bitcoin

• Commentators CNBC spoke to, both inside and outside of the cryptocurrency industry, have given various price predictions for bitcoin in 2024, ranging from $60,000 to $500,000.
• Industry executives have called the start of a new bull run, mainly predicated on two things — the bitcoin “halving” and the potential approval of a bitcoin exchange-traded fund in the U.S.
• 2023 was marked by the conclusion of criminal probes against FTX and Sam Bankman-Fried as well as Binance and its founder Changpeng Zhao.

Bitcoin had a huge rally in 2023, with the digital currency up some 152% for the year.
And a number of commentators CNBC spoke to — both inside and outside of the cryptocurrency industry — expect the rise to continue. Youwei Yang, chief economist of crypto mining firm Bit Mining, believes that bitcoin could reach a high of $75,000 by 2024.
Yang attributes the anticipated price rise to a bitcoin ETF being approved, leading to higher institutional investment in bitcoin, as well as May 2024′s bitcoin halving, which would result in the bitcoin supply being constrained.
“I anticipate the Bitcoin will be trading around $25K to $75K in 2024, and $45K to $130K in 2025,” Yang said in an emailed note.
“While high prices are possible, not all investors will profit due to market volatility and the human tendencies of fear and greed.”