Cryptocurrency Forecast: Bitcoin Could Double in Value by Year-End

Bitcoin has risen 120% in 2024 and further growth is expected

In 2024, Bitcoin has more than doubled thanks to the approval of exchange-traded funds tied to its spot price by US market regulators, and optimism surrounding the easing of regulatory restrictions following Donald Trump's return to the White House, with analysts anticipating further growth.

According to Reuters, last month Bitcoin fell 3.2% after American investors began to convert their cryptocurrency earnings into cash. Although, as recently as mid-December, the growth triggered by Trump's victory pushed Bitcoin to an all-time high of $108,315. Bloomberg data indicates that since December 19, there has been a net outflow of around $1.8 billion from ten Bitcoin exchange-traded funds trading in the US, reports Ukrinform.

On Wednesday, the price of Bitcoin decreased by 0.20%, trading at $93,518 in Singapore. Smaller coins like Ether and Dogecoin also attempted to gain ground.

Despite this, Bitcoin overall has risen 120% in 2024, outpacing gold and global stocks. According to CoinGecko data, Bitcoin's surge of over 120% and nearly 50% jump in Ether, the second-largest cryptocurrency, contributed to the sector's market value rising to approximately $3.5 trillion.

For 2025, even greater growth is anticipated, particularly as analysts at brokerage firm Bernstein expect Bitcoin to reach a peak of $200,000 by the end of 2025. They added that the cryptocurrency will 'become the primary asset of a new era, which will gradually replace gold over the next decade and become a permanent part of institutional multi-asset allocation and the standard for corporate treasury management.'

A significant portion of the optimism began in January when the US Securities and Exchange Commission approved the first exchange-traded funds to track the spot price of Bitcoin, marking a turning point for the entire cryptocurrency industry. This move provided institutional legitimacy to the sector and increased its appeal to a broader audience.