Bitcoin Prices Could Surge 90% to $69K by Mid-2024 as 'Acceleration Phase' Kicks In, Analysts Predict
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Bitcoin prices could hit $69K by mid-2024, representing an 88% gain from current prices, as bitcoin enters an "acceleration phase" marked by volatility and a sharp rally according to some traders.
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Analyst Cory Mitchell says "really big gains" for bitcoin often happen about 1.5 years after the bottom, so a near 90% price surge could resume by mid-2024 after bottoming in late 2020.
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In past bull cycles, bitcoin has seen massive 1-year gains of 1200% in 2013 and 1900% in 2017, so similar gains are possible in the current cycle.
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Recent bitcoin price gains to nearly 116% over the past year have been buoyed by spot bitcoin ETF filings in the U.S. and growing institutional demand.
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CME bitcoin futures hit record high volumes, topping Binance's and showing rising institutional interest in crypto products.