Written by 9:18 am Science & Technology Views: 0

Crypto execs say the bull run is underway and may lead to $100,000 bitcoin in 2024

Yuichiro Chino | Moment | Getty Images

Executives within the cryptocurrency industry called the beginning of a latest bull run with a growing variety of voices calling for fresh all-time highs for bitcoin in 2024 above $100,000.

Bitcoin has rallied greater than 120% this yr, with many optimistic concerning the surge continuing into 2024.

“It feels that [2023]was a yr to prepare for the bull run that’s yet to come back. But the sentiment could be very looking forward to [2024] and 25,” Pascal Gauthier, CEO of Ledger, told CNBC last week in an interview.

The digital currency’s last record high of nearly $69,000 was hit in November 2021.

Since then, the crypto industry has been hit with a litany of issues from the collapse of coins and projects to bankruptcies and criminal trials. FTX, once one among the world’s biggest exchanges, collapsed with its founder Sam Bankman-Fried facing over 100 years in prison after he was found guilty on seven counts of criminal fraud.

Meanwhile, Binance chief Changpeng Zhao pleaded guilty to criminal charges and stepped down as the corporate’s CEO as a part of a $4.3 billion settlement with the U.S. Department of Justice.

Many within the industry see the 2 cases concluding as a line being drawn under issues which have plagued the crypto market.

“I believe that when you get the speculative phase out of the way in which, which I believe we’re almost done with, probably not yet completely done, then you definately can get real builders specializing in the technology and the issues that may solve on this planet, fairly than simply having an enormous digital casino for people to trade,” David Marcus, CEO of Lightspark, told CNBC last week in an interview.

Marcus, the previous leader of Facebook’s failed Diem stablecoin project, is now working on technology to enhance bitcoin as a payments network.

Crypto sector nearing end of 'speculative phase,' Lightspark CEO says

Now that those issues are out the way in which, investors are focused on what the industry sees as positive developments. The first is the growing excitement that a bitcoin exchange-traded fund, or ETF, may be approved soon. This could herald larger traditional investors who previously didn’t need to touch crypto.

“I believe what the ETF means really is that bitcoin goes mainstream, and that is what people were waiting for,” Gauthier said.

The second development is the bitcoin halving, which takes place every 4 years and is scheduled for May 2024. Halving is when miners, that are entities who uphold the bitcoin network, see the rewards for his or her work cut in half. This keeps a cap on the provision of bitcoin — of which there’ll ever only be 21 million coins — and infrequently is an element behind a latest rally.

“Numerous market participants predict a bull run a while after the halving, but given the ETF news, we could thoroughly have a run before that leaving most investors on the sidelines. That could cause a large upward run in the value,” Vijay Ayyar, vice chairman of international markets at cryptocurrency exchange CoinDCX, told CNBC.

Bitcoin at $100,000?

There have already been some daring calls for bitcoin in 2024.

It began with Standard Chartered last week which reiterated an April price call that bitcoin would hit $100,000 by end of 2024. The bank said this will probably be driven by the approvals of diverse ETFs.

That would mean a roughly 160% rally from Friday’s price of around $38,413, in keeping with CoinDesk data.

Matrixport, which bills itself as a crypto financial services firm, released a note last week projecting bitcoin would reach $63,140 by April 2024 and $125,000 by the top of next yr.

“Based on our inflation model, the macro environment is anticipated to stay a strong tailwind for crypto. Another decline in inflation is anticipated, prompting the Federal Reserve to likely initiate rate of interest cuts,” Matrixport said in its report.

“Combined with geopolitical crosscurrents, this healthy dose of monetary support should push Bitcoin to latest highs in 2024.”

The bitcoin bull run has begun, Ledger CEO says

Many commentators see easing monetary policy as supportive for bitcoin which is viewed as a dangerous asset. Meanwhile, some see bitcoin as a kind of “refuge” asset to pour money into in times of geopolitical strife.

When asked if bitcoin would hit $100,000 in 2024, Gauthier said “possibly,” but declined to offer a price prediction.

“What we see is powerful fundamentals,” he said.

Ayyar said that the value of bitcoin is “consolidating” below a “key level” of $38,000, which is bullish for bitcoin. Once this level is broke, bitcoin could rally to between $45,000 and $48,000 next, he said.

However, he warned the rally, which is largely built on expectations of an ETF approval, could fail if the product is rejected by regulators again.

“An all out ETF rejection could play havoc to this run as well, hence definitely something to be mindful of,” he said.

Can crypto clean up its dirty image?
(Visited 1 times, 1 visits today)