The price of Bitcoin (CRYPTO:BTC) has gone through the roof in 2024 thanks to several triggers such as Bitcoin ETFs, more companies acquiring the Cryptocurrency, and expectations of a more pro-crypto White House administration with donald trump winning the 2024 presidential election.
As Bitcoin falls below the $100,000 level, Benzinga readers are predicting whether new all-time highs will follow or a further drop to $85,000.
What happened
Bitcoin has reached several all-time highs since the 2024 presidential election in November, breaking through the $80,000 and $90,000 levels and recently surpassing $100,000.
The leading cryptocurrency hit an all-time high of $103,900.47 on December 4 and spent several days above the $100,000 threshold.
Since then, the price of Bitcoin has fallen and has struggled to break through the $100,000 threshold again. Recently, Benzinga asked its readers what maximum price they think Bitcoin will reach.
“Which of the two levels is Bitcoin more likely to reach: $105,000 or $85,000?” Benzinga asked.
The results were:
- $105,000: 63%
- $85,000: 37%
The majority of readers surveyed believe that Bitcoin will reach an all-time high of $105,000 before the leading cryptocurrency falls back to $85,000, if it ever reaches that price again.
The last time Bitcoin traded at $85,000 or less was a month ago, on November 11.
You can also read: The US and its strategic Bitcoin reserve: Beginning of a global economic transformation?
What will happen next?
Bitcoin in 2024 is up 123% so far this year, putting it above other leading stock indices and many assets. While many would be happy to have ended the year up 100%, the fact that Bitcoin recently surpassed $100,000 and that rise was short-lived could have investors wanting more.
Recently, Benzinga asked its readers at what price they thought Bitcoin would close out in 2024. The results were:
- Below $90,000: 18%
- $90,000 to $100,000: 30%
- $100,000 to $120,000: 40%
- Above $120,000: 12%
The $100,000 to $120,000 bracket won the survey with 40% of the votes. Adding in the 12% of respondents who said Bitcoin would trade above $120,000 by the end of the year, the majority (52%) of respondents see a six-figure price by the end of 2024.
The $90,000 to $100,000 bracket came in second in the survey with 30%, suggesting that further declines could occur in the coming weeks.
Bitcoin led a poll among Benzinga readers that asked them to choose which cryptocurrency they believed would outperform others in 2025, including Solarium (CRYPTO: SUN), Dogecoin (CRYPTO:DOGE), Ethereum (CRYPTO: ETH), Shiba Inu (CRYPTO: SHIB), Hedera (CRYPTO: HBAR) and XRP (CRYPTO:XRP).
Bitcoin won the survey with 28% of readers believing the leading cryptocurrency will outperform all other options next year. Second in the survey was XRP with 24%.
The study was conducted between December 10 and December 11, 2024 and included responses from a diverse population of adults ages 18 and older. Participation in the survey was completely voluntary and no incentives were offered to potential respondents. The study reflects the results of 147 adults.
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