Cryptocurrency industry executives predict a new bull run and bitcoin hitting fresh all-time highs above $100,000 in 2024. With bitcoin surging over 120% this year, the optimism for further growth into 2024 is high.
The aftermath of a record high of nearly $69,000 in November 2021 had a rocky path for the crypto industry. Issues ranged from the collapse of coins and projects to criminal trials and bankruptcies. Notably, FTX, once a leading exchange, collapsed, and its founder Sam Bankman-Fried faced criminal fraud charges, while Binance CEO Changpeng Zhao pleaded guilty to criminal charges and stepped down from his role.
The industry views these legal cases as a turning point and an end to the issues that have plagued the crypto market. With these issues resolved, investors are now focused on positive developments. Firstly, there is growing excitement around the potential approval of a bitcoin exchange-traded fund (ETF). This development is expected to attract larger traditional investors, moving bitcoin into the mainstream.
The second positive development is the upcoming bitcoin halving scheduled for May 2024. The halving event takes place every four years and involves reducing miners’ rewards by half. This practice helps maintain a limit on the supply of bitcoin, which is capped at 21 million coins. Typically, this event has been a factor fueling a new rally.
Reflecting on these positive developments, there have been bold predictions for bitcoin’s price in 2024. Standard Chartered reiterated a call for bitcoin to reach $100,000 by the end of 2024, driven by the potential approvals of multiple ETFs. Another crypto financial services firm, Matrixport, projected reaching $63,140 by April 2024 and $125,000 by the end of the year.
While anticipating strong fundamentals for bitcoin, some commentators link the potential rally to easing monetary policies and consider bitcoin a safe-haven asset amid geopolitical strife. However, industry executives also acknowledge the need to be mindful of potential hurdles such as ETF rejections by regulators.
Pascal Gauthier, CEO of Ledger, expressed hope for a positive outlook, while Vijay Ayyar, Vice President of International Markets at CoinDCX, emphasized the importance of ETF approval in driving the anticipated rally.
As the industry anticipates a new era of growth and potential challenges, the narrative for bitcoin in 2024 seems to be one of cautious optimism. With the crypto market adapting to legal resolutions and looking ahead to potential milestones, the stage seems set for bitcoin and the broader industry to enter a new phase of evolution and growth.
