Bitcoin Price Prediction: Where it’s Going (March 2024)
In February 2024, Bitcoin lovers everywhere rejoiced as Bitcoin ETFs were approved across the United States. Not only that, but the price began to rise steadily as institutions and investors purchased Bitcoin for their portfolios.
But what is next for Bitcoin? We’ve got our price predictions below, so keep reading.
Bitcoin Prices Right Now
Over the past several weeks, Bitcoin prices have found an all-time high at over $70,000 USD per coin. Several analysts predict that this is a peak only, and that the prices will continue to drop, though not below $50,000.
The reason for this suspected drop is that there is almost always a price correction when these types of events happen. People buy Bitcoin for various reasons, some as an investment, and others for the purpose of reselling at a profit.
When Bitcoin has a long valley in price, such as it just did during 2022 and 2023, there are people who will sell immediately when the price peaks. This will cause a light dip, which will be further exaggerated when people who wanted to sell but weren’t sure where the price would peak, see that the price is dropping.
That being said, there is no reason to fear because while some buyers buy with the intent to sell, many buy with the purpose of an investment. This means that while there might be a dip due to the aforementioned selling, we expect that there is a firm floor of institutional investors that will support the price.
Will the Price of Bitcoin Continue to Rise?
Despite the expected dip, experts are currently overall bullish on Bitcoin. In fact, two analysts, Gautam Chhugani and Mahika Sapra, when interviewed by Bitcoin.com, stated that they expect Bitcoin to reach all time high of $150,000 per coin this year.
They base their prediction on the fact that Bitcoin integration into portfolios is really an all-new technology. Bitcoin is currently expanding into a space where it hasn’t been before, one that is more stable than its previous integrations, and analysts suspect this will be altogether good for the currency.
These two analysts aren’t alone, as others working for Bernstein, predict the same. They suspect that the increase in popularity, combined with the quick approaching halving event for Bitcoin, will solidify Bitcoin’s future both in price and as a traditional investment instrument.
Bitwise’s CEO, Matt Hougan, is even more bullish on Bitcoin, and he thinks investors could see $200k per coin this year. While we aren’t quite as bullish as he is, we do think that $200k is in the realm of possibilities.
Related: The Upcoming Bitcoin Halving Event
When is the Best Time to Buy Bitcoin?
Of course, it is easy to look back and regret that you didn’t buy Bitcoin when it was a fraction of a penny per coin. Hindsight is always 20/20. That being said, instead of sitting around and moping that you found Bitcoin ‘too late,’ it's important to consider an investment right now.
If you want to invest in Bitcoin, the best time to get involved is now, before It truly takes off. Of course, there could be a small price correction in this recent bull run, but overall, that won’t matter in the grand scheme of things if Bitcoin truly hits $200k in the next couple of years.
Keep in mind, that investing in Bitcoin is always a risk, and that you will need to be in it for the long run to truly experience the benefits. If you are someone who snap sells the minute the markets drop a bit, then this isn’t for you.
While Bitcoin is considered the ‘gold’ of crypto, it’s important to acknowledge that it isn’t a get-rich-quick scheme. You won’t be able to quit your job tomorrow, and certainly not next week. In fact, we suspect it will take years to pay off. So, if you are looking for something to get rich with now, keep looking.
Where is the Best Place to Buy Bitcoin?
Where you should make your investment in Bitcoin truly depends on the type of person you are and how tech savvy you want to be. The absolute best way to buy Bitcoin would be to buy it directly from a person and store it in a cold wallet.
But, of course, this can be a bit challenging, especially if you are new to Bitcoin. For those completely new to crypto, we recommend finding a centralized exchange like Coinbase or Binance to begin your journey. While these platforms take massive fees, they are easy to use, and you can get help when you need it.
For those who are somewhere in between complete noob and professional, we recommend using a DeFi platform like PancakeSwap or Uniswap and then storing your crypto off-platform in a cold wallet. This will give you the maximum security while also keeping costs low.
For more information on where to store your Bitcoin, check out our article: Crypto Wallets: How to Choose One.
Where to Learn About Bitcoin
If you are really new to the space, then we definitely recommend taking the time to learn about Bitcoin before investing. There are many ways to do so.
Obviously, you can follow our blog here at MintDice.com, which regularly posts information about Bitcoin and other cryptocurrencies. But if you would rather learn as much as possible now, we recommend heading over to Investopedia or joining Reddit and reading Bitcoin threads.
That being said, we recommend avoiding major news sites as they rarely get the information about Bitcoin right.
You can also speak with a financial advisor or other trusted person in your life; just make sure they actually know about Bitcoin before you start bombarding them with questions. There are also many videos on YouTube that can help you to better understand Bitcoin, just don’t take investment advice from someone who stands to profit from your investment (choose educational platforms).
Overall, we are ecstatic about the upcoming Bitcoin growth, and we hope you will come along for the ride whether you decide to invest, or just to learn more about Bitcoin and what it does.
