Bitcoin may reach new record highs of over USD100,000


(MENAFN) According to a US-based news outlet citing industry analysts, the leading cryptocurrency Bitcoin is anticipated to extend its rally into 2024, potentially reaching new record highs of over USD100,000 per token.

Having surged more than 160 percent this year, Bitcoin traded above USD44,200 on Saturday, a substantial increase from its value of USD16,500 at the beginning of the year.

“It feels that [2023] was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for [2024] and 25,” chief executive officer of Ledger, Pascal Gauthier, was cited as declaring by the media outlet.

In November 2021, Bitcoin reached a peak of nearly USD69,000. However, the crypto market experienced a significant setback last year, losing almost USD1.4 trillion, primarily due to bankruptcies in the sector. FTX, the world's second-largest crypto exchange at the time, played a central role in the crisis, collapsing and leading to its founder, Sam Bankman-Fried, facing potential imprisonment for over 100 years after being convicted on seven counts of criminal fraud.

Adding to the challenges in the crypto sector, Changpeng Zhao, the chief of Binance, pleaded guilty to criminal charges last month and resigned as the company's CEO as part of a USD4.3 billion-settlement with the US Department of Justice.

The former leader of the world's largest crypto exchange is now at risk of up to ten years in prison for money laundering.

As reported by the news agency, several industry specialists “see the two cases concluding as a line being drawn under issues that have plagued the crypto market.”

Analysts also predict that the upcoming Bitcoin "halving," a scheduled event occurring approximately every four years to restrict the cryptocurrency's supply, is poised to be a catalyst for further price increases. The next halving is expected to take place in late April 2024.

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