Will Bitcoin be worth $500,000 in 2024? Bloomberg forecast for new BTC rally

What is the prediction for Bitcoin in 2024? Will cryptocurrency be worth $500,000 next year? The recent rise in the price of Bitcoin (BTC) made investors in the largest cryptocurrency plunge into astronomical profits. The rise in the price of Bitcoin to more than US$42,000 shook the market and, according to Bloomberg, this is just the beginning.

According to the publication, the recently reached level of US$42,000 is just the beginning of a new bullish rally in the sector that will drive the price of Bitcoin to more than US$500,000.

At the time of publication, the price of Bitcoin was quoted at US$42,111.52, up 1.1% in the last 24 hours. During this period, the largest cryptocurrency recorded a trading volume of US$27,970,093,843. Bitcoin has seen a growth in its price of 12.4% in the last seven days.

Bullish December for Bitcoin? The largest cryptocurrency on the market started the month breaking records and showing increases in its price in recent days, trading at the level of US$40,000 for the first time since April 2022.

Bitcoin has gained 144.0% in one year amid market euphoria and investor optimism following the launch of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).

Bloomberg Analyst Reveals Details of October’s BlackRock Bitcoin ETF

Financial sector giant BlackRock, known for being the largest asset manager in the world, has taken a big step into the cryptocurrency market. In a move that signals growing institutional interest, the company has filed with the Securities and Exchange Commission (SEC) to launch a new Bitcoin-focused exchange-traded fund (ETF).

This request, now public through a released document, reveals that BlackRock planted the initial seed for the ETF with a substantial investment of US$100,000, completed on October 27.

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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.