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Cryptocurrency

Bitcoin Poll: 63% Predict $105K, 37% See $85K Next

2024-12-11

Bitcoin, the leading cryptocurrency, has witnessed a remarkable surge in 2024. Thanks to various catalysts such as Bitcoin ETFs, increased corporate acquisition of the cryptocurrency, and expectations of a more pro-crypto White House administration with Donald Trump winning the 2024 presidential election, its price has soared. However, after reaching several new all-time highs and passing the $100,000 level, Bitcoin has now dipped below this milestone. Benzinga readers are now engaged in predicting whether new all-time highs will be hit next or if a further dip to $85,000 will occur.

Unraveling the Bitcoin Price Trajectory in 2024 and Beyond

Bitcoin's All-Time Highs and Recent Dips

Bitcoin has achieved several new all-time highs since the 2024 presidential election in November. It passed the $80,000 and $90,000 levels and recently cleared the $100,000 mark, hitting an all-time high of $103,900.47 on Dec. 4 and spending several days above this significant milestone. But since then, it has fallen and has struggled to regain that level. This recent dip has led to a heated debate among Benzinga readers about the next price milestone Bitcoin is likely to reach.Some believe that Bitcoin will continue its upward trajectory and reach new all-time highs of $105,000. The majority, with 63% of the votes, think that this will be the case before the leading cryptocurrency trades back down to $85,000. On the other hand, 37% of the readers predict a further dip to $85,000. Bitcoin last traded at $85,000 or below one month ago on Nov. 11.

Year-to-Date Performance and End-of-Year Predictions

Bitcoin is up an astonishing 123% year-to-date in 2024, outperforming leading stock indexes and many assets. While a 100% year-end gain would be satisfactory for many, the fact that Bitcoin recently passed $100,000 and the move was short-lived has left investors craving for more. Benzinga recently asked readers what price they thought Bitcoin would end 2024 at. The results showed that 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, 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 possible further pullback in the coming weeks.

Outperformance in 2025 and Poll Results

Bitcoin topped a poll asking readers to choose which cryptocurrency they believe will outperform others in 2025, including Solana SOL/USD, Dogecoin DOGE/USD, Ethereum ETH/USD, Shiba Inu SHIB/USD, Hedera HBAR/USD, and XRP XRP/USD. Bitcoin won the poll with 28% of readers believing it will outperform the other options next year. Ranking second in the poll was XRP with 24%.The study was conducted by Benzinga from Dec. 10 through Dec. 11, 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 147 adults.Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Elon Musk, the visionary behind Tesla and now at the helm of DOGE, is making waves across the central headlines. His impending tenure as the official DOGE head is set to begin in January. The speculative fervor anticipates that Musk will bring about fundamental changes to the crypto landscape and reshape the social domain by integrating Dogecoin payments on X. If this indeed occurs, here is a list of three cryptocurrency tokens that are likely to experience a surge driven by the hype and fear of missing out (FOMO) that this development might create in the coming days.

Musk's Crypto Move: A Game Changer for Three Tokens

Shiba Inu (SHIB)

Shiba Inu currently stands out as one of the most popular meme coins. It has repeatedly demonstrated its resilience, especially during times of euphoric growth in the crypto market. If Musk succeeds in adding Dogecoin as a viable payment option on X, this positive development could trigger a wave of optimism within the market. As a result, coins like SHIB are likely to gain significant attention and traction.

According to CoinCodex, Shiba Inu is expected to see a modest increase of 0.66% and reach a new price of $0.00002703. The current sentiment, as indicated by technical indicators, is neutral, while the Fear & Greed Index shows 74 (Greed). Over the past 30 days, Shiba Inu recorded 17/30 (57%) green days with a price volatility of 9.30%. Based on these forecasts, it seems to be a favorable time to invest in Shiba Inu.

Bitcoin (BTC)

Musk's decision to incorporate Dogecoin as a credible payment method on X is likely to have a positive impact on the overall cryptocurrency domain. This move showcases a practical use case for the crypto space, which could potentially boost Bitcoin's price. It may herald a new era for the market, filled with upward price movements and new patterns.

As per CoinCodex, Bitcoin is predicted to surge by 16% and reach a new price mark of $112K by the end of December 2024. The current sentiment, as indicated by technical indicators, is Bullish, and the Fear & Greed Index shows 74 (Greed). Over the past 30 days, Bitcoin recorded 16/30 (53%) green days with a price volatility of 4.40%. These indicators suggest that now is a good time to buy Bitcoin.

Ethereum (ETH)

As a blockchain that hosts a significant number of new cryptocurrency tokens and meme coins, Musk's addition of Doge as a payment option on X could inspire creators to develop new meme coins on Ethereum. These new tokens could then ride the positive momentum of the crypto market and gain further traction. This ripple effect may lead to a surge in ETH's price and inject new life into the market.

According to CoinCodex, Ethereum is expected to surge by 15% and reach a new price mark of $4232. The current sentiment, as indicated by technical indicators, is bullish, and the Fear & Greed Index shows 74 (Greed). Over the past 30 days, Ethereum recorded 13/30 (43%) green days with a price volatility of 8.34%. These factors indicate that it is a favorable time to invest in Ethereum.

When it comes to expanding your crypto portfolio, it's essential to look beyond the well-known giants like Bitcoin and Ethereum. These two cryptocurrencies often steal the spotlight, but there are numerous under-the-radar options with the potential to skyrocket in value. In this article, we'll explore three promising cryptocurrencies that could be the next big thing in 2025.

Dive into the World of Underrated Cryptocurrencies

Solana: The Next Ethereum

Solana (SOL 8.36%) has been making waves in the crypto space for several years. It is now tipping into the mainstream and attracting the attention of institutional investors. Currently, Solana ranks among the top five cryptocurrencies in terms of market cap, and its performance this year has been remarkable. Bitcoin is up 143%, while Solana is up 140%. There is even talk of Solana getting a spot ETF, which could lead to a significant price surge. Just like with the spot Bitcoin ETFs and, to a lesser extent, the spot Ethereum ETFs, the creation of an ETF investment product can attract a wave of new money. Moreover, Solana is hitting on all cylinders. It has emerged as the top rival to Ethereum and has more upside potential in the long run. Its ultra-low transaction fees and blazing-fast transaction processing speeds give it a significant advantage over Ethereum. In the area of decentralized finance (DeFi), Solana is seeing explosive new growth. For the first time, it is seeing more trading activity on its decentralized cryptocurrency exchanges than Ethereum. The Total Value Locked (TVL), an important performance metric, is also growing rapidly.

Bittensor: Bitcoin for AI

Bittensor (TAO 9.21%) is an open-source protocol that enables the creation of decentralized artificial intelligence (AI) networks. This unique combination of crypto and AI makes Bittensor a potential powerhouse. As long as investors continue to embrace AI-related technologies, Bittensor's price should continue to soar. It has a limited lifetime coin supply of 21 million, and only 7.4 million Bittensor coins are in circulation. Currently, the price is just south of $700, which might seem high, but its scarcity gives it an inherent value. Over time, as the demand for AI grows, so will the price of Bittensor. However, it's important to note that picking winners in the emerging AI crypto space is extremely difficult. The field is evolving rapidly, and investor preferences can change overnight. Earlier this year, Render seemed like the top AI crypto token, but now Bittensor has taken the lead.

Chainlink: The Bank Coin

Chainlink (LINK 11.24%) remains the preeminent oracle coin in the crypto market. It has a market cap of $15 billion and is up 62% for the year. Long-time crypto investors will remember Chainlink from the 2020-2021 crypto bull market when it soared by more than 400% in just a few months. While there's no guarantee that history will repeat itself, there are several factors in Chainlink's favor. One of the most important is its planned move into asset tokenization. By partnering with financial institutions, Chainlink is helping to convert traditional financial assets into digital assets that can be traded on a blockchain. According to high-profile consulting firms, asset tokenization will be a multi-trillion-dollar market opportunity by 2030. If Wall Street embraces this trend, Chainlink's value could soar in the next five years. Currently, there is a growing consensus that Chainlink can become a trusted partner for financial institutions exploring the future of digital assets on the blockchain. Its recent partnerships with SWIFT, Euroclear, and UBS Asset Management are a testament to its growing influence.If you're looking to diversify beyond Bitcoin and Ethereum, these three cryptocurrencies are definitely worth considering. However, it's crucial to do your own due diligence. While they all have the potential for explosive upside, they also come with added risks. Each cryptocurrency has its own unique investment thesis and characteristics, and it's up to you to decide if they align with your investment goals.