Bitcoin Bull Run Forecasted to Reach New Highs in 2024
Executives in the cryptocurrency industry are optimistic about the future as a new bull run is on the horizon, with many predicting fresh all-time highs for bitcoin in 2024 above $100,000.
An Optimistic Market
According to Pascal Gauthier, CEO of Ledger, the sentiment in the industry is hopeful. He stated, “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 25.” This optimism is shared by many others, with a rallying cry in the industry for what could be a significant year.
Looking to the Future
The digital currency recorded its last all-time high of nearly $69,000 in November 2021. Since then, the cryptocurrency industry has been hit with a multitude of issues, including the collapse of coins and projects, bankruptcies, and criminal trials.
To Add to the Optimism
Many industry insiders see the conclusion of the high-profile cases involving executives of major crypto companies as a turning point for the industry, believing that it will lead to a more positive future within the crypto space.
Toward Mainstream Acceptance
The hope for the future lies in two major developments for the industry. Firstly, the potential approval of a bitcoin exchange-traded fund (ETF) could bring in larger traditional investors, implying that bitcoin is going mainstream. Secondly, the upcoming bitcoin halving, which is scheduled for May 2024, is expected to trigger a new rally.
Bold Calls for 2024
Standard Chartered made a bold call with a price projection stating that bitcoin would hit $100,000 by the end of 2024. Similarly, Matrixport projected that bitcoin could reach $125,000 by the end of the following year. Both projections are based on various macroeconomic factors and inflation models.
Remaining Cautious
With this optimism, there is also a need for caution. While many are hopeful for the future of bitcoin, some warn that a potential ETF rejection could disrupt the anticipated bull run. Therefore, while enthusiasm is high, careful consideration and caution are warranted as the industry looks towards the future.
Overall, the industry is riding a wave of optimism and hope, predicting growth and widespread acceptance in the coming years, marking the potential evolution of the cryptocurrency space into a significant component of the global financial market.
