Bitcoin fall to 41 thousand dollars; What are the experts' predictions about the state of the market in 2024?

Bitcoin has been in a mostly bearish trend for the past few days, and this morning it also dropped to a low of $40,800. Despite the recent falls, experts' predictions about the performance of this digital currency in 2024 remain positive.

According to CoinDesk, Bitcoin has started the trading week (AD) with a loss so far and is now trading just above $41,000. Coinglass statistical platform data shows that in the last 24 hours, nearly $163 million of trading positions were liquidated in digital currency futures markets, of which $133 million (equivalent to 81%) were long positions. About 40 million dollars of liquidated trading positions are also allocated to Bitcoin.

Lucy Hu, senior analyst at Metalpha, a Hong Kong-based asset management firm, says that despite the negative news about Ledger wallet hacks, the market will maintain its good conditions and He sees this as largely influenced by predictions of future US bank interest rate cuts and increased adoption of the Bitcoin network due to innovations such as the Ordinals protocol.

He said:

The widespread hacking of ledger wallets slightly changed the feelings of users towards the DeFi space and raised important questions regarding the security of digital currency wallets. Additionally, the excitement surrounding Bitcoin Ordinals NFTs continues to fuel miners' activities and increase their rewards. We expect Bitcoin's long-term upward momentum to continue.

Despite the correction of Bitcoin in recent days, the end-of-year predictions about the state of the digital currency market for 2024 and 2025 are still optimistic; Especially compared to the price prediction of 10,000 to 12,000 dollars that was raised at the end of last year about the state of the digital currency market in 2023.

For example, Woo Network has predicted a price of $75,000 for Bitcoin in early 2024. Bitwise Institute also expects Bitcoin to trade above $80,000 next year. Bitwise experts expect the first US Bitcoin Cash ETF to launch next year, making it the most successful exchange-traded fund launch in US history.

Also read: 10 predictions for 2024 digital currencies