Will Bitwise Prediction of Bitcoin at $500,000 Come True

Think you missed the Bitcoin train? Bitwise’s chief investment officer says, “Not so fast.” Apparently, there’s still time to grab a seat before Bitcoin reaches the ‘real too late" stage, which he cheekily sets at a casual $500,000 per coin.

Sure, he’s got a vested interest, but Matt Hougan has a point. He’s confident that the average investor can still dip into “digital gold” while it’s comparatively affordable—at least before it rockets to the half-million mark. 

After Trump’s election win, Bitcoin shot through the roof, hitting nearly $93,500 this week. Sure, it’s cooled off a bit, but the question is: will it simmer down, or is this just the beginning?

Bitcoin has pulled off an incredible rally and now all eyes are on where Bitcoin could go next, with analysts sharing their year-end predictions—both the highs and the possible lows.

Lennix Lai Predicts 100K

Lennix Lai, OKX’s global chief commercial officer, according to CoinTelegraph thinks Bitcoin could hit over $100,000 by the end of 2024. He sees signs of a “paradigm shift” that might fuel the next big growth phase for crypto. 

I think BTC has the potential to break past 100k before the year wraps up.

Currently, Bitcoin’s trading above $89,000, showing nearly a 30% gain just this week, according to TradingView data.

Alright, so here’s the scoop according to Lai: the market’s already baked in the big, feel-good ingredients — election results, the stock market’s cheerful mood — so Bitcoin’s latest rocket upward? Yeah, that's likely just a burst of short-lived excitement.

He urged the crypto community  not to forget we’re still in a bit of a macro mess,  adding that once the election buzz wears off, we could be looking at some major belt-tightening on government spending and tariff shake-ups that might jolt the markets. In other words, inflation might stick around longer than we’d like, putting the brakes on those Fed rate cuts that everyone’s hoping for.

And if that wasn’t enough to keep us on our toes, Lai pointed out that the world’s current geopolitical stressors — Middle East tensions, the U.S.'s stance on conflicts, and more — are likely to throw a few extra wrenches into the mix, ramping up the chance of some market whiplash in the short term.

Tony Sycamore Predicts Low to Mid 90K

Tony Sycamore, an analyst at IG Markets stated he’s expecting Bitcoin to finish the year in the “low to mid $90,000” range. According to Sycamore, most of the “good news” post-Trump election is already priced in—especially with BTC’s surprise leap past $90,000 on Nov. 11. 

And on the altcoin front? Sycamore says it’s probably time for them to start playing catch-up too.

Mati Greenspan Predicts a Long-Term Climb Ahead

Mati Greenspan, founder and CEO of Quantum Economics, argues that despite Bitcoin’s consolidation throughout most of the year, it’s primed for continued outperformance as 2024 draws to a close. Contrary to popular belief that the current bull run could end soon, Greenspan expects crypto’s upward momentum to last “a long time.”

Comparing it to stock bull markets, which can unfold over a decade or more, he criticized the urgency of those rushing to “grab what they can” before it’s over, suggesting that the crypto rally still has a lot of room to grow.

QUICK Q&A

Q: How high do analysts think Bitcoin will go this year?
A: Predictions vary, but some analysts are incredibly bullish. Lennix Lai of OKX predicts Bitcoin could surpass $100,000 by the end of 2024, while IG Markets analyst Tony Sycamore is more conservative, forecasting a year-end target in the "low to mid $90,000" range.

Q: What factors are driving Bitcoin's recent rally?
A: The rally seems driven by a mix of post-election optimism, a strong stock market, and investors seeing Bitcoin as a hedge in uncertain times. However, analysts like Lennix Lai warn that the excitement may be short-lived due to lingering inflation, potential government belt-tightening, and geopolitical tensions, which could impact the market’s trajectory.

Q: Are altcoins expected to rally alongside Bitcoin?
A: Yes, Tony Sycamore expects altcoins might start catching up to Bitcoin's recent gains. With Bitcoin leading the charge, some believe it’s only a matter of time before altcoins see renewed interest from investors.

Q: Will Bitcoin stay above $90,000?
A: That’s the big question! While some predict it could go even higher, others, like Josh Gilbert from eToro, believe Bitcoin's streak won’t slow down anytime soon, with potential to reach $100,000 by year-end. However, market volatility and macroeconomic factors will play a huge role in how it ultimately performs.

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