Experts Revise Bitcoin Forecasts for 2024

Former BitMEX CEO Arthur Hayes has abandoned his previous forecast of bitcoin falling below $35,000 and now anticipates a new all-time high this year.

Earlier this year, Hayes highlighted several factors negatively impacting the price of the leading cryptocurrency:

• the policy of the Fed and “excessive” inflation;
• conflicts in the Middle East, including clashes in Yemen;
• the US presidential elections.

At that time, he revealed that he had purchased put options expiring on March 29 with a strike of $35,000.

In an interview with Crypto Banter, Hayes noted that he no longer expects a significant correction in the foreseeable future.

“[I] am definitely optimistic until the end of the year. I think bitcoin will reach a record $70,000 by the end of the year,” the expert emphasized.

He explained the purchase of puts by anticipating stress in the US banking sector and a repeat of the March 2023 situation. Hayes expected a price drop below $40,000.

In late January, this indeed occurred, but the lack of further downward momentum eventually forced him to close the position due to the “killing premium,” he admitted.

The specialist still expects central banks to resume fiat money issuance due to issues in the commercial real estate sector, which could lead to further financial institution collapses.

CryptoQuant Anticipates a Doubling

CryptoQuant CEO Ki Young Ju is even more optimistic than Hayes. According to the expert, digital gold could rise to $104,000–112,000 this year due to high interest in spot bitcoin ETFs.

#Bitcoin could reach $112K this year driven by ETF inflows, worst-case $55K.https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b

— Ki Young Ju (@ki_young_ju) February 11, 2024

The specialist extrapolated January inflows into products ($9.5 billion) for the entire year and calculated a realized capitalization increase of $76–114 billion. In his view, the growth momentum will be sustainable despite outflows from the GBTC.

In the worst-case scenario, the CryptoQuant CEO expects the price of the leading cryptocurrency to rise to $55,000–59,000.

Is It Too Late to Buy?

SkyBridge Capital founder Anthony Scaramucci urged not to hesitate about opening a long position on bitcoin, despite the price holding above $50,000.

With #Bitcoin back over $50k, average investor again wondering: “did I miss buying opportunity?” Answer is hard “no.” Interest rates falling, spot ETFs driving billions in new flows, halving two months away. Face-ripping rally incoming IMO.

— Anthony Scaramucci (@Scaramucci) February 12, 2024

“The average investor is again wondering: ‘Did I miss the buying opportunity?’ It’s hard to say ‘no.’ Interest rates are falling, spot ETFs are attracting billions in new investments, and the halving is two months away. In my opinion, a ‘face-ripping’ rally is coming,” the financier wrote.

Earlier, slower-than-expected inflation led to the postponement of the Fed’s key rate cut expectations from May to June, but it had limited impact on bitcoin.

Previously, options traders bet on a digital gold rally to the $65,000 level in the second quarter.