Bitcoin, at its best, how far will it grow in 2024?

It has been 15 years since Satoshi Nakamoto created the digital currency Bitcoin in January 2009 and, since its birth, the value of this digital currency has risen and fallen many times, depending on supply and demand. However, currently, and despite a few years of fluctuations and downward trends, the cryptocurrency is currently in one of its best moments. It has an economic value of $64,000, close to the all-time high of $69,000 that it marked in November 2021.

But… how far can the growth of this digital currency go in this year 2024? If you want to buy Bitcoin, maybe it’s time to jump in, before it continues to rise.

In this article we are going to explain the keys to the meteoric rise of the cryptocurrency in recent months and what the forecasts are for the future, which we already told you are more than optimistic. Will the stock price record be broken in the short term?

After a season of greater volatility, with a bearish trend and all-time lows in 2022, the rally that Bitcoin has experienced in recent months has been spectacular. Such has been the upward trend that the price of the cryptocurrency has caused all the eyes of investors – both experienced and novice – from around the world to turn once again towards the cryptocurrency, considering it one of the values investment with the greatest possibility of profitability today.

The trend, according to many analysts, is upward and will continue that way in the coming months, for several reasons. One of the reasons that leads us to think this is that the cost of producing a Bitcoin is high – mining cryptocurrencies requires electrical resources, the price of which has risen, as well as the use of hardware, etc. – and, as they point out, it is still in need. above its quoted value. This undervaluation suggests that Bitcoin is in very good health and that its price will continue to rise in the coming months, until it aligns with the amount necessary for its production, as has happened in other stages.

But it is only one of the reasons. It is precisely this upward trend that reinforces investor confidence. Thus, it can be expected that in the short term, if this continues, the all-time high price of the cryptocurrency could be exceeded.

Furthermore, the global macroeconomic environment is favorable to think that this will be the case, with lower inflation than expected. The demand for Bitcoin spot ETFs and the interest in it from large financial and institutional corporations only increases the acceptance of the cryptocurrency and suggests a growth context for its value.

Along with this, the historical trend indicates a clear pattern of upward movements. This being the case, and although it is advisable to invest with caution, given the volatility of the market, everything seems to indicate that the coming months can be faced with optimism. Opportunities for investors are significant in this area of ​​upside potential.

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