Cryptocurrency executives are expressing confidence in Bitcoin’s potential to soar beyond $100,000 in 2024, marking the commencement of a new bull run. The optimism stems from a remarkable 120% surge in Bitcoin’s value this year, with expectations of this upward trajectory persisting into the coming year.
Pascal Gauthier, CEO of Ledger, stated in a recent CNBC interview, “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.” Notably, Bitcoin’s last record high of nearly $69,000 occurred in November 2021.
The crypto industry has faced challenges, including the collapse of exchanges and legal issues involving key figures. FTX, once a major exchange, collapsed, and Binance’s CEO Changpeng Zhao stepped down amid a $4.3 billion settlement with the U.S. Department of Justice.
With these issues seemingly behind them, industry leaders anticipate positive developments. Two significant factors driving optimism are the potential approval of a Bitcoin exchange-traded fund (ETF) and the upcoming Bitcoin halving scheduled for May 2024.
The approval of a Bitcoin ETF is seen as a sign of the cryptocurrency going mainstream, attracting larger traditional investors. David Marcus, CEO of Lightspark, emphasized the shift from speculative trading to technology-focused development, stating, “You can get real builders focusing on the technology and the problems that can solve in the world, rather than just having a giant digital casino for people to trade.”
The Bitcoin halving, occurring every four years, reduces miner rewards, effectively limiting the supply of Bitcoin. This event often triggers a new rally. Vijay Ayyar, VP of international markets at CoinDCX, commented, “Given the ETF news, we could very well have a run before that leaving most investors on the sidelines. That could cause a massive upward run in the price.”
Financial institutions are also making bold predictions. Standard Chartered reiterated a price target of $100,000 by the end of 2024, while Matrixport projected $125,000 by the same period, citing favorable macroeconomic conditions and a potential decline in inflation.
However, uncertainties remain, with the outcome of ETF approvals and potential regulatory rejections capable of influencing the anticipated bull run. Investors are advised to monitor these factors closely as the crypto market navigates the path to potential new highs in 2024.
