Bitcoin could double or triple in 2024: MicroStrategy co-founder Michael Saylor

• MicroStrategy co-founder Michael Saylor believes that the demand for Bitcoin could double or triple or maybe go up by a factor of 10, anywhere from two to 10.
• Bitcoin had reached $37,104.26, its highest level since May 8, 2022, according to CoinMarketCap.
• Bitcoin is now up 114.8% from 2022, and many investors are already looking forward to a Moonvember.

Bitcoin (BTC) is witnessing one of the brightest moments since 2022. Ever since the prices hit $35,000 on October 24, investors have had increased optimism. The Bitcoin bulls have managed to cross the $ 35000 mark since October, holding its fort steady, raising hopes for a strong finish to the year.

In fact, at the time of drafting this, Bitcoin had reached $37,104.26, its highest level since May 8, 2022. Bitcoin is now up 114.8% from 2022, and many investors are already looking forward to a Moonvember. This positive sentiment has affected the overall crypto market, reaching $1.41 trillion and up by 2.89% in the past 24 hours.

Will Bitcoin touch $50000 by the end of the year?

Well, ask the experts, and they will tell you that signs are there that BTC may reach $50000. Buoyed by the recent ETF filings and geopolitical scenario, BTC is looking stronger and may touch $40000 by this month itself.

Not to forget, it was on November 11 that BTC reached its all-time high of $69,044.77 a couple of years back. Since then, the Russia-Ukraine war kicked in, and rising inflation urged investors to hold their money back for cryptos.

 Image Credit: Trading View

A look at the charts will showcase a sustained interest in the token. The RSI will indicate buyers’ market as the Fear and Greed Index has reached a high of 72, indicating Greed in the market.

Strong demand for Bitcoin

This could grow further, with the Bitcoin halving in April 2024. Ask MicroStrategy co-founder Michael Saylor thinks that following the halving and the ETFs, the demand for Bitcoin could grow exponentially by 2024.

Saylor believes that BTC has graduated from being viewed as an “offshore unregulated asset” to now more of an “institutionalized mainstream app.” Saylor believes, as a result, the supply and demand dynamics could come into play, and its price could double or triple.

“I think that this next 12 months is going to be big. Because demand should double or triple or maybe go up by a factor of 10, anywhere from two to 10. At the same time, the supply available for sale will be cut in half in April,” Saylor was quoted as saying in Cointelegraph.

“So instead of a billion dollars of Bitcoin available for miners each month, it will be half a billion. It’s pretty unprecedented that you would go from a supply and demand balance of maybe $15 billion of organic demand and $12 billion of organic supply. What happens when one doubles and the other one cuts in half? The price is going to adjust up,” he added.

Conclusion

Whether BTC will touch $100000 remains to be seen. But there is undoubtedly a tremendous amount of interest in the token post-October 24. Many investors are returning to fold, and it may be time to invest in the token. But before you do that, it’s vital that you study the market and how it’s affected.

Thus, market research is critical and is crucial to any investment. Any decision without proper market research could yield financial losses.