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The price of Bitcoin (CRYPTO: BTC) has soared in 2024 thanks to several catalysts including Bitcoin ETFs, more companies acquiring the cryptocurrency and expectations for a more pro-crypto White House administration with Donald Trump winning the 2024 presidential election.
As Bitcoin dips below the $100,000 level, Benzinga readers predict whether new all-time highs will be hit next or a further dip to $85,000.
What Happened: Bitcoin has reached several new all-time highs since the 2024 presidential election in November, passing the $80,000 and $90,000 levels and recently clearing the $100,000 level.
The leading cryptocurrency hit an all-time high of $103,900.47 on Dec. 4 and spent several days above the $100,000 milestone.
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Since then, Bitcoin has fallen and has struggled to pass the milestone again. Benzinga recently asked readers which price milestone they think Bitcoin will hit next.
“Which level is Bitcoin more likely to reach next: $105,000 or $85,000?” Benzinga asked.
The results were:
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$105,000: 63%
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$85,000: 37%
The majority of readers polled see Bitcoin reaching all-time highs of $105,000 before the leading cryptocurrency trades back down to $85,000, if it ever goes that low again.
Bitcoin last traded at $85,000 or below one month ago on Nov. 11.
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What’s Next: Bitcoin is up 123% year-to-date in 2024, which ranks higher than leading stock indexes and many assets. While many would be happy with ending the year up over 100%, the fact that Bitcoin recently passed $100,000 and the move was short-lived could have investors wanting more.
Benzinga recently asked readers what price they thought Bitcoin would end 2024 at. The results were:
The range of $100,000 to $120,000 won the poll with 40% of the vote. Adding in the 12% of respondents who said Bitcoin would trade over $120,000 at year-end and a majority (52%) of voters see a six-figure price to close out the year.
