Bitcoin Could Hit A New All-time High Within Weeks: de Vere Group

Bitcoin could hit a new all-time high within weeks, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The price of a Bitcoin hit $60K in midweek trade as the 2024 rally powered onwards, driven by demand ahead of the next halving event.

"If the current momentum continues, we expect that Bitcoin could beat the previous all-time high in a matter of weeks," says Nigel Green, CEO of deVere Group.

Above: BTC at monthly intervals.

Green says a key driver behind Bitcoin’s recent surge is the growing interest and involvement of institutional investors, notably through the introduction of Bitcoin Exchange-Traded Funds (ETFs).

But Kathleen Brooks, an analyst at XTB, adds that the driver of the gains is the 'halving' that will take place in the coming months.

"This halving means that the amount of bitcoin created will halve, an event that happens every 4 years. This is a quirk within the formula that governs Bitcoin mining, and during previous halvings, the price of Bitcoin has tended to surge to records," she says.

"The next Bitcoin halving is anticipated in April, and historical data suggests that these events often precede substantial bull runs," says Green.

The upcoming halving will enjoy the added demand from institutional sources as the approval and launch of spot Bitcoin ETFs, which track the price of the cryptocurrency directly rather than futures contracts, provides institutional investors with a more accessible and regulated means of entering the crypto market.

de Vere's Green says the approval accelerates institutional adoption and brings more liquidity and stability to the market.”

It's been reported that BlackRock’s Bitcoin ETF took in $520 million yesterday – the second biggest inflow in a day of any ETF.

"The fact that the halving has happened at the same time as the ETF has attracted $6bn of inflows, some from institutions, is adding to the upward pressure on crypto this quarter," says Brooks.

She explains that the last three halvings saw large gains for Bitcoin in the following 12 months.

"It is not clear if the same will happen after this halving, but Bitcoin is worth watching," says Brooks.

Green says it must be remembered that nothing is for sure as cryptocurrencies remain highly speculative, "but the enormous interest in spot ETFs and the upcoming halving event - which only happens every four years - can be expected to continue to fuel the current momentum which could lead Bitcoin to surpass the $69,000 mark."