There are lot of speculations and theories circling around the predicted price of 1 Bitcoin in 2024, so many of them with their fancy and complex graphics try to give us some projected figure that we are forced to believe. Some say it will doom one day and some say it will reach the moon. So let us not take all of them into consideration and break our head. Let us do a simple analyzes and find out the price of 1 BTC using the most simplest logic and actual facts.
If we GOLD and HODL the bitcoin for the next 8 years till the halving in 2024, we will be a millionaire for sure.
If we just join the 16 Bitcoin club or 21 Bitcoin club then we will be ahead of 1 Million people since there will be only 21 Million bitcoins that will ever be created.
Lets start predicting the prize with the simplest tools and the most logical way to arrive at the THE MAGIC NUMBER.
In the next 8 years there will be atleast one global recession since we didnt have one after 2008. So during the recession the Bitcoin price might increase by 10%
Also in the next 8 years there will be atleast 2 countries facing economic turmoil. If 2 or more countries face economic collapse all the people there will switch to bitcoin. So another 10% rise in the value is predicted.
Events like demonetization in India or the super duper inflation in venenzula can repeat in some other countries in the next 8 years can increase the value by another 10%.
Also we should mention the ICO madness that is happening now. If all the ICO's fail and burst one day, all those funds will flow into Bitcoin. People will loose faith in Altcoins and "Reverse Flippening" will start to happen. So lets add another 10% to the value of Bitcoin.
If any of the altcoins fail or get hacked, then that money will flow into Bitcoin. Another 10%.
If the value of Physical Gold crashes to "Negative" then it will also help Bitcoin to climb by 10%. Some people might call me mad for saying that safe heaven asset like "Gold" crashing down. It might happen and it has happened in the past. It happened in 1980 and also in the year 2013. In 2013, we had a crash in the prize of Gold due to Cyprus central bank gold sales. Cyprus is a small country , imagine a big country like India where the Gold in household put together is more than the federal reserve of United States. Just like demonetization if government of India asks people to declare their physical gold stashed in lockers than gold price will plunge and all that money will flow into Bitcoin. Lets add another 10% for the above factor.
Final important factor - Inflation vs Deflation. Due to hyper inflation of all other currencies including USD will help the deflationary Bitcoin and this will add another 10%.
Altogether if we put, it comes to 70% - 80%. While i write this article, 1 Bitcoin prize is 2573 USD. Also add another 50% for shortage in supply plus the hype. So it comes to 130% addition to the current value. It comes to 6000$ approximately. This would be the actual cost of 1 BTC in 2024 with actual predictions with actual facts and with pure logic thinking.
