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Crypto Executives Predict Bull Run for Bitcoin in 2024, Will Likely Exceed $100,000 in 2024

2023.12.05

 

Key Takeaways

  • Crypto leaders anticipate a significant Bitcoin bull run, potentially exceeding $100,000 in 2024.
  • Positive developments and easing monetary policies fuel bullish sentiments in the crypto sector.

Bitcoin’s Resurgence on the Horizon

With Bitcoin rallying over 120% this year, industry leaders are projecting a robust bull run for the cryptocurrency in 2024. Pascal Gauthier, CEO of Ledger, sees 2023 as a preparatory year, with high hopes pinned on 2024-2025. Despite the industry’s tumultuous phase, including high-profile legal cases and market volatility, experts believe a turnaround is imminent.

Clearing Past Turbulence

The crypto industry faced significant challenges, notably the FTX collapse and legal troubles involving Binance’s Changpeng Zhao. However, the resolution of these cases is viewed as a milestone, clearing past issues that plagued the market. David Marcus, CEO of Lightspark, emphasizes a shift from speculative trading to focusing on technological innovation and real-world applications.

Key Developments Fuelling Optimism

Two major developments are stirring optimism in the crypto space. Firstly, the potential approval of a Bitcoin exchange-traded fund (ETF) could attract mainstream investors. Secondly, the anticipated Bitcoin halving in May 2024, a process reducing miner rewards and capping Bitcoin supply, is traditionally linked to market rallies.

Predictions for Bitcoin’s Valuation

Several institutions have made bold predictions for Bitcoin’s value in 2024. Standard Chartered forecasts a $100,000 valuation by the end of 2024, driven by multiple ETF approvals. Matrixport projects Bitcoin could reach $63,140 by April 2024 and soar to $125,000 by year-end, citing an anticipated macroeconomic environment conducive to crypto growth.

Impact of Monetary Policies and Geopolitical Factors

Easing monetary policies and geopolitical tensions are expected to favor Bitcoin, often viewed as both a risky and safe-haven asset. Vijay Ayyar from CoinDCX suggests that Federal Reserve interest rate cuts could catalyze Bitcoin’s climb to new heights in 2024.

The Road Ahead for Bitcoin

While bullish trends are anticipated, experts remain cautious. Ayyar notes that Bitcoin’s consolidation below a critical $38,000 level is a bullish sign. However, he warns that an ETF rejection could disrupt the positive trajectory. Gauthier, while optimistic, refrains from specific price predictions, focusing instead on Bitcoin’s strong fundamentals.

 


 

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