Cryptocurrency executives are predicting a new bull run in the industry, with bitcoin expected to reach fresh all-time highs of over $100,000 in 2024. Bitcoin has already surged more than 120% this year, and the momentum is expected to continue into 2024, according to many in the industry.
Despite the collapse of several coins and projects, as well as criminal trials and bankruptcy, many industry leaders see an end to the speculative phase, with the focus now shifting towards positive developments. One major development is the potential approval of a bitcoin exchange-traded fund (ETF), which could attract larger traditional investors who were previously hesitant to enter the crypto market.
Another major development is the bitcoin halving, set to take place in May 2024. This event, which occurs every four years, could lead to a new rally as it effectively reduces the supply of bitcoin.
Some bold predictions have already been made for bitcoin’s price in 2024. Standard Chartered and Matrixport both forecast price targets of $100,000 and $125,000 by the end of 2024, respectively. These predictions are driven by expectations of ETF approvals and supportive macroeconomic conditions.
While the industry remains optimistic about the potential for a new bull run, there are warnings that the rally could be at risk if the anticipated ETF approval does not materialize. Despite these caveats, the overall sentiment in the cryptocurrency industry is hopeful, with a strong focus on the technology and real-world applications of digital currencies.
As investors await these key developments, the industry is gearing up for what could be a transformative year for bitcoin and the broader cryptocurrency market. With a combination of regulatory progress, anticipation of an ETF approval, and macroeconomic tailwinds, many in the industry are betting on a bright future for bitcoin in 2024.
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