PHL Tech Magazine

Post: Bitcoin’s 2024 Surge: The Inside Scoop on the Crypto’s Remarkable Rally



Hi, I'm Prem. I'm professional WordPress Web Developer. I developed this website. And writing articles about Finance, Startup, Business, Marketing and Tech is my hobby.
Hope you will always get informative articles which will help you to startup your business.
If you need any kind of wordpress website then feel free to contact me at


Bitcoin's 2024 Surge: The Inside Scoop on the Crypto's Remarkable Rally

Bitcoin's 2024 Surge: The Inside Scoop on the Crypto's Remarkable Rally

Bitcoin’s 2024 Surge: The Inside Scoop on the Crypto’s Remarkable Rally

In January 2024, Bitcoin experienced a significant surge in value, causing excitement and curiosity among crypto enthusiasts and investors alike. Eric Huffman, an expert in the field, recently discussed the reasons behind this upward trend and the potential long-term implications for the world’s most popular cryptocurrency.

Bitcoin’s value has more than tripled since its low in 2022, but it experienced a slight dip after the launch of some exchange-traded funds (ETFs). The excitement surrounding the newly launched Bitcoin ETFs is a major factor driving this recent increase. People have been eagerly anticipating these since October 2023.

Bitcoin has had its share of ups and downs over the past 15 years, with emotions often playing a significant role in its price fluctuations. In this article, Eric delves into the data to explain why Bitcoin is going up now, while also examining whether Bitcoin is a good long-term investment given its volatility.

Currently, Bitcoin’s price has dropped a bit, but it is still trading near a support level. In recent months, Bitcoin’s price has fluctuated between $40,000 and $43,500, after climbing from under $30,000 to $48,000 in mid-October 2023.

This recent rise in price can be attributed to the optimism surrounding the Bitcoin ETFs. This optimism previously pushed Bitcoin’s price over $60,000 in 2021, but when no ETFs were approved that year, Bitcoin’s price crashed.

Eric also discusses the various factors that influence Bitcoin’s price. Events such as halving cycles, where the amount of new bitcoins created is halved, can cause the price to rise. Major industry events, like company crashes, can lead to a decline in price. Additionally, government actions and financial events can have a significant impact on Bitcoin’s value.

Some people view Bitcoin as a store of value, much like gold. It is scarce, not controlled by any government, and accepted globally. With only 21 million bitcoins that will ever exist, over 19.6 million are already in circulation. The last bitcoin is expected to be mined in 2140. Bitcoin’s decentralized nature and global acceptance make it an appealing option for many. Furthermore, its portability, thanks to Bitcoin wallets, makes it easy to use.

For investors, Bitcoin’s rise can mean different things. Since it reached its high, Bitcoin has already fallen by approximately $6,000. However, over a few months, the value of one Bitcoin has increased by 33%.

The increase in Bitcoin’s price, coupled with growing awareness and demand due to the ETFs, could indicate higher prices in the long term. However, the price will not always follow a linear trajectory. For example, the largest Bitcoin ETF, Grayscale, has $26 billion in assets, which is relatively small compared to the largest stock-based ETF with nearly $500 billion.

The decision to sell Bitcoin now depends on each individual’s circumstances. Approximately 80% of Bitcoin holders are currently making a profit, while only 7% are waiting to recover from higher-priced buys. This could lead to some selling pressure, but increased demand could also push prices higher.

Predicting Bitcoin’s price is difficult, as the industry changes rapidly. Eric and his team have made some predictions for 2024 and beyond. For instance, they believe Bitcoin could be worth $62,000 in 2024, a 46.69% increase from 2023. They also have predictions for 2025 and 2030. Cathie Wood even suggests that Bitcoin could reach $1.5 million by 2030.

As for purchasing Bitcoin in January 2024, the recent price action around the ETF launch seems more like speculation. With only 7% of Bitcoin holders at a loss and the tax-loss selling season over, a major selloff is unlikely. However, the crypto market can be unpredictable.

A good strategy might be dollar-cost averaging (DCA), where a fixed amount of Bitcoin is purchased on a regular basis. This approach helps to smooth out the cost and reduce the risk of price fluctuations. While buying Bitcoin always carries risks, using a DCA strategy can help to manage those risks more effectively.

Written by Inc.
Follow us on X @xfinancialpress
Disclaimer: This article is for informational purposes only and not financial advice. Always do your own research and consult with a financial advisor before making any investment decisions.

Lora Helmin

Lora Helmin

Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Popular Posts

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.