Bitcoin (BTC) Price Prediction 2024: Will BTC Hit $84K ATH This Year?

CryptoQuant crypto analytics platform has recently revealed its forecast according to which Bitcoin may climb to a new all-time high of $84,510

Cryptocurrency analytics platform CryptoQuant has recently shared its analysis, suggesting that Bitcoin could potentially reach a new all-time high of $84,510. This target, set by CryptoQuant's head of research Julio Moreno, marks a 16.64% increase from the current BTC price of around $72,449.

In the analysis, Moreno highlights on-chain metrics and the Trader's Realized Price Bands, indicating that the next valuation point lies at the upper band of $84,510. Market participants are observing whether BTC can reach this projected ATH or even surpass it at these price levels.

Bitcoin is close to a fresh ATH. From a valuation perspective, $84K would be the next target (the "upper" band).

Prices have recently oscillated around Bitcoin's all-time high, with the asset attempting to break through its previous ATH of $73,737 this week but ultimately trading below $73,000. However, CryptoQuant's target has garnered attention amid rising stability and optimism from both institutional and retail investors.

To reach this target, the asset would need to attain a new high, which is 14.61% higher than the previous peak set in March 2024.

Market Dominance Hits 60.14% for First Time Since 2021

Meanwhile, a recent rally by Bitcoin has also contributed to increasing the currency's market share, bringing it to around 60%, last seen in March 2021. This shift reflects a دوباره consolidation of capital into the leading cryptocurrency. According to TradingView data, Bitcoin's dominance stood at 60.14% earlier this week before slightly decreasing.

Trading at a market capitalization of slightly over $1.43 trillion, Bitcoin remains the leading digital currency and a potential safe-haven asset. Notably, Head of Digital Asset Research at VanEck Matthew Sigel anticipates that the leading crypto might experience a further boost in the future, as he expects the price of BTC to reach $3 million by 2050.

In Sigel's perspective, bitcoin is a future global reserve currency with a 2% share of the central banks worldwide. This projection considers the asset's potential in international trade and its impact on financial systems.

Sigel anticipates a mass adoption of Bitcoin within the next two decades, stabilizing in the following ten years. This outlook suggests that, if the current rate of adoption continues, Bitcoin may experience a sustained appreciation as an asset within conventional finance institutions.

MicroStrategy Aiming to Raise $42B to Boost Bitcoin Holdings

In another development, MicroStrategy, known for holding the largest bitcoin treasury among publicly traded companies, has announced its plan to raise a total of $42 billion to expand the company's bitcoin holdings.

This goal is part of the company's "21/21" strategy, aiming to raise capital through the sale of both equities and fixed income products, targeting $21 billion from each. Co-founder and Chairman Michael Saylor has stated that the company is shifting to become a bitcoin-focused financial services company, according to the company's strategy.

The strategy is part of a broader effort to acquire more Bitcoin, which MicroStrategy has already purchased for over $4 billion. The company's move and BTC strategy have propelled the stock to reach an all-time high of $235.89.