Bitcoin: Will It Reach $100K in 2024?
As we approach the end of 2023, the world of cryptocurrency is abuzz with speculation and anticipation. The big question on everyone’s mind is whether Bitcoin will finally hit the coveted $100,000 mark in 2024.
The Main Catalyst: Spot ETFs
The primary catalyst for this potential surge is the long-awaited legalization of spot exchange-traded funds (ETFs). Rumors are swirling about the possibility of the US Securities and Exchange Commission giving its stamp of approval to a spot Bitcoin ETF. Analysts at Bloomberg Intelligence have even gone so far as to project a 90% chance of approval for this vehicle, which could open up the floodgates for institutional investors to enter the crypto market.
With all this excitement surrounding a possible ETF approval, it’s no wonder that Bitcoin is currently basking in a bullish glow. Technical indicators are flashing ‘buy’ signals left and right, with moving averages screaming ‘strong buy’. And let’s not forget about that recent surge in value – all thanks to those juicy rumors about an impending ETF green light.
Bitcoin slightly above the $37K level today. Chart: TradingView.com
A More Accommodating Stance By The Fed
If that wasn’t enough to get your heart racing, how about some good ol’ Federal Reserve drama? There’s talk that Jay Powell and his gang might ease up on their interest rate hikes if they feel like they’ve got inflation under control. Imagine – lower interest rates! Oh boy, oh boy!
Bitcoin Halving Could Be A Game-Changer
And just when you thought things couldn’t get any more thrilling, along comes Bitcoin halving! Scheduled for April 2024, this event promises to shake things up by cutting Bitcoin’s inflation rate in half. Less supply + growing demand = cha-ching! History has shown us time and again that bull markets tend to follow these halvings like clockwork.
All these factors combined set the stage for an exhilarating journey into 2024. With regulatory decisions looming over spot ETFs, potential policy shifts from Uncle Sam’s central bank buddies, and an upcoming halving event – there’s never been a better time to be part of this wild ride through Crypto Land.
At last glance, our beloved Bitcoin was tradingSponsored Product at $37,075 – down ever so slightly but still holding strong after a solid increase over the past week according to Coingecko data.
(Disclaimer: This article does not constitute investment advice; investing involves risk)
Featured image from iStock
So there you have it folks – buckle up because it looks like we’re in for one heckuva year ahead!