Crypto Exec Predicts Bullish Trend and Potential Bitcoin Surge in 2024 – Blockchain News, Opinion, TV & Jobs
In the dynamic world of cryptocurrency, industry leaders are optimistic about the start of a new bullish phase, with growing expectations that Bitcoin will surpass $100,000 and reach an all-time high in 2024.
Bitcoin has experienced an incredible rise of over 120% this year alone, leading many enthusiasts to believe that this upward momentum will continue next year.
Last week, the price of Bitcoin closed at around $37,450. Markets have experienced significant volatility this week following the US Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange. The announcement of the agreement and the resignation of Binance’s CEO caused a temporary market decline, with BTC briefly trading at $35,700. Negative sentiment soon led to positive news, such as Binance not facing any further regulatory action, contributing to new stability in the market.
The start of the new week was marked by BTC trading at a price of $.40.665. It reached a new high this year.
2023 will likely be recorded as a year of preparation for the upcoming bull market. Sentiment for 2024 and 2025 is very hopeful.
Despite the cryptocurrency industry facing challenges including coin collapses, project failures, bankruptcies, and criminal trials, recent high-profile incidents involving exchanges like FTX and Binance are seen by many as a turning point. Some industry insiders believe that the speculative phase is nearly over and a shift towards constructive development and problem-solving within the cryptocurrency space is possible.
It seems that there is now room for actual builders to move beyond the speculative stage and focus on technology and problem solving.
Attention is now focused on positive developments. First, expectations are growing about the possibility of approval of a Bitcoin exchange-traded fund (ETF). If approved, this could mark a significant milestone in the mainstream adoption of Bitcoin by attracting a larger group of existing investors.
The second notable development is the Bitcoin halving scheduled for May 2024. This event, which occurs every four years, limits Bitcoin supply by halving rewards for miners. Historically, this has been the catalyst for new rallies in the cryptocurrency market.
Investors are closely monitoring these developments, with a particular focus on potential ETF approvals and the upcoming halving. Matteo Greco, Research Analyst at Fineqia International, a listed digital asset and fintech investment firm.
“The approval of a U.S.-based Bitcoin spot ETF could not only bring capital inflows, but also inject significant liquidity into the market, promoting more stable prices and more favorable conditions for both financial instruments and digital asset exchanges that incorporate digital assets as underlying assets. It can facilitate transactions. ”
Bold predictions for Bitcoin in 2024 have already surfaced, predicting that Bitcoin could reach $100,000 by the end of 2024, thanks to the approval of various ETFs. This represents a significant 160% increase from current prices.
Moreover, Matrixport, a cryptocurrency financial services company, predicted the price to reach $63,140 by April 2024 and a whopping $125,000 by the end of next year. Their report highlighted factors such as expected declines in inflation and potential interest rate cuts from the Federal Reserve as contributing factors to a potential new record for Bitcoin in 2024.
As the cryptocurrency landscape evolves, industry leaders and investors alike are eagerly anticipating a transformative year filled with potential milestones and new heights for Bitcoin.
