How Bitcoin Has Performed in 2024

Table of Contents:

• Bitcoin’s Performance in Q1 2024
• Bitcoin’s Performance in Q2 2024
• Bitcoin’s Performance in Q3 2024
• Factors Impacting Bitcoin’s Value in 2024
• Bitcoin Price Predictions for Q4 2024
• Predictions for Bitcoin in 2025 and Beyond
• To Recap
  

Bitcoin is like that one favourite child in the family who knows that no matter how many tantrums they throw, their parents will always be patient with them.

It is not just the original cryptocurrency but also the most popular crypto coin in the market, with a market capitalisation of over $1.1 trillion.

One thing is sure, though. Bitcoin reached its all-time in 2024.

But how has Bitcoin really performed in 2024 so far?

In this article, we'll break down its journey from Q1 to Q3, look at the possible factors responsible for these swings, and share some predictions for what Q4 could look like.

Bitcoin’s Performance in Q1 2024

In Q1 2024, Bitcoin had a dramatic performance, reflecting its volatility and consistent ability to surprise investors.

January started strong, with Bitcoin priced at $44,957.97 on January 2. However, by the end of the month, it had dipped slightly to $42,582.61.

Despite this early fluctuation, Bitcoin made a come-back by February 2, climbing to $43,185.86 and later skyrocketing to $61,198.38 by February 29, a substantial 41.6% increase in just under four weeks.

This surge continued into March, where Bitcoin hit an impressive $62,029.85 by March 2, before reaching a new all-time high of $71,333.65 by March 31.

The approval of Bitcoin ETFs in the United States played a significant role in driving up the price during this period. The news boosted investor confidence, pushing Bitcoin to exceed $73,000 in late March briefly.

Bitcoin’s Performance in Q2 2024

After closing Q1 on a high note at $71,333.65 on March 31, many hoped that Bitcoin’s value would maintain its upward momentum.

However, the first few weeks of Q2 saw a slight dip, with the price dropping to $65,446.97 by April 2. This marked a decline of about 8%, signalling some early volatility that hinted at what was to come.

April 2024 continued to challenge Bitcoin holders, with the price falling to $63,841.12 by the end of the month, reflecting a continued downward trend.

The uncertainty in the crypto market led to a further drop on May 1, when Bitcoin hit $58,254.01, a sharp decline from its April 2nd value.

This raised concerns within the community about Bitcoin’s short-term outlook, as many began to wonder if Bitcoin’s price could recover in Q2 or if it was heading for a bearish season.

Fortunately, Bitcoin proved resilient, bouncing back to $68,364.99 by the end of May. This rebound was primarily driven by positive market sentiment and renewed interest from institutional investors, which brought some much-needed optimism.

By June 1, Bitcoin's price was $67,706.94, showing a relatively steady performance for the start of the month. However, it ended Q2 on a lower note at $62,678.29 on June 30.

Bitcoin’s Performance in Q3 2024

Starting the quarter on July 2 at $62,029.02, Bitcoin seemed to stabilise slightly after closing Q2 at $62,678.29.

By July 31, Bitcoin had climbed to a high of $64,619.25, showing a brief but significant increase of about 4% within the month.

But, as is typical with Bitcoin, things quickly took a downturn. By August 2, the BTC price dropped to $61,415.07 following news of regulatory crackdowns in Asia, which spooked the market. The value continued to decline throughout August, reaching $58,969.9 by the end of the month, an 8.7% drop.

Moving into September, Bitcoin appeared to recover, opening the month at $59,112.48. By September 29, its value surged back up to $65,635.3, the highest point in Q3.

By the end of September, Bitcoin demonstrated its ability to rebound quickly from price slumps, closing Q3 with a healthy gain compared to its starting value in July.

Factors Impacting Bitcoin’s Value in 2024

1. Regulatory Activity:

In recent years, governments worldwide have become more involved in regulating cryptocurrencies, and 2024 has seen even more focus on how Bitcoin is governed. For instance, new regulations from countries like the United States, the European Union, and China have created uncertainty among investors.

2. Bitcoin Adoption by Businesses:

In the past, companies like Tesla and PayPal significantly boosted Bitcoin's price by accepting it as a form of payment. In 2024, more companies and platforms have followed this trend, further solidifying Bitcoin's place as a mainstream currency.

3. Global Economic Situation:

While Bitcoin isn't directly tied to inflation or interest rates like traditional assets, it is still impacted by broader economic conditions. When the global economy is strong, people feel more confident and are willing to invest in alternative assets like Bitcoin. However, with rising inflation and increasing interest rates across several countries, many investors have been more cautious, reducing demand for Bitcoin.

4. Bitcoin's Use in Day-to-Day Transactions:

The more widely accepted Bitcoin becomes for everyday payments, the more valuable it becomes. In 2024, more merchants are integrating Bitcoin into their payment systems, further driving adoption. However, concerns over transaction fees and energy consumption have slowed its use in some sectors, keeping its value fluctuating.

5. Crypto News Predictions and Market Sentiment:

Predictions of future market behaviour often lead to speculative trading. Analysts predicting a potential rise in Bitcoin’s value to $100,000 by 2025 have kept some investors bullish despite the ups and downs. On the other hand, concerns about cryptocurrency's environmental impact and scepticism from governments keep some investors cautious, contributing to Bitcoin's volatility.

Bitcoin Price Predictions for Q4 2024

As of today, October 4, Bitcoin's price stands at $60,937.31.

After a rollercoaster year for the crypto market, many are wondering where Bitcoin is headed in the final quarter of 2024.

Predicting Bitcoin's value is always tricky due to its volatility, but several factors have provided a clearer picture of what may happen in the coming months.

First, it's important to note that Bitcoin is still holding above $53,000, which is seen as a critical support level. If Bitcoin remains above this threshold, it’s likely to maintain its longer-term upward trend.

Some analysts believe that if Bitcoin breaks through $73,000, it could ignite the next major rally, potentially pushing its value significantly higher by the end of 2024. A bold forecast from a few experts even suggests Bitcoin could hit $100,000 by the close of the year.

These experts are using three main factors to support their optimistic outlook. First is the renewed investor interest in spot Bitcoin exchange-traded funds (ETFs).

After a brief dip in August due to a crypto market correction, investor inflows into these ETFs picked up again by the end of September, indicating growing confidence in the cryptocurrency market.

The first quarter of 2024 saw Bitcoin’s price soar following the launch of new spot Bitcoin ETFs, and a similar surge in investor participation in Q4 could trigger another sharp rise in Bitcoin value.

Second, the 2024 U.S. presidential election is creating some uncertainty but also potential opportunities for Bitcoin.

Both major candidates, Donald Trump and Kamala Harris, have made positive statements about cryptocurrency.

Trump's pro-Bitcoin stance and Harris' recent crypto-friendly remarks make it likely that the election could boost Bitcoin’s price, regardless of the outcome.

Despite these factors, not all predictions are so optimistic.

Some analysts believe that Bitcoin might remain relatively flat for the rest of the year, given its recent lack of momentum. But even in this scenario, Bitcoin is still expected to finish the year around its current levels, at least maintaining a stable base as it heads into 2025.

Predictions for Bitcoin in 2025 and Beyond

via GIPHY

As we look ahead to 2025 and beyond, the predictions for Bitcoin’s value continue to vary greatly, reflecting both optimism and caution in the cryptocurrency market.

One of the most bullish predictions comes from Cathie Wood, CEO of Ark Invest, who has forecasted that Bitcoin could reach as high as $1.5 million by 2030.

Wood bases her prediction on several key factors: Bitcoin’s halving events, which reduce the supply of new coins, increased adoption by long-term holders, and rising hash rates (a measure of the network’s processing power).

According to her, these drivers will push Bitcoin’s value to new heights as more people and institutions start using it.

On the other end of this prediction is the legendary investor, Warren Buffett, known for his scepticism of Bitcoin and cryptocurrency in general.

Buffett famously called Bitcoin "rat poison squared" and sees no fundamental value in it.

His bearish view suggests that Bitcoin’s price is largely driven by speculation, and he believes it will eventually lose its appeal.

While his opinions resonate with traditional investors who prefer assets that generate cash flow, many crypto enthusiasts have dismissed his views, believing that Bitcoin has a unique role in the future of finance.

Changelly forecasts that Bitcoin could reach an average of $99,887.09 and a potential high of $100,196.66 in 2025, representing a significant 60% increase from its current price.

Similarly, CoinPedia and CoinCodex predict that Bitcoin could climb to $135,449 and even $177,384, respectively.

Looking further ahead to 2030, Changelly believes that Bitcoin could trade between $629,083 and $778,808, with an average price of $652,185.

However, CoinPedia is slightly more conservative, predicting a maximum price of $347,782 by 2030.

While these figures are exciting and may prompt traders to invest in Bitcoin's future, it’s important to remember that long-term cryptocurrency prediction is notoriously difficult, and many factors could influence Bitcoin’s value in the future.

To Recap

• Bitcoin began the year at $44,957.97 and achieved an all-time high of $71,333.65 by the end of March, driven by the approval of Bitcoin ETFs in the U.S.
• After peaking in Q1, Bitcoin faced a decline, falling to $58,254.01 by May 1. However, it bounced back to $68,364.99 by the end of May, ending the quarter at $62,678.29.
  
• Q3 started at $62,029.02, saw fluctuations, and ended at $65,635.30, showing resilience despite regulatory concerns and market reactions.
  
• As of October 4, Bitcoin is valued at $60,937.31. Analysts predict potential price movements based on various factors, with some forecasting a surge to $100,000 by the end of 2024.
  
• Predictions for 2025 and beyond are mixed, with bullish forecasts suggesting prices could reach up to $1.5 million by 2030, while more conservative views remain sceptical about long-term value.

Disclaimer: This article was written to provide guidance and understanding. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.