Bitcoin in 2024: Understanding Price Movements and Projections

Bitcoin (BTC), the world's largest cryptocurrency by market cap, has definitely made its mark since its launch fifteen years ago, recording impressive highs and fatal lows. On March 11, 2024, it hit the $69,000 mark, reaching an all-time high of $72,850 for the first time in two years. Four days later, the price of Bitcoin surged again reaching an all-time high of $73,750 with a market capitalization reaching $1.44 trillion.

This price hike was as a result of the approval of Bitcoin Exchange-traded funds (ETFs) in the US. Later on in July, Spot Bitcoin ETFs recorded around $300 million in net inflows, resulting in their highest market activity since early June, when the cryptocurrency traded over $70,000.

Bitcoin’s volatility and inefficient price movement has lead to people speculating about its price reaching $46,000 first, or $70,000 . It is difficult to tell if the bulls or the bears will come out on top. Personally, what price point do you see bitcoin hitting in the coming days? Predict on NODO here!

Can Bitcoin Get to its ATH in August?

On March 14, 2024, Bitcoin traded at a record-making high of $73,750, it’s highest level ever. But just early last month, the price of digital gold dropped below $60,000 and from the 5th-13th of July, it struggled to reach the $60,000 mark. However, it rose again on the 30th, surpassing the $60,000 mark and reaching $66,700 with a trading volume of 31.3B.

Well, we are just five days into August and for the first four days in August, we saw the price of Bitcoin rise and fall within a range of $60,000 - $65,000. However, today, Bitcoin dropped from $60,752 on August 4 to $52,312.

Economic times reportedly stated that this abrupt dip occured because investors did a hasty sell-off on Monday due to geopolitical tensions, fears of a US recession, and the US federal reserve’s decision to maintain interest rates.

The Bank of Japan’s decision to raise interest rates to 0.25 per cent and reduce bond purchases also gave investors a reason to sell. The Japanese yen gaining strength over the US dollar makes it more expensive for Japanese investors to buy, leading to a price decrease as a result of low demand. Also, major currencies gaining strength against the yen makes it cheaper for Japanese investors to buy, increasing demand.

Despite the selloffs, however, Bitcoin has remained strong, resiliently pushing towards $60,000 and possibly the $70,000 mark.

On NODO, you have the chance to back up your opinion on whether Bitcoin will hit $70k by the end of August. It will be fascinating to see the final outcome at the end of the month. Join the poll here.

While we are anticipating significant highs this month, we should also keep an eye open for disastrous dips. It is possible that we might experience more dips but I don't believe that it will be fatal enough to take BTC to $46,000. However, the jury's still out on whether Bitcoin will hit $70,000 in August.