Executives in the cryptocurrency industry have announced the start of a new bull run. Many voices are calling for fresh all-time highs for bitcoin in 2024, with a possible price of $100,000.
The digital currency’s last record high of nearly $69,000 was recorded in November 2021, but the crypto industry has been hit with various issues since then. This includes the collapse of coins and projects, bankruptcies, and criminal trials such as the FTX case and the Binance settlement with the U.S. Department of Justice. Many in the industry view this as the resolution of two outstanding issues that were plaguing the market.
The surge of bitcoin this year has been fuelled by two main developments. Firstly, the growing excitement around a bitcoin Exchange-Traded Fund (ETF) being approved in the U.S. next year. Secondly, the bitcoin halving which is scheduled for May 2024, where miners see their rewards cut in half. This helps to keep a cap on the supply of bitcoin, and often leads to a new rally.
Standard Chartered has already made a bold call for bitcoin in 2024, suggesting it could hit $100,000. Matrixport has also released a report projecting bitcoin to reach $63,140 by April 2024 and $125,000 by the end of next year.
Many commentators see easing monetary policy as supportive for bitcoin. They view it as a sort of ‘safe haven’ asset to pour money into in times of geopolitical strife. However, the rally could fail if the ETF is rejected by regulators.
When asked if bitcoin would hit $100,000 in 2024, Pascal Gauthier, CEO of Ledger, said, “Maybe,” but declined to give a price prediction. He stated that, “What we see is strong fundamentals.” Meanwhile, Vijay Ayyar, Vice President of International Markets at cryptocurrency exchange CoinDCX, warned that an all out ETF rejection could play havoc on the run.