrom Fund,forecastedthat BTC would end 2024 at around $70,000 based on several economic factors. He also stated that BTC would be worth between $750,000 and $1 million by 2026 as financial assets experience an unprecedented boom.
Hayes’ prediction fell short as BTC has traded above $100,000 over the past few weeks. It remains to be seen if the 2026 forecast will come true, although that would be unlikely because the bear season is expected to kick off that year.Hit or Miss?
Several industry experts changed their predictions as they monitored Bitcoin market dynamics in this bull season.
One such analyst is Robert Kiyosaki, the author of the best-seller Rich Dad, Poor Dad. He initiallypredictedthat BTC would be worth $300,000 by the end of 2024 but eventuallychangedhis prediction to $105,000 by August 2025. Fortunately, his prediction fell a bit closer to bitcoin’s current price.
Another financial executive is venture capital investor Tim Draper, who predicted that BTC would be worth $250,000 by year-end in April but retracted and changed his prediction to $120,000. BTC has yet to rally past $110,000.
Furthermore, Mike Novogratz, the CEO of the crypto investment firm Galaxy Digital, predicted in 2021 that BTC would surge to $500,000 in 2024. However, in March 2024, the prominent Bitcoin advocate adjusted his year-end forecast to $100,000.
Meanwhile, the crypto industry is looking forward to heavier predictions for bitcoin’s future price. Cathie Wood, the founder and CEO of the asset manager Ark Invest, says BTC will be worth $500,000 by 2026 and $1 million by 2030. On the other hand, Michael Saylor, founder and executive chairman of the business intelligence firm and largest corporate BTC holder, MicroStrategy, sees BTC at $13 million by 2045.