Leading cryptocurrency Bitcoin (CRYPTO: BTC) passed the $100,000 milestone on Wednesday, Dec. 4 and reached new all-time highs since Donald Trump won the 2024 presidential election.
Benzinga readers predict the cryptocurrency will close out 2024 over the $100,000 level.
What Happened: Bitcoin has had a wild year with the 2024 presidential election win increasing optimism for the outlook of the cryptocurrency sector with a more pro-crypto government in place.
After Bitcoin passed the $100,000 milestone, the big question is how much higher it can go.
Benzinga recently polled readers to predict Bitcoin's price at the end of 2024, which is less than a month away.
"What will Bitcoin's price be on Dec. 31, 2024?" Benzinga asked.
The results were:
- Under $90,000: 18%
- $90,000 to $100,000: 30%
- $100,000 to $120,000: 40%
- Over $120,000: 12%
The range of $100,000 to $120,000 won the poll with 40% of the vote. Adding in the 12% of respondents who said Bitcoin would trade over $120,000 at year end and a majority (52%) of voters see a six-figure price to close out the year.
The range of $90,000 to $100,000 got second place in the poll with 30%, suggesting a further pullback could happen in the coming weeks.
Read Also: EXCLUSIVE: Bitcoin Crossing $100,000 Is A ‘Defining Moment,’ Experts Say
Why It's Important: Bitcoin's price has traded in a range of $38,521.89 to $103,900.47 in 2024, with the crypto up 130% year-to-date as of Thursday.
Here are the current trading ranges and closing prices by month in 2024:
- January: $38,521.89 to $48,969.37, close $42,582.61
- February: $41,879.19 to $63,913.13, close $61,198.38
- March: $59,323.91 to $73,750.07, close $71,333.65
- April: $59,120.07 to $72,715.36, close $60,636.88
- May: $56,555.29 to $71,946.46, close $67,491.41
- June: $58,601.70 to $71,907.85, close $62,678.29
- July: $53,717.38 to $69,987.54, close $64,619.25
- August: $49,121.24 to $65,593.24, close $58,969.90
- September: $52,598.70 to $66,480.70, close $63,329.50
- October: $58,895.21 to $73,577.21, close $70,215.19
- November: $66,803.65 to $99,655.50, close $96,449.05
The above prices show that five of the 11 months saw a higher high than the previous month. The data also shows that seven of the 11 months saw the month-ending price higher than the previous month.
This data and the trends would point to Bitcoin likely having a higher price than the $99,655.50 high in November, which is already true. The trend would also point to Bitcoin likely closing higher than the $96,449.05 closing price from November.
A Benzinga poll in November saw 73% of people say Bitcoin would reach the $100,000 level before the end of 2024, which has now proven true.
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The study was conducted by Benzinga from Dec. 3 through Dec. 4, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 197 adults.
Image created using artificial intelligence via Midjourney.
