What is Bitcoin projected to reach in 2024?
The most significant bull run was in 2020, which extended into the early months of 2021. In that period, Bitcoin and Ethereum reached an all-time high, a surge which made Bitcoin hit $42K and Ethereum surpassing $2k.
Several factors have contributed to the bull run, including the growing recognition of cryptocurrency as an asset class, institutional interest, the influx of retail investors, and the increasing acceptance of cryptocurrency in traditional finance.
2024 Bull Run and the Drivers
2024 is expected to be another crypto bull run; based on speculations, forecasts, and the Bitcoin halving that will occur in the year, the bull run will undoubtedly happen, but we do not know for how long and at what rate. To prepare for this, let’s look at the factors driving the bull run.
Increase in Investors Confidence: As cryptocurrency gains wider acceptance, the greater interest shown by institutional and financial investors encourages retail investors to join and build confidence in what they are entering.
Regulatory Clarity: It is becoming more apparent that government institutions are paying more attention to how cryptocurrency can be absorbed into the economy, building momentum and carving the appropriate regulations, rules, and monitoring that will protect the interest of retail investors.
Bitcoin Halving: Bitcoin is expected to halve in 2024, a process of reducing the blocks; only 21 million blocks of Bitcoin can be in circulation, while we currently have about 19.6 million. This impact on Bitcoin is that it reduces the amount of Bitcoin that can be mined. A decrease in the rate of new coin creation will increase scarcity and potentially jerk up the prices. The anticipation of Bitcoin halving will trigger a frenzy, which may eventually lead to a bull run.
FOMO: You don’t want to miss out here, right? Most especially if it involves an increment in earnings. The rate of media coverage given to cryptocurrency in recent times has generated increased public interest and the fear of missing out on potential gains, which will fuel the bull run.
Technology Advancement: Day in and day out, technological advancement is increasing. This has made Crypto investment easier than when it was newly introduced. As enthusiasts realize it’s easier to invest and trade crypto, they will join the pull of crypto investors, eventually causing a bull run as more people get involved.
In conclusion, the anticipated 2024 Crypto Bull Run holds immense promise, fueled by a confluence of factors shaping the cryptocurrency market landscape.
With the significant surge witnessed in 2020-2021, where Bitcoin soared to $42K and Ethereum surpassed $2K, the upcoming bull run is poised to be another pivotal moment in the crypto space.
Kindly note that the information provided in this article is for informational purposes only and should not be considered as financial or investment advice.
Written: Adefimilola Oluwatosin 'Jegz'