Crypto execs say the bull run is underway and could lead to $100,000 bitcoin in 2024

Executives
in
the
cryptocurrency
industry
called
the
start
of
a
new
bull
run
with
a
growing
number
of
voices
calling
for
fresh
all-time
highs
for
bitcoin
in
2024
above
$100,000.

Bitcoin
has
rallied
more
than
120%
this
year,
with
many
optimistic
about
the
surge
continuing
into
2024.

“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
25,”
Pascal
Gauthier,
CEO
of
Ledger,
told
CNBC
last
week
in
an
interview.

The
digital
currency’s
last
record
high
of
nearly
$69,00
was
hit
in
November
2021.

Since
then,
the
crypto
industry
has
been
hit
with
a
litany
of
issues
from
the
collapse
of
coins
and
projects
to
bankruptcies
and
criminal
trials.
FTX,
once
one
of
the
world’s
biggest
exchanges,
collapsed
with
its
founder
Sam
Bankman-Fried
facing
over
100
years
in
prison
after
he
was

found
guilty
on
seven
counts
of
criminal
fraud.

Meanwhile,

Binance
chief
Changpeng
Zhao
pleaded
guilty
to
criminal
charges
and
stepped
down
as
the
company’s
CEO
as
part
of
a
$4.3
billion
settlement
with
the
U.S.
Department
of
Justice.

Many
in
the
industry
see
the
two
cases
concluding
as
a
line
being
drawn
under
issues
that
have
plagued
the
crypto
market.

“I
think
that
once
you
get
the
speculative
phase
out
of
the
way,
which
I
think
we’re
almost
done
with,
probably
not
yet
completely
done,
then
you
can
get
real
builders
focusing
on
the
technology
and
the
problems
that
can
solve
in
the
world,
rather
than
just
having
a
giant
digital
casino
for
people
to
trade,”
David
Marcus,
CEO
of
Lightspark,
told
CNBC
last
week
in
an
interview.

Marcus,
the
former
leader
of

Facebook’s
failed
Diem
stablecoin
project,
is
now
working
on
technology
to
improve
bitcoin
as
a
payments
network.

Now
that
those
issues
are
out
the
way,
investors
are
focused
on
what
the
industry
sees
as
positive
developments.
The
first
is
the
growing

excitement
that
a
bitcoin
exchange-traded
fund,
or
ETF,
might
be
approved
soon.
This
could
bring
in
larger
traditional
investors
who
previously
did
not
want
to
touch
crypto.

“I
think
what
the
ETF
means
really
is
that
bitcoin
is
going
mainstream,
and
that’s
what
people
were
waiting
for,”
Gauthier
said.

The
second
development
is
the

bitcoin
halving,
which
takes
place
every
four
years
and
is
scheduled
for
May
2024.
Halving
is
when
miners,
which
are
entities
who
uphold
the
bitcoin
network,
see
the
rewards
for
their
work
cut
in
half.
This
keeps
a
cap
on
the
supply
of
bitcoin
—
of
which
there
will
ever
only
be
21
million
coins
—
and
often
is
a
factor
behind
a
new
rally.

“A
number
of
market
participants
are
expecting
a
bull
run
some
time
after
the
halving,
but
given
the
ETF
news,
we
could
very
well
have
a
run
before
that
leaving
most
investors
on
the
sidelines.
That
could
cause
a
massive
upward
run
in
the
price,”
Vijay
Ayyar,
vice
president
of
international
markets
at
cryptocurrency
exchange
CoinDCX,
told
CNBC.

There
have
already
been
some
bold
calls
for
bitcoin
in
2024.

It
began
with
Standard
Chartered
last
week
which
reiterated
an
April
price
call
that
bitcoin
would
hit
$100,000
by
end
of
2024.
The
bank
said
this
will
be
driven
by
the
approvals
of
numerous
ETFs.

That
would
mean
a
roughly
160%
rally
from
Friday’s
price
of
around
$38,413,
according
to
CoinDesk
data.

Matrixport,
which
bills
itself
as
a
crypto
financial
services
firm,
released
a
note
last
week
projecting
bitcoin
would
reach
$63,140
by
April
2024
and
$125,000
by
the
end
of
next
year.

“Based
on
our
inflation
model,
the
macro
environment
is
expected
to
remain
a
robust
tailwind
for
crypto.
Another
decline
in
inflation
is
anticipated,
prompting
the
Federal
Reserve
to
likely
initiate
interest
rate
cuts,”
Matrixport
said
in
its
report.

“Combined
with
geopolitical
crosscurrents,
this
healthy
dose
of
monetary
support
should
push
Bitcoin
to
new
highs
in
2024.”

Many
commentators
see
easing
monetary
policy
as
supportive
for
bitcoin
which
is
viewed
as
a
risky
asset.
Meanwhile,
some
see
bitcoin
as
a
sort
of
“safe
haven”
asset
to
pour
money
into
in
times
of
geopolitical
strife.

When
asked
if
bitcoin
would
hit
$100,000
in
2024,
Gauthier
said
“maybe,”
but
declined
to
give
a
price
prediction.

“What
we
see
is
strong
fundamentals,”
he
said.

Ayyar
said
that
the
price
of
bitcoin
is
“consolidating”
below
a
“key
level”
of
$38,000,
which
is
bullish
for
bitcoin.
Once
this
level
is
broke,
bitcoin
could
rally
to
between
$45,000
and
$48,000
next,
he
said.

However,
he
warned
the
rally,
which
is
in
large
part
built
on
expectations
of
an
ETF
approval,
could
fail
if
the
product
is
rejected
by
regulators
again.

“An
all
out
ETF
rejection
could
play
havoc
to
this
run
as
well,
hence
definitely
something
to
be
mindful
of,”
he
said.