Bitfinex’s Alpha report provides an optimistic outlook on the cryptocurrency market for 2024, with a prediction that the market capitalization of the sector will reach $3.2 trillion. According to the report, the number of global cryptocurrency owners could reach up to 950 million. In terms of the Crypto Fear and Greed Index, experts expect to see ‘extreme greed’ sentiment in the middle of a bull market.
Institutional investors are expected to drive the trend further with the introduction of spot Bitcoin ETFs. Analysts also looked at the market value to realized value (MVRV) metric, which they described as ‘instructive’ in the short-term.
Overall, the market is in a healthy state, providing good opportunities for Bitcoin prices to continue to rise with limited expected selling by miners. Matrixport analysts predict that with the approval of spot Bitcoin ETFs in early January, the price of Bitcoin could reach $50,000 by the end of the month. Experts also recalled their forecast of reaching $45,000 by the end of the year, which was based on the historical trend of Bitcoin prices increasing between Christmas and New Year.
