With the year 2023 ending, investors are asking themselves, what to expect from bitcoin in 2024? The year 2024 promises to be a milestone in the cryptocurrency industry, marked by significant events that could positively influence this market.
There is growing interest from institutional investors and broader adoption of cryptoassets, a notable development for a sector that emerged just 14 years ago.
In this article, we will discuss:
One of the most anticipated events is the potential approval of the first Bitcoin ETF in sight by the United States Securities and Exchange Commission (SEC). Expected to be deliberated between January 8th and 10th, this development follows a series of meetings with candidates in recent months. The companies involved are notable financial asset managers, including names like BlackRock, Ark Invest/21Shares, Invesco/Galaxy Digital, among others. Anonymous sources indicate that the SEC has requested final corrections to the documentation, raising expectations for approval.
However, it is important to remember that the SEC has rejected previous requests due to concerns about money laundering and market manipulation. This time, the situation seems different, especially with the influence of BlackRock, known for its strong approval rating with the agency.
Another crucial event is the próximo halving do Bitcoin, scheduled for April 2024. This mechanism will reduce rewards per block mined from 6.25 BTC to 3.125 BTC, slowing Bitcoin production. This event, which takes place every four years, is viewed with great enthusiasm by the cryptocurrency community as it has historically positively impacted the value of Bitcoin.
Furthermore, the US Federal Reserve (Fed) signaled a possible reduction in interest rates by the end of 2024. The expectation is that the base rate will decrease by 0.75 percentage points from the current range of 5.25% to 5.50%. This change in monetary policy, along with a projected slowdown in economic growth and a moderate increase in the unemployment rate, could have significant implications for the cryptocurrency market.
What to expect from bitcoin in 2024?
The year 2024 presents itself as a period of significant developments for Bitcoin and the cryptocurrency market. For many market analysts, the price of bitcoin signals a possible increase to US$48,000. If BTC surpasses this level, it could start rising towards $60,000.
At the time of publication, the price of BTC was quoted at US$42,200.00, down 2% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.