NVDA - 5 Bitcoin-Centric Stocks to Buy Amid Recent Meltdown | Benzinga
The cryptocurrency market had a solid 2023 and the rally is continuing this year. On Mar 14, the largest cryptocurrency, Bitcoin (CRYPTO: BTC), recorded an all-time high of 73,750.07. However, it has fallen more than 6.6% thereafter. Even then, Bitcoin has gained more than 67% in the first quarter after jumping 157% in 2023.
Moreover, the next Bitcoin halving is expected to occur in the third week of April 2024. When this occurs, the reward for mining new blocks is halved, making it more challenging for miners to earn net Bitcoins. Historically, this event has led to increased scarcity and has driven up the value of Bitcoin due to reduced supply.
Optimistic Estimates
Several research firms have said that this is just the beginning of the Bitcoin rally. Standard Chartered expects Bitcoin will reach $100,000 by the end of 2024. Research firm Fundstrat has provided a target range of $116,000 to $137,000 for this year. Hedge fund SkyBridge predicts $170,000 by April 2025.
Furthermore, VanEck estimated a medium-term target of $350,000 for Bitcoin. Connors's firm has estimated that the base case Bitcoin will reach $110,000 in 2024 and $140,000 next year. However, according to the firm's best-case scenario, the cryptocurrency will hit $180,000 in 2024 ...