Bitcoin (BTC) Price Prediction: Will BTC Reach Its Zenith in 2024?

Bitcoin (BTC) has had a roller-coaster ride in August with its price swinging to great extremes due to larger global events and other macroeconomic factors.

Bitcoin price dropped 2.5% on Monday morning in Asia after starting August with a roller-coaster ride. BTC/USDT dipped to a low of $56,800 this week following a broader market sell-off as macroeconomic conditions worsened globally.

Currently, BTC trades at $59,000 on Gate.io after recovering from the lows. Traders quickly snapped up the opportunity, exchanging cryptocurrencies worth $73.88 billion in less than 24 hours.

Bitcoin price in focus

Not just BTC, but the broader cryptocurrency market also faced a slight sell-off. The total global cryptocurrency market capitalization decreased by 2% to $2.05 trillion, as reported by CoinGecko.

Back in March, when Bitcoin price hit a new all-time high above $73,000, the total global market cap was close to crossing the $3 trillion mark, last seen in November 2021.

Mt. Gox moved a total of 45,516 Bitcoin, valued at about $3.15 billion, over the last month. The largest transaction, valued at $2.1 billion, was transferred to a new wallet, as it appears.

However, recent transactions were directed to the centralized crypto exchange Bitstamp, which is among the five firms helping to redistribute Bitcoin and Bitcoin Cash to Mt. Gox creditors.

Blockchain analytics firm Arkham Intelligence revealed that the trustee conducted two smaller test transactions to Bitstamp before transferring $25 million.

Moreover, another Mt. Gox wallet sent $105 million to Bitstamp, out of which the exchange now holds creditors’ funds totaling $130 million.

Recently, Bitstamp assured that repayments would be distributed to creditors “as soon as possible.”

Bitcoin to hit new highs in 2024?

Some analysts believe that Bitcoin could approach its all-time highs again before the year ends, despite the current market hesitation.

A well-known market analyst noted that since Bitcoin stabilized between $60,000 and $70,000, a range where it has spent nearly half the year, BTC has reached the $71,000-$72,000 levels at least four times this year, hinting at the possibility of seeing these price points again soon.

For now, investors are cautious, observed lead traders at BTC ETF brokerage firm, adding that Bitcoin ETFs ended a 12-day streak of net inflows, which they attribute to traders shifting into new Ethereum ETFs.

Lead traders at BTC ETF brokerage also highlighted that important economic indicators are due this week, such as new GDP and PCE data from the Bureau of Economic Analysis. Traders suggest that these potential catalysts, coupled with speculation about Trump making Bitcoin a strategic reserve asset, could propel Bitcoin to a new all-time high.

Mt. Gox – A tale of past and present

Mt. Gox, once the world’s largest Bitcoin exchange, has a checkered past that left a deep imprint on the cryptocurrency landscape. Founded in 2010 by Jed McCaleb and later acquired by Mark Karpeles, Mt. Gox quickly became the primary platform for Bitcoin trading.

However, the exchange encountered multiple security breaches, culminating in a devastating loss of 850,000 Bitcoins in early 2014, then valued at approximately $450 million. This event led to Mt. Gox filing for bankruptcy and ceasing operations, leaving creditors in a protracted and complex legal battle to recover their lost funds.

Fast forward to recent developments, and there seems to be a light at the end of the tunnel for Mt. Gox creditors. After years of legal proceedings and investigations, the court-appointed trustee, Nobuaki Kobayashi, has started to redistribute the remaining Bitcoin assets.

These repayments have been long-awaited, and the movement of substantial amounts of BTC into new wallets indicates the trustee’s preparation for the next phase of the repayment process.

The ongoing efforts to return the funds are a testament to the resilience and determination of the cryptocurrency community and the legal entities involved.

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