Crypto Industry Hopes for Fresh All-Time Highs
Bitcoin All Set for 2024 Bull Run
The cryptocurrency industry is excited about the start of a new bull run in 2024, with a growing number of voices calling for fresh all-time highs for bitcoin, potentially above $100,000. The digital currency has rallied more than 120% this year, leaving many optimistic about the surge continuing into 2024. Key industry figures are expressing their hopes and predictions for the upcoming year, based on the current market sentiments. Pascal Gauthier, CEO of Ledger, said, “It feels that [2023] was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for [2024] and 2025.”
Crypto Industry Marks the End of a Dark Chapter
Following years of challenges and turmoil in the cryptocurrency industry, executives see the conclusion of several high-profile criminal cases and the collapse of major projects as a line being drawn under these issues. FTX, once one of the world’s biggest exchanges, collapsed with founder Sam Bankman-Fried facing over 100 years in prison after being found guilty of seven counts of criminal fraud. Meanwhile, Binance CEO Changpeng Zhao pleaded guilty to criminal charges and stepped down as part of a $4.3 billion settlement with the U.S. Department of Justice. David Marcus, CEO of Lightspark, sees the industry moving past its speculative phase and focusing on technology.
Positive Developments in Focus
With previous issues behind them, investors are now focused on what the industry views as positive developments. Specifically, two developments are in the spotlight – the anticipated approval of a bitcoin exchange-traded fund (ETF) and the upcoming bitcoin halving in May 2024. A bitcoin ETF approval is anticipated to bring in large traditional investors who have previously stayed away from crypto. Meanwhile, the bitcoin halving, which takes place every four years, is expected to keep a cap on the supply of bitcoin and potentially trigger a new rally.
Bold Predictions for Bitcoin in 2024
There have been some bold calls for bitcoin in 2024. Standard Chartered reiterated an April price call that bitcoin would hit $100,000 by the end of 2024, driven by the approvals of numerous ETFs. Matrixport projected that bitcoin would reach $63,140 by April 2024 and $125,000 by the end of the next year, citing positive macroenvironmental factors and expected monetary support.
Looking at the Road Ahead
Industry experts have differing views on whether bitcoin will hit $100,000 in 2024. Many see easing monetary policy as supportive for bitcoin, while others caution that the rally is largely built on expectations of an ETF approval and could falter if the product is rejected by regulators. The uncertain regulatory environment remains a key factor in predicting the market’s future movements.
In conclusion, the cryptocurrency industry is upbeat about the potential for a new bull run in 2024, with many pundits predicting fresh all-time highs for bitcoin. Amidst the optimism, industry insiders remain wary of uncertainties such as regulatory approvals and market volatility that could impact future price movements.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
