Bitcoin price movement in 2024 is attracting a lot of attention. Especially in light of the possible approval of a spot bitcoin ETF (exchange-traded fund).
Some analysts are anticipating a monumental year for Bitcoin, projecting potential growth to new all-time highs.
The optimism surrounding the performance of Bitcoin (BTC) in 2024 is due to a confluence of factors. Notably, Bitcoin rose more than 150% in 2023, with an impressive rally to reach $45,913 in early 2024. This is its highest since April 2022.
Despite this price increase, Bitcoin remains more than 30% below its all-time high of approximately $68,990 set in 2021.
Read more: What is a Bitcoin (BTC) ETF? A beginner’s guide
Analysts at AllianceBernstein, a global asset management firm with $669 billion in assets under management, highlight some of the key drivers for Bitcoin’s expected surge. The first is the potential approval of a Bitcoin spot ETF, a development highly anticipated by the cryptocurrency community.
The US Securities and Exchange Commission (SEC) is expected to rule on applications from leading companies like ARK Investments by January 10.
This approval, which probably other asset managers viz Blackrock and FidelityCould usher in a new era of institutional investment in Bitcoin, driving its price towards $80,000.
Gautam Chugani and Mahika Sapara do the calculations Total inflows of about $15 billion by 2024. By 2028, they expect to hold 10% of Bitcoin ETFs. As a result, this will significantly change the way cryptocurrencies are traded and stored.
“We expect 2024 to be a turning point year for cryptocurrency. Accumulation of Bitcoin ETF flows may be slow, but contenders will fight hard to gain an edge in this game of large-scale asset accumulation, fine-tuning Bitcoin advertising and branding, which will have a snowball effect. will lead to
Another big event on the horizon is the Bitcoin halving scheduled for April 2024. Historically, viz half of, which lowers the rewards for BTC mining, has seen significant price increases in the months since. AllianceBernstein projects that this pattern will repeat itself, further accelerating Bitcoin’s rise.
Similarly, Robert Kiyosaki, author of “Rich Dad, Poor Dad,” highlighted the importance of the next time. half of Bitcoin. He urged investors to pay attention to this crucial development.
“If you want to be rich, you need to have rich friends or, at least, friends who want to be rich. Bitcoin halving is fast approaching. Please January, February and March Bitcoin Halves, Gold and Silver Pay attention. Please choose your friends carefully,” Kiyosaki stressed.
The broader cryptocurrency market is also showing promise. Alliance Bernstein expects the Ethereum ETF to be approved in June 2024. Therefore, Ethereum could potentially become the only other cryptocurrency to have a direct investment exchange-traded fund.
James Seifert, ETF analyst at Bloomberg, explained that this expectation is based on the SEC’s decision last year to approve Ethereum futures ETFs. This was an action that indirectly classifies Ethereum as a commodity.
He highlighted that the SEC did not question Ethereum’s classification during the ETF registration process at the Commodity Futures Trading Commission (CFTC). Seifert Mentioned:
“The CFTC is clearly calling Ethereum a commodity. They don’t call them values. (…) The SEC has approved Ethereum Futures ETFs. So, again, Gary Gensler would not explicitly say that Ethereum is a security or a commodity, but in his actions, by approving those Ethereum futures ETFs, he implicitly accepts those Ethereum futures as commodity futures.
Read more: Bitcoin (BTC) Price Predictions: 2023, 2024 and 2035
This bullish outlook on Bitcoin, Ethereum And the cryptocurrency market in general is shared by several field experts and opinion leaders.
For example, Lindsay Lee, an investor at Bessemer Venture PartnersHighlighted the role of decentralized creation of large language models (LLM) and validation of ownership of AI-generated content to accelerate the cryptocurrency market.
other side, Daniel Dixon, CEO of Stellar Development Foundation, A boom was predicted Tokenization and blockchain-based transactions, improving global financial inclusion.
Paul Brodie, global leader Blockchain At EY, the implementation of the Markets in Crypto Asset Regulation (MiCA) in the European Union remains optimistic about the development of the cryptocurrency ecosystem. For his part, CoinFund managing partner Seth Ginns believes in the boom in altcoins that could overshadow bitcoin.
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Disclaimer: In compliance with Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. The purpose of this news article is to provide accurate and timely information. However, readers are advised to independently verify the facts and seek professional advice before making any decisions based on this material.
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