Experts explain what to expect from Bitcoin in 2024
Last Updated on 2 February 2024 by CryptoTips.eu
Take a look at the calendar. Yes, we’re already in February 2024. The first month of the year is over and we are sure that a Bitcoin ETF is here to stay. From now on we are counting down until the ‘halving‘ takes places, set for April.
After the crypto market had a stellar 2023, many investors are now wondering what all these developments will mean for the rest of 2024. We listened to some experts.
Blackrock
Following the collapse of FTX in late 2022, Bitcoin traded just above $16,000 at the start of 2023, a far cry from the over $60,000 it traded for during the 2021 crypto boom.
However 2023 was very different, especially after Blackrock, the largest investment fund in the world, announced last summer that it had filed for a Bitcoin ETF. When news broke on January 10 that 11 new Bitcoin ETFs would begin trading, crypto investors were taking a victory lap after seeing the price of Bitcoin rise some 155% in 2023.
So what now? Are we heading for a new crypto bull market, or should Bitcoin fans fear another crash?
Matthew Sigel, who heads the crypto department at VanEck (a large investment fund that manages around $76 billion and which also launched its own Bitcoin ETF) thinks this is just the beginning.
“We think it was a huge step forward that will unlock significant demand, given the cost savings for the retail buyer and security available to institutional purchasers,” he explains.
“They don’t have the ability to put these bitcoin ETFs into client discretionary portfolios, yet,” Sigel says. “But we can observe several banks and brokers already preparing these models, which we expect to emerge later this year.”
Too early to call it a new Bitcoin bull run
Stephane Ouellete, CEO of FRNT Financial (a Canadian financial advisory company that specializes in crypto) even thinks it is far too early to talk about a new Bitcoin bull run.
“You’ve seen some speculation come in on the announcement of bitcoin ETFs, but all the metrics we look at to gauge where we’re at in the market cycle tell us that we’re so far away from the FOMO market where everyone and their dog is talking about crypto,” he says.
Google Trends searches for bitcoin and cryptocurrency are all relatively muted at the moment. In other words, if the crypto market does indeed start a new bull run in 2024, we are still in the early days of it.
