Cryptocurrency industry leaders have announced the start of a new "bullish" trend, which could catapult bitcoin to historic highs above $100,000 by the end of 2024. Its price is now over $41.5k.
Bitcoin has grown by 150% in the past year, and many are optimistic about continued growth in 2024,according toCNBC.
It feels like 2023 was a year of preparation for the bull wave that is still ahead. But the sentiment is very optimistic for 2024 and 2025.
- Pascal Gauthier, CEO of Ledger.
The last record high for the digital currency was almost $69k, reached in November 2021. Since then, the crypto industry has faced numerous issues - from the collapse of coins and projects to bankruptcies and criminal cases. FTX, one of the world's largest exchanges, has collapsed, and its founder Sam Bankman-Fried faces over 100 years in prison after being found guilty on seven counts of criminal fraud.
Meanwhile, Binance CEO Changpeng Zhao pleaded guilty to criminal charges and resigned as CEO of the company as part of a global agreement with the US Department of Justice for $4.3 billion.
However, when these problems faded into the background, investors focused on what the industry sees as positive developments. The first is the excitement that the US Securities and Exchange Commission will approve an exchange-traded fund (ETF) that invests directly in cryptocurrency. This may attract large traditional investors who were previously reluctant to deal with cryptocurrencies.
The second event is the bitcoin halving, which occurs every four years and is scheduled for May 2024. This means that the reward for mining bitcoin is cut in half. This limits the supply of bitcoins and is a factor contributing to the rise in the price of bitcoin.
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