Bitcoin has had an impressive year in fiscal year 2024, outshining other popular investments like Nifty50 and Gold. Its value has seen a remarkable surge of over 150% in the past twelve months, while Nifty50 and Gold saw gains of only 30% and 11%, respectively.
Starting from a value of $28,500 at the beginning of fiscal year 2023-24, Bitcoin’s price skyrocketed to an impressive $73,750 by March 2024.
The year 2023-24 has been a successful one for Bitcoin, with a steady increase of more than 50% by mid-June, reaching around $26,000. It remained close to $27,000 in late September and continued to climb throughout the year, ending with a significant increase.
Expert Sumit Gupta, co-founder of CoinDCX, believes that Bitcoin’s performance in FY24 and the anticipation of the 4th Bitcoin halving signal a crucial moment for the cryptocurrency. The current upward trend in Bitcoin’s price is similar to the bull markets of 2020 and 2021, with occasional high intraday selling being met with strong buying activity.
In January 2024, the SEC approved Bitcoin ETFs, and 11 fund managers were given the green light to list funds. Over the past six months, the price of Bitcoin has more than doubled, indicating a strong and enduring uptrend.
Looking at its performance from the start of the year, Bitcoin has seen a healthy increase of 67.05%, with a jump of nearly 37% in its price in the last month alone.
Rajagopal Menon, VP of WazirX, believes that with billions of dollars pouring into Bitcoin ETFs, the introduction of new Bitcoin-related financial services, and the upcoming Bitcoin halving event in April 2024, the stage is set for an even more dramatic shift in supply and demand in FY25.
Experts predict a positive trajectory for Bitcoin in FY25, as more institutions get involved and new Bitcoin-related financial services are introduced.
Vikram Subburaj, CEO of Giottus Crypto Platform, is hopeful for another great year for Bitcoin enthusiasts and investors with the upcoming halving event. He believes that the current market sentiment, with the Crypto Fear and Greed Index at an “extreme greed” level, sets the stage for Bitcoin to potentially retest its high at $73,000 and explore new price horizons.
As we enter FY25, experts anticipate an increase in Bitcoin Spot ETFs’ inflows and sustained retail interest to be key drivers for the cryptocurrency market.
For Indian investors, this period represents a strategic window to consolidate positions and realize profits, navigating the market with informed confidence.
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