Crypto community members believe that BTC will grow to $100,000 in 2024

According to Coinmarketcap as of January 9, bitcoin has risen above $46,400, hitting an all-time high since April of the year before last. Over the past seven days, the price of BTC has risen more than 2%.

The growth of the main cryptocurrency began in the fall of last year. During this period, the asset rose in price by more than 70%. Experts attribute the positive dynamics of the bitcoin exchange rate to the expectations of the regulator’s approval of spot ETFs.

OKX Commercial Director Lennix Lai said that

there is a growing institutional interest in cryptocurrencies, and if a bitcoin-linked fund appears on the exchange, it is expected to open the way for a powerful flow of institutional capital.

Vagiz Nurullov, managing partner of VG Group, believes that the value of altcoins may decline due to the flow of liquidity into BTC.

Gleb Kostarev, ex-head of Asia and Eastern Europe at Binance, is confident in the high chances of launching ETFs in the near term. He noted that now there is a struggle for clients between issuers — commissions reach 0–1.5%.

According to Kostarev, most experts believe that the SEC can no longer postpone the decision on spot funds on BTC. And it will be known about it already this week.

Lennix Lai points to investors’ concerns about the risks of high inflation in the United States. It is likely that the Fed will not lower the key rate until the target level is reached.

Some investors consider digital currencies as tools to hedge inflation risks, Lai said. A positive decision by the SEC could be a prerequisite for a correction in the bitcoin market on the principle of “buy on rumors, sell on facts.”

BitRiver finalist Vladislav Antonov, speaking about bitcoin, said that “if the price does not reach $69,000 after the halving,” miners will close their businesses. At the same time, community members allow the main cryptocurrency to grow to $100,000 if the BTC-ETF is approved and “there is no tightening of the screws by the U.S. Treasury Department and SEC”.