78% of crypto industry expect new Bitcoin all-time high within 12 months

Finder’s latest survey of 40 crypto founders, executives, and educators reveals a bullish outlook for Bitcoin, projecting its value to increase significantly through 2030. The consensus among the panel suggests a positive trajectory for Bitcoin, predicting its value to rise to $77,423 by the end of 2024, $122,688 by 2025, and $366,935 by 2030. These projections mark a notable uptick in optimism compared to past surveys, indicating the growing bullish sentiment within the sector.

According to the average prediction, Bitcoin is expected to reach $77,423 by the close of 2024, with projections varying significantly among panelists. Some anticipate a surge to over six figures within the year, while more conservative estimates suggest a potential decline from its current price of around $44,000.

Experts highlight several vital factors underpinning their optimistic outlook. Kadan Stadelmann, CTO of Komodo, attributes the potential for Bitcoin to hit $80,000 in 2024 to increasing interest from major companies and institutional investors, the approval of spot ETFs enhancing market accessibility, and the anticipated halving event reducing Bitcoin’s new supply rate. Daniel Polotsky, founder and chairman of CoinFlip, points to possible interest rate cuts by the Federal Reserve and geopolitical instability as additional catalysts for Bitcoin’s price increase.

Despite the overarching bullish sentiment, some panelists, like John Hawkins of the University of Canberra, remain skeptical, viewing Bitcoin as a speculative bubble that may experience only temporary gains from new spot ETFs.

“If the new spot Bitcoin ETFs are popular, there could be temporary price increase. But in the medium to longer-term, I still regard Bitcoin as a speculative bubble…

And recall, in 2021, similar claims were made about the BTC futures ETFs as are now being made about BTC spot ETFs. Then the Bitcoin price went up for a while but later crashed.”

The panel anticipates Bitcoin’s price could peak at $87,875 by the end of 2024, with some even suggesting a potential high of $200,000. Conversely, the lowest predicted value stands at $35,734, with projections of a drop to as low as $20,000. Yet, voices like Henry Robinson of Decimal Digital Currency and Shubham Munde of Market Research Future predict a surge to around $115,000 to $120,000, driven by limited supply and increasing demand, among other factors.

Opinions on the best course of action for Bitcoin investors are mixed, with a majority advocating for purchasing Bitcoin at its current price. Jason Lau of OKX emphasizes the significance of ETF approval and growing adoption, suggesting a bright long-term outlook for Bitcoin.

“The increased access for retail investors, coupled with alignment from financial institutions to adopt and promote bitcoin, is going to kick off a new wave of inflows over time.

While short-term volatility is expected as firms and hot money reposition, the longer-term prospects are bright.”

In contrast, Jeremy Cheah of Nottingham Trent University advises caution, predicting a modest correction.

When assessing Bitcoin’s current valuation, over half of the panelists view it as underpriced, indicating a favorable buying opportunity. The panel also explores the factors behind Bitcoin’s recent price increase, attributing it to ETF approvals, halving anticipation, and growing institutional investment. Looking forward, over 50% of experts believe the 2024 halving could trigger the next major crypto bull run, supported by a mix of regulatory approvals, macroeconomic factors, and evolving market narratives.

Consensus on a new all-time high timeline settled around October 2024. Only 5% of respondents think Bitcoin will fail to breach $69,000 again. 78% expect a new all-time high within 12 months.

Evidently, Finder’s panel presents a predominantly optimistic view of Bitcoin’s future, forecasting substantial growth through 2030. While opinions on the timing and extent of this growth vary, the consensus leans towards a bullish outlook underpinned by regulatory developments, market dynamics, and the cyclical nature of Bitcoin’s halving events.