Wall Street investment bank Bernstein analysts predict that Bitcoin will face no significant challenges in 2024 to surpass its all-time high of $69,000—potentially even exceeding $70,000.
Analysts Gautam Chhugani and Mahika Sapra stated in a client report:
"While we don’t expect a volatility-free climb to record highs, current prices present a favorable risk-reward balance for the remainder of 2024."
Following the January 11 launch of spot Bitcoin ETFs in the U.S., BTC briefly surpassed $49,000 before stabilizing around $42,600. Bernstein identifies the $42,000–$43,000 range as a "compelling buy zone", forecasting a 65% year-end rally to ~$70,000.
Key Drivers Behind Bitcoin’s Bullish Outlook
1. ETF Demand Surge
- $1.9B inflows in the first week post-launch demonstrate institutional appetite
- Limited supply + rising demand creates upward price pressure
- CoinShares reports $708M weekly inflows to crypto products (99% Bitcoin-dominated)
👉 Why institutional adoption could accelerate Bitcoin’s growth
2. Portfolio Allocation Momentum
- Financial advisors rapidly integrating Bitcoin into client portfolios
- ETF approvals appear to have unlocked long-term structural demand
3. Macroeconomic Tailwinds
- Potential Fed rate cuts (currently 5–5.25%) may shift capital toward risk assets
- Lower rates historically benefit crypto markets
4. Ecosystem Innovation
- Ordinals Protocol boosts miner revenue via Bitcoin-based NFTs
- Layer-2 development enhances blockchain utility
Frequently Asked Questions
Q: How do Bitcoin ETFs affect price?
A: ETFs create regulated exposure, attracting institutional capital that reduces circulating supply while increasing demand.
Q: Will political changes impact crypto regulation?
A: A Republican administration could bring SEC leadership shifts, potentially easing Gary Gensler’s stringent policies.
Q: Is $70,000 realistic for 2024?
A: Yes—if ETF inflows sustain, macroeconomic conditions improve, and ecosystem development continues.
Ed Goh, B2C2’s trading head, agrees:
"Bitcoin shows clear buyer preference with balanced investments across crypto-native funds, retail brokers, and trading firms."