Relevance: Bitcoin reached its ATH in November 2021, with around $69,000. At the time, the spike in the BTC price was mainly triggered by the renowned CEO Elon Musk's support, Tesla's massive Bitcoin investment, El Salvador's acceptance of Bitcoin as legal tender, and the launch of the first U.S. Bitcoin exchange-traded fund (ETF). Then, a crypto market downturn caused substantial volatility in Bitcoin's price, with sudden ups and downs. The popular cryptocurrency is still more than 57% below its ATH, though it increased by over 80% since the beginning of 2023. However, analysts foresee a jump similar to the one in 2021 again, with the halving event expected to happen in April or May 2024. The internal supply and issuance process will decrease the amount of Bitcoins that can be mined daily by half. Brands that should care: On the other hand, predictions of sky-high valuations for Bitcoin have gained massive popularity in recent years, though they mostly do not come to fruition. Most recently, U.K.-based banking giant Standard Chartered's analysts forecasted that Bitcoin would reach $50,000 by the end of the year and $120,000 by the end of 2024. In November 2020, a Citibank analyst also estimated that the popular token could reach $318,000 by the end of 2022, but the leading cryptocurrency closed last year at $16,500. |
What the numbers say: A recent survey conducted by CryptoVantage with 1,000 U.S. residents has revealed Americans' expectations on when Bitcoin (BTC) will reach its all-time high (ATH) again. In the poll, 47% of respondents said the leading cryptocurrency would reach that level within the next five years. A significant 23% portion also reported an expectation for it within the next year. While 14% of participants did not share a prediction, 8% set their expectations for after 2030. The remaining 8% stated that it would never happen again.