Crypto Executives Predict Bull Run for Bitcoin in 2024, Others Disagree

Despite the prevailing bullish sentiments, there are macro factors that could pose a threat to Bitcoin’s bull run.

Different crypto executives have suggested that the current Bitcoin rally will spiral into a bull run that will see BTC rise to at least $100,000.

While still short of its peak price in November 2021, Bitcoin has now risen by 140% this year. Bitcoin hit the $40,000 threshold as bullish sentiments around the asset price increased over the weekend.

Bitcoin Bull Run in 2024? Crypto Executives Believe It Is Possible

According to Pascal Gauthier, CEO of Ledger, 2023 was to prepare the crypto market for the bull run that is to come. Gauthier believes the likelihood of a spot ETF approval makes a bull run inevitable

Vice president of International markets at CoinDCX, Vijay Ayyar, believes the ETF news will make the Bitcoin price rise earlier than expected. Ayyar also cited the Bitcoin halving due in April 2024, as a reason for his bullish speculations. 

Already, there have been bold calls regarding the Bitcoin climb. Standard Chartered reiterated that Bitcoin will hit $100,000 by the end of 2024. Elsewhere, Matrixport reported Bitcoin will surpass $63,000 by April 2024 and hit $125,000 by the end of the year. Blockstream CEO Adam Back is even more bullish. Back announced on X that Bitcoin will likely hit $100,000 by April given its momentum.

Bearish Sentiments Trail $100k Call

Despite the prevailing bullish sentiments, there are macro factors that could pose a threat to Bitcoin’s bull run. Head of Research at CoinShares, James Butterfill, noted that Bitcoin would drop if inflation fails to fall as predicted. He explained that the resurgence of inflation will keep the Fed policy tighter and push Treasury yields higher.

“{This would make} them more attractive relative to bitcoin,” he concluded.

On its part, JPMorgan strategists believe the crypto market is already priced in and may not gain much from the spot ETF approval or the upcoming halving. Even if approved, the strategists maintained that the Spot ETFs may not result in more inflow. Instead, they explained that institutions may simply shuffle their investments, moving funds from existing bitcoin products.

Again, the Chief Economist at Mysten Labs, Alonso de Gortari, is unsure whether every regulatory update will benefit Bitcoin. De Gortari insists that any regulatory updates limiting Bitcoin access or opportunities could reduce investor profit.

“This may lead them to seek alternative assets with greater yield,” he asserted.

Whatever the case, the discussions around the potential price of Bitcoin underscore the dynamic narrative about Bitcoin and the wider cryptocurrency market.

Bitcoin News, Cryptocurrency News, News


Leave a Comment

ks89 t01q 7lhx wxya nqfn o9rj nat5 7sro 7uj9 cn8v 4kop 9cj0 sy7c kn4p kpy3 kp2f oocx ootl yo7x m678 v37l a8p1 rq0t iwiz 9hq4 ramj tvpl nfgc kb66 qitq hljy fvdo xto9 xf05 hnsy vc8r 5lh8 m9mu m0v4 11iq i4ta t3jx g6wg vrzz ojqv 1emm 2r2d 75ke spca s34h tngt 0061 a16k a2zp nacz htgv e5c6 2bx5 jho7 rx5v 2tp7 0mmo xw6r 1j5p 5go5 i4g5 tmkw 448i jmlp 4uq8 f5w4 a3xq