Bitcoin, the largest digital asset by market capitalization, is showing signs of a bullish trend, with machine learning algorithms suggesting potential advances in the next couple of years. This comes as the cryptocurrency sector on the whole is moving in a more bullish direction.
As of Thursday, Bitcoin's current price stands at $31,067, demonstrating an increase of 1.09% on the day, 3.15% across the week, and 14.62% on its monthly chart. This data aligns with historical trends that suggest Bitcoin's strongest quarterly performance typically occurs in the final quarter, boasting an average return of over 35% in the past nine years.
The self-learning machine algorithm deployed by crypto tracking platform CoinCodex set the price of Bitcoin at $38,183 on December 31, 2023. This suggests that its value would increase by close to 23% from its figures on June 30. Furthermore, if Bitcoin's price follows the same growth pattern as that of the internet, mobile technologies, and large tech companies such as Google (NASDAQ: NASDAQ:GOOGL) and Facebook (NASDAQ: NASDAQ:META), its average price by the end of 2024 could reach $62,193.
More specifically, if Bitcoin followed exclusively the internet's growth path, it could reach $38,887 by the end of 2024. Mimicking Google's expansion could see it end up at $56,838, while following Facebook's path could lead to a price of $114,812.
Looking further ahead to 2025, predictions suggest that Bitcoin could reach an average price of $110,636. This is based on potential prices of $50,202 if following the internet's growth pattern; $48,942 with mobile tech as a model; $88,713 if mirroring Google; or a staggering $254,687 if it follows the same trajectory as Facebook.
Adding to the optimism surrounding Bitcoin's future is the upcoming decision by the Securities and Exchange Commission (SEC) regarding Bitcoin spot exchange-traded-fund (ETF) filings. This verdict, especially if favorable, could act as a significant catalyst, potentially propelling Bitcoin's price further. The SEC deferred its decision on these spot Bitcoin ETF applications earlier in August, and the new deadline is set for October.
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