Despite the prevailing bullish sentiment, there are macro factors that could pose a threat to the Bitcoin bull market.
Various cryptocurrency executives have suggested that the current Bitcoin rally will turn into a bull market with BTC rising to at least $100,000.
Although it is still below the peak price reached in November 2021, the price of Bitcoin is currently up 140% this year. Bitcoin reached the $40,000 threshold as bullish sentiment about the asset price increased over the weekend.
Will there be a Bitcoin bull market in 2024? Crypto Execs Believe It Is Possible
According to Pascal Gauthier, CEO of Ledger, 2023 was the year the cryptocurrency market was preparing for the coming bull market. Gauthier believes a bull market is inevitable due to the potential approval of spot ETFs.
Vijay Ayyar, Vice President of International Markets at CoinDCX, believes the ETF news will push Bitcoin prices higher faster than expected. Ayyar also cited the Bitcoin halving scheduled for April 2024 as a reason for his optimistic speculation.
There have already been bold calls for Bitcoin to rise. Standard Chartered reiterated that Bitcoin will reach $100,000 by the end of 2024. Elsewhere, Matrixport reported that Bitcoin could surpass $63,000 by April 2024 and reach $125,000 by the end of the year. Blockstream CEO Adam Back is even more optimistic. in the back presentation Given Bitcoin’s momentum, X is likely to reach $100,000 by April.
Bearish Sentiments Trail $100,000 Call
Despite the prevailing bullish sentiment, there are macro factors that could pose a threat to the Bitcoin bull market. James Butterfill, head of research at CoinShares, noted that Bitcoin would fall if inflation does not fall as expected. He explained that a resurgence in inflation would force the Fed to keep its policies tighter and push Treasury yields higher.
“This will make it more attractive compared to Bitcoin,” he concluded.
JPMorgan strategists believe the cryptocurrency market is already priced in and may not benefit much from spot ETF approval or the upcoming halving. Even if approved, strategists argued that spot ETFs may not bring in more inflows. Instead, they explained, institutions can simply shuffle their investments by moving funds out of existing Bitcoin products.
Again, Alonso de Gortari, chief economist at Mysten Labs, is not sure whether any regulatory updates will help Bitcoin. De Gortari argues that regulatory updates that limit Bitcoin access or opportunities could reduce investor profits.
“This may lead them to look for alternative assets that yield higher returns,” he argued.
Whatever the case, the discussion of Bitcoin’s potential price highlights the dynamic story of Bitcoin and the broader cryptocurrency market.
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