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Standard Chartered Bank has predicted that by the end of 2024, Bitcoin price will reach around $120,000. Also, Adam Beck, one of the first users of Bitcoin, who is a cypherpunk, has also predicted that Bitcoin will reach the price of one hundred thousand dollars by the end of March 2024. Considering that Bitcoin has reached its highest price in the last 18 months, it is necessary to see how accurate such predictions will be. But how are these predictions made? bit24, a well-known cryptocurrency market in Iran, delves deeply into the pivotal factors influencing the price of BTC.
Factors affecting the price of Bitcoin and how to price it
Since Bitcoin is not under the supervision and control of any government or organization, economic variables (unlike other fiat currencies) do not affect the price of this digital currency. But other factors such as existing laws and regulations, the amount of supply and demand in the market, news and media, etc. are among the most important factors affecting the price of Bitcoin. In the following, we will examine each of these factors.
Bitcoin supply and demand in 2024
One of the most important factors affecting the price of Bitcoin in 2024 is its supply and demand in the digital currency market, and this factor affects the final price of Bitcoin more than other factors.
Among the factors that cause the increase in demand and as a result the price of Bitcoin, there will be high volume demands in the short term. Because the total amount of bitcoins in the world is limited, and as a result, as the end of this number approaches and the supply decreases, its price will certainly increase.
Another point is that currently, the increase in Bitcoin mining and its supply by miners causes a decrease in the price and, as a result, an increase in demand for this currency by investors in the digital currency market, and finally, this increase in demand will also increase the price. follows
Rules and regulations in 2024
The digital currency market is an almost emerging market that does not belong to any specific government or institution, and many governments still do not recognize this market and do not have specific laws to deal with this market.
Since Bitcoin is a well-known currency and its popularity is increasing day by day, governments have decided to create laws and regulations that prevent abuse and fraud in this market. As the rules related to the digital market become more and more strict, the price of Bitcoin will go up and down accordingly.
Impact of news and media on Bitcoin price 2024
Global news related to the field of cryptocurrencies can play an important role in the way of buying and selling Bitcoin and its increase and decrease. The important point here is that the media news in this particular case, even if it is false, will have a positive or negative effect directly on the price of Bitcoin.
Bitcoin Rival Cryptocurrencies in 2024
Currently, Bitcoin holds the first place in the cryptocurrency market and is considered the most popular currency among investors. But since investing in the digital currency market is very popular, education and awareness raising are far more than in the past and successful currencies have emerged in recent years, it can be said that there are strong competitors that can be higher than Bitcoins are placed. The rate of growth of such cryptocurrencies in 2024 can also be one of the factors affecting the price of Bitcoin.
Bitcoin Halving
In order to control the supply and demand system, every 4 years the reward for mining some digital currencies is halved, which is called Halving. Most people know this phenomenon with Bitcoin.
In 2009 when the first bitcoin was mined, the mining reward was 50 bitcoins. The first halving in 2012, the first halving in 2012 (reward for mining one bitcoin: 25 bitcoins), the second halving in 2016 (reward for mining one bitcoin: 12.5 bitcoins) and the third halving in 2020 (reward for mining one bitcoin). Bitcoin: 6.25 Bitcoin) happened. 2024 is the year in which a halving will occur, and therefore the most important factor affecting the price of Bitcoin in 2024 will be this year's halving.
Whales and market volatility in 2024
Another thing that affects the price of digital currency is people who have a large amount of market capital. These people are called whales in the term of digital markets and are the biggest players in digital currencies. In fact, Walls in the digital currency market are like the major shareholders of the stock market. It should be said that whether whales sell or hold bitcoins, they are influential in the digital currency market.
The most important factor affecting the price of digital currency in 2024
According to what has been said, it seems that some factors, including the halving of 2024, as well as the activity of whales, along with the amount of supply and demand, will have the greatest impact on the price of Bitcoin in 2024. To receive more training of digital currencies and to read articles related to digital currencies, especially the price of Bitcoin in 2024, you can use the articles on the bit24 website and to inquire about the prices of all types of digital currencies and their trade from the facilities and services of this reputable exchange use them.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.