Crypto Price Prediction 2024: Overly Bullish
Collectively, these entities see the continuation of the good performance of the crypto market in 2024; events like ETF approvals, Fed rate cuts, and halving are seen as catalysts.
- The market’s situation in 2024 is still not so clear, whether its recovery will continue or not.
- Crypto exchange Bitget, international bank Standard Chartered, U.S.-based publication USA Today, U.S.-based Bank of America, and digital currency asset management firm Grayscale have already expressed their forecasts for 2024.
- Collectively, these entities see the continuation of the good performance of the crypto market in 2024; events like ETF approvals, Fed rate cuts, and halving are also seen as catalysts.
The cryptocurrency market has been on an upward trend this year. In fact, Bitcoin has already surged more than 100% on a year-to-year basis.
But the market’s situation in 2024 is still not so clear, whether its recovery will continue or not.
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Crypto Price Predictions 2024
Different entities and individuals have already expressed their forecasts for 2024. Are they bullish or bearish?
Bitget: Bullish
According to crypto exchange Bitget, crypto natives could experience a positive trajectory for Bitcoin, Ether, and XRP, but it warns of potential challenges for DOGE.
For Bitcoin, which dominates almost 50% of total market capitalization, there are four factors that could affect its price surge:
- The Federal Reserve’s decision to halt interest rate hikes and the timing of rate cuts.
- The approval of Bitcoin ETFs applications by institutions such as BlackRock.
- The Bitcoin halving.
- Regulatory easing to increase market access.
Meanwhile, Ether’s (ETH’s) price could be pumped by the upcoming Kusama upgrade, which claims to improve the development of Layer 2 solutions, in the early part of 2024. Ripple’s victory against the U.S. SEC will also influence the trajectory of the crypto market.
However, despite the expected positive trend of the crypto market, Bitget anticipated that $DOGE’s fiat value could go down, as there are less positive news and changes on the Dogecoin ecosystem.
Ledger CEO: Bullish
Ledger is the brand behind the hardware wallets Ledger Nano S Plus, Ledger Nano X, and the upcoming Ledger Stax. It offers features such as buying, selling, swapping, and staking crypto directly through its app, Ledger Live.
According to Ledger CEO Pascal Gauthier, he is optimistic that the good performance of the market in 2023 will continue in 2024 until 2025.
“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 2025,” Gauthier said in an interview.
Standard Chartered: Bullish
Echoing the influence of Bitcoin halving, International bank Standard Chartered said that another catalyst that will trigger the market to go up is the approval of ETFs:
“We think a number of spot ETFs will now be approved in Q1-2024 for both BTC and ETH, paving the way for institutional investment.”
The bank then estimated the fiat value of $BTC to surpass the $100,000 level:
“We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs.”
Grayscale: Bullish
Grayscale Investments is an American digital currency asset management company and the firm behind the Grayscale Bitcoin Trust (GBTC), or the BTC ETF application.
In an interview with Dave LaValle, global head of ETFs at Grayscale, he shared many factors, aside from the approval of the BTC ETF application, that will influence the bull run to start next year, including the halving and the presidential election in the U.S. that could sprout a clearer regulation.
“We are in a new multi-year crypto bull market in my opinion, and I think that’s going to strengthen in 2024 and 2025,” Bitwise Asset Management CIO Matt Hougan, who was with LaValle in the interview, seconded.
USA Today: Bullish IF…
Following the 2023 scenario of the crypto industry, U.S.-based publication USA Today admitted that due to the recent scandals and bankruptcies in the industry, the U.S. SEC and other regulators became aggressive in their crypto regulatory crackdown heading into 2024.
But this is a good thing for the publication, as it could open up “more regulatory clarity for institutional crypto investment in 2024 and beyond.”
However, it may not be the top catalyst for the crypto market in 2024, as explained by USA Today, but rather the interest rates of the Federal Reserve. But the
“While the Fed has made significant progress in bringing down inflation, its latest economic projections call for another interest rate hike by the end of 2023. The faster U.S. inflation falls, the sooner the Federal Reserve will begin cutting interest rates. If inflation remains sticky and interest rates stay higher for longer than expected, crypto prices may have limited upside in 2024.”
Bank of America: Bullish
The same reason was presented by U.S.-based bank Bank of America in its 2024 Outlook but from a different perspective.
According to the bank, while the halving is expected in April, a Fed rate cut is expected to begin in May, which, as per Crypto Potato, could benefit the fiat value of Bitcoin and the crypto market.
“If the Fed does cut interest rates, the growing supply of dollars against a shrinking supply of BTC could boost the economics in favor of Bitcoin’s price,” the publication reported.
This article is published on BitPinas: Crypto Price Prediction 2024: Overly Bullish
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