What price does AllianceBernstein predict for Bitcoin (BTC) in 2024?

Bitcoin’s price trajectory in 2024 is attracting a lot of attention. Especially in light of the possible approval of a spot Bitcoin ETF (exchange-traded fund).

Some analysts are expecting a monumental year for Bitcoin, forecasting potential growth to a new all-time high.

Bitcoin Price Forecast AllianceBernstein

Optimism regarding Bitcoin (BTC) performance in 2024 is due to a confluence of factors. Notably, Bitcoin surged over 150% in 2023, posting an impressive run that took it to $45,913 in early 2024, its highest since April 2022.

Despite this price increase, Bitcoin remains more than 30% below its all-time high of $68,990 set in 2021.

Read more: What is a Bitcoin (BTC) ETF? Beginner’s Guide

Analysts at AllianceBernstein, a global asset management company with $669 billion in assets under management, have highlighted several key drivers for Bitcoin’s expected growth. The first is the possible approval of a Bitcoin spot ETF, which is a long-awaited development from the cryptocurrency community.

The U.S. Securities and Exchange Commission (SEC) is expected to rule on the allegations by high-profile companies such as ARK Investments by January 10.

This is an endorsement likely shared by other asset managers such as BlackRock and Fidelitycould herald a new era of institutional investment in Bitcoin, pushing its price to $80,000.

Gautam Chhugani and Mahika Sapra calculate by 2024, the total inflow will be about $15 billion. By 2028, they expect 10% of Bitcoin to be held in ETFs. Consequently, there will be significant changes in the way this cryptocurrency is traded and stored.

“We expect 2024 to be a watershed year for cryptocurrencies. The accumulation of Bitcoin ETF flows may occur gradually, but contenders will fight hard to gain an edge in this game of massive asset accumulation, fine-tuned advertising and Bitcoin branding, leading to a snowball effect,” AllianceBernstein analysts noted.

Another major event on the horizon is the Bitcoin halving, scheduled for April 2024. cut in half, which reduce the reward for mining BTC, led to significant price increases in the following months. AllianceBernstein predicts that this pattern will repeat itself, further fueling Bitcoin’s rise.

Similarly, Robert Kiyosaki, author of Rich Dad Poor Dad, emphasized the importance of the following: halving Bitcoin. He urged investors to pay attention to this important event.

“If you want to be rich, it is important to have rich friends, or at least friends who want to be rich. Bitcoin halving is fast approaching. Please pay attention to the Bitcoin, Gold and Silver halvings in January, February and March. Please choose your friends carefully,” Kiyosaki emphasized.

AllianceBernstein: Other cryptocurrencies also look promising

The broader cryptocurrency market is also showing promising results. AllianceBernstein expects Ethereum ETFs to be approved in June 2024. Thus, Ethereum could potentially become the only other cryptocurrency to have a private equity exchange-traded fund.

James Seyffarth, Bloomberg ETF Analyst, explained that this expectation is based on last year’s SEC decision to allow futures ETFs on Ethereum. This was an action that indirectly classifies Ethereum as a commodity.

He emphasized that the SEC did not question Ethereum’s classification during the ETF’s registration process with the Commodity Futures Trading Commission (CFTC). Seyffart mentioned:

“The CFTC openly calls Ethereum a commodity. They don’t call them values. (…) The Securities and Exchange Commission (SEC) has approved an Ethereum futures ETF. So, again, Gary Gensler will not directly say whether Ethereum is a security or a commodity, but in their actions by endorsing these Ethereum futures ETFs, they are implicitly accepting these Ethereum futures as commodity futures.”

Read more: Bitcoin (BTC) Price Forecast: 2023, 2024 and 2035.

This bullish view on Bitcoin, Ethereum and the cryptocurrency market as a whole is shared by several industry experts and opinion leaders.

For example, Lindsay Lee, investor, Bessemer Venture Partnershighlighted the role of decentralized generation of large language models (LLMs) and verification of ownership of AI-generated content in the development of the cryptocurrency market.

On the other side, Denelle Dixon, CEO of Stellar Development Foundation: predicted a boom tokenization and blockchain-based transactions improving global financial inclusion.

Paul Brody, world leader blockchain EY remains optimistic about the growth of the cryptocurrency ecosystem thanks to the implementation of the Markets in Crypto-Assets (MiCA) Regulation in the European Union. For his part, Seth Ginns, managing partner of CoinFund, believes in an altcoin boom that could eclipse Bitcoin.

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