Technology
Monday, December 4th, 2023 3:54 pm EDT
Key Points
- Optimistic Outlook for Bitcoin Bull Run in 2024: Executives in the cryptocurrency industry are signaling the start of a new bull run, with a growing number of voices predicting fresh all-time highs for Bitcoin in 2024, potentially exceeding $100,000. Bitcoin has already rallied over 120% in the current year, and sentiments are hopeful for a surge continuing into 2024 and beyond.
- Resolution of Industry Challenges and End of Speculative Phase: Despite facing challenges such as exchange collapses, legal issues, and criminal trials, executives believe that the crypto industry is moving past its speculative phase. High-profile cases, including FTX’s collapse and legal troubles for Binance’s CEO, are seen as concluding, allowing the industry to shift focus from speculation to technology and real-world problem-solving.
- Positive Developments Driving Investor Interest: Investors are turning their attention to positive developments in the industry. The potential approval of a Bitcoin exchange-traded fund (ETF) is generating excitement, as it could attract larger traditional investors who were previously hesitant about cryptocurrencies. Another development is the upcoming Bitcoin halving scheduled for May 2024, which, occurring every four years, often triggers a new rally by reducing mining rewards and capping Bitcoin’s supply.
Executives in the cryptocurrency industry are optimistic about the start of a new bull run, anticipating fresh all-time highs for Bitcoin in 2024, potentially exceeding $100,000. This comes after Bitcoin rallied more than 120% in the current year, with expectations of continued growth into 2024.
The industry faced challenges, including the collapse of exchanges and legal issues involving prominent figures. FTX, once a major exchange, collapsed, and its founder Sam Bankman-Fried faces potential imprisonment. Binance’s Changpeng Zhao also pleaded guilty to criminal charges. Many view the resolution of these cases as a turning point, marking the end of a speculative phase.
Executives, such as Pascal Gauthier, CEO of Ledger, and David Marcus, CEO of Lightspark, express the belief that overcoming the speculative phase allows the crypto sector to focus on technology and real-world problem-solving.
Investors are now eyeing positive developments, including the potential approval of a Bitcoin exchange-traded fund (ETF), which could attract larger traditional investors. The anticipation is that the ETF would bring mainstream acceptance to Bitcoin.
Another key factor is the upcoming Bitcoin halving scheduled for May 2024. Halving occurs every four years, reducing mining rewards and maintaining a cap on Bitcoin’s supply. This event often triggers a new rally.
Several bold predictions have emerged, including Standard Chartered’s call for Bitcoin to reach $100,000 by the end of 2024, citing ETF approvals as a driving factor. Matrixport forecasts Bitcoin to reach $63,140 by April 2024 and $125,000 by the end of the year, citing favorable macroeconomic conditions and monetary support.
The industry sees easing monetary policy as supportive for Bitcoin, which is considered a risky asset, and some view it as a “safe haven” asset during geopolitical uncertainties.
While many commentators are optimistic about Bitcoin’s future, they acknowledge the importance of regulatory decisions, particularly regarding the approval or rejection of the ETF, which could significantly impact the anticipated rally. Overall, strong fundamentals are cited as a key driver for the positive outlook in the cryptocurrency industry.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/12/04/bitcoin-price-at-100000-in-2024-crypto-execs-say-bull-run-has-begun.html
