Bitcoin (BTC) Price Prediction: Will BTC Recover and Hit $70K by End of 2024?

The crypto market has seen incredible transformations over the years, and it transcends the traditional economy for many reasons, including the decentralized nature of the blockchain that brings incredible benefits and considerably high returns for investors who have been dedicating their time to the advanced technology. The volatility of cryptocurrencies has always been a concern, but recently, the market has faced some challenges that have made many traders question the reliability of the web3. The most affected coin by this sudden crash is Bitcoin, the gold of the digital world that has been underperforming for weeks, but recently, it dropped below 50k, making crypto-enthusiasts rethink their choices. However, considering the history of the currency, it’s safe to say that there is a high hope for a recovery of the popular coin because, after every downfall, BTC got back on track with new improvements and a better perspective. So, what are the reasons behind this downfall, and what should we expect in the upcoming period? In this article, we are going to analyze the current situation of the crypto market:

29 November 2024

The crypto market has seen incredible transformations over the years, and it transcends the traditional economy for many reasons, including the decentralized nature of the blockchain that brings incredible benefits and considerably high returns for investors who have been dedicating their time to the advanced technology. The volatility of cryptocurrencies has always been a concern, but recently, the market has faced some challenges that have made many traders question the reliability of the web3. The most affected coin by this sudden crash is Bitcoin, the gold of the digital world that has been underperforming for weeks, but recently, it dropped below 50k, making crypto-enthusiasts rethink their choices. However, considering the history of the currency, it’s safe to say that there is a high hope for a recovery of the popular coin because, after every downfall, BTC got back on track with new improvements and a better perspective. So, what are the reasons behind this downfall, and what should we expect in the upcoming period? In this article, we are going to analyze the current situation of the crypto market: 

Bitcoin (Image source: https://www.pexels.com/search/bitcoin/ worldspectrum)

Why is Bitcoin crashing? 

The crash of the crypto market took the world by storm, and investors are now waiting for the comeback of the most popular currencies. In fact, this recovery seems to be already happening because most traders probably took the downfall of Bitcoin as an opportunity to buy the currency so that they can resell it when it is back on track with a higher price. So, if you want to see what would be next for the popular coin, you can check bitcoin price prediction on a trustworthy platform that analyses the charts and forecasts the future of the coin. Experts believe that one of the main reasons for the crypto downfall is the current situation in the traditional market, which gives warning signs about the potential losses on risk assets like crypto, making investors shift to safer alternatives. This economic fear is affecting the market significantly, bringing uncertainty to the crypto world. Still, there are also some other factors influencing this downgrade, like the Japanese yen-dollar carry trades, for which investors are now closing positions to repay debts after the growth of the currency after a long time. Also, the liquidation of long positions indicates the overly bullish sentiment of investors, and since the market moves against their positions, the event triggers a downward price movement for the most influential coins in the digital world, starting from bitcoin and, hence, the altcoins that usually follow the trends of the path of the leader. 

Bitcoin predictions 

The current situation of the crypto market is leaving investors with a bearish sentiment toward the leader, Bitcoin. In fact, it has recently seen a significant drop. In the last days of July, BTC was near its highest point, reaching almost $70k, but just a week later, its value downgraded to $ 54k, which made the bullish sentiment a faraway reality for traders. Before the crash, Bitcoin was in the spotlight for the bull run, and investors got ready for the high return the currency has been promising. So, what’s next? Analysts predict a volatile period, but considering the high demand for the coin during its downfall, we hope for an incredible recovery by the end of 2024; after that, BTC may follow an upward trend for a long time, pushing altcoin to a new milestone as well, because the most popular coins like Ethereum, Solana, Cardano. Dogecoin, Ripple, and Litecoin are historically tied to the performance of Bitcoin. So, to see a full recovery of BTC, we expect more clarity on governmental regulations regarding the crypto market, a broader institutional involvement to boost the reputation of the digital coins, and the overall improved market sentiment to recreate the bullish trend that encourages more investors to invest in the virtual world. 

How BTC underperformance affects altcoins 

Unsurprisingly, since the Bitcoin crash, many altcoins have gone down by up to 50%. Bitcoin is the most influential coin in the market, and its performance usually drives the trends, so when it brings great expectations, it’s more likely for altcoins to grow as well, as the leader of the digital market encourages investors to embrace other currencies as well to create a balanced portfolio and make more profit. The struggles of BTC have been affecting the top coins of the network, including Ethereum, which has seen a 22% drop, XRP and Dogecoin dropped by 15%, and Solana by 11% in the past 24 hours. However, on the same day, the demand for the currencies (including Bitcoin) has increased, slightly pushing the coins to growth, which promises further upward trends considering the interconnection between demand and crypto price movements. 

Is it time to buy Bitcoin? 

Considering the recent activity on the market, we can say that many investors have been taking advantage of the drop in BTC to buy the currency and then hoping