- According to Ari Paul, BTC may reach $110,000 by the end of 2024.
- $110,000 is a challenging but attainable goal for Bitcoin.
- In many ways, Ari Paul’s prediction of the price of Bitcoin might be inaccurate.
In a tweet on Jan.29, the founder of BlackTower Capital, Ari Paul, expressed his positive view on Bitcoin and predicted that the currency may reach $110,000 by the end of 2024.
Ari Paul went on to note that the bullish sentiment looks to be an ambitious prediction only when examined in the context of the current cycle. But when viewed in the context of 2017, it is pretty plausible. Further, there has been some price compression throughout the past five years.
Given the macro environment, Bitcoin hitting $110k seems logical yet challenging. However, according to Ari Paul, $110k is a rather prudent investment if macro risk-on returns just halfway to the 2021 craze.
Additionally, Ari Paul is persuaded that only a little is necessary for the bullish momentum. Given the BTC market cap of $443 billion, many new Tradfi crypto offerings that might generate substantial amounts of fiat revenue, like GBTC, are yet to come up. As a result, this could serve as the engine driving BTC’s positive momentum.
In conclusion, according to experts, Ari Paul’s forecast for the price of BTC may be inaccurate in various ways. This forecast is allegedly feasible if equities drop 30% and a widespread recession starts in the next quarter. Consequently, Ari’s BTC prediction may represent new lows, with the currency ending 2024 in the $12k range rather than the $110k range.
Bitcoin price has increased by 1.77% in the last 24 hours, reaching $23k at the time of writing, according to Coinmarketcap data. With a rise of 51.33% in the trading volume of $26 billion, BTC has been experiencing positive momentum over the day. Additionally, the market value has increased by 1.64%, suggesting that the bulls may hold the advantage for a while.
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