Bitcoin kicks off the new year with a bang, soaring to a new high of $46,000. But here’s the real kicker – 2024 is not just any year; it’s a year of monumental events that have the entire market buzzing with anticipation.
While many analysts are throwing around bold predictions, some even predicted that the price of Bitcoin will reach $150,000 by the end of 2024.
But why the hype? What’s driving these bullish forecasts? That’s exactly what we’re here to uncover.
In today’s article, we’ll dive into the major events lined up for 2024, the catalysts that could send the market into a frenzy.
Bitcoin ETF
Now, let’s talk about one of the bullish events of 2024, which is the Bitcoin Spot ETF. After a decade of anticipation, the SEC’s groundbreaking approval of 11 Bitcoin ETFs on January 10, 2024, marked a pivotal moment in cryptocurrency regulation.
Bloomberg’s bold forecast predicted an astounding $4 billion in trading volume on the first day, with $2 billion potentially flowing from BlackRock’s ETF. This opens a gateway for Bitcoin into the $45 trillion US stock market.
Before the approval, high-stakes gamblers flocked to Polymarket, wagering a staggering $12.6 million on the ETF’s fate. Those who bet “yes” are now celebrating their lucrative triumph. For a detailed understanding of Bitcoin ETFs, check out our informative video linked in the description.
Bitcoin Halving Event
So the next super bullish of 2024 is Bitcoin Halving, which comes every 4 years. After this event, it has been seen that Bitcoin broke its previous all-time high and created its new all-time high.
So if we go to history and see the price here, in the halving of 2012, Bitcoin was around $12. And after that halving, it was trading above $1000. Means straight 90X.
As the next halving approached in 2016, Bitcoin was worth $670. After the halving, it jumped to $19,700. Look at this: from 2012 to 2016, during the halving, Bitcoin went up from $1000 to $19,700. That’s a big jump! That is around 19.7X.
In 2020, during the last Bitcoin halving, the price was around $8787. After the halving event, it soared to an impressive $69,000. That’s a substantial increase, isn’t it?
Now, if we look back from 2016 to 2020, specifically during the halving periods, the price climbed from $19,000 to approximately $69,000. That is around 3.6X.
Following this pattern, we can expect what will happen after the 2024 halving, we might see the Bitcoin value going up at least 3X. This means BTC can go from $140,000 to $150,000.
If Bitcoin follows its past trends, it could reach at least $150,000 in 2024 after the halving, breaking its previous all-time high. But this year, in 2024, only Bitcoin halving is a minor event. In fact, going to happen, which are very major. And these events have been waiting in the market for a very long time.
US Presidential Election
Now the third and most important event for the crypto industry is the US presidential election, which is set to take place on 5 Nov 2024 and has direct effects on the market.
The reason is that Joe Biden, Donald Trump, and KF Kennedy all these presidential candidates are pro-Bitcoin supporters. So here, if any of them wins the election, we can see a positive impact on the price of Bitcoin.
To learn more about it, we’ve made a detailed video covering the upcoming 2024 US presidential election and the possible candidates.
Fed Rate Cut
Now, the fourth and most important reason here is the inflation rate cut down. So if you remember, in the last bull run in 2021, whenever the market pumped here, one of the biggest reasons was the inflation rate hype.
So after every FOMC meeting, the interest rates used to increase here. The direct impact of this is seen on the money market, whether it is the stock market or Bitcoin. So this year, there are chances that the inflation rate will be cut down here and because of this, we can see a positive impact on Bitcoin.
Conclusion
Well, these are some major events that are going to happen in 2024, which can take the price of BTC to more than 150K, 200K, or more.
What do you think? How much can Bitcoin reach?
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