Crypto industry executives have announced the start of a new bull run, with more voices calling for new all-time highs for Bitcoin (BTC) in 2024 above $100,000.
Speaking to CNBC, Pascal Gauthier, CEO of Ledger, noted that 2023 was a year of preparation for the growth ahead. He said the sentiment for 2024 and 2025 is “very encouraging.”
“I think that once you get the speculative phase out of the way, which I think we’re almost done with, probably not yet completely done, then you can get real builders focusing on the technology and the problems that can be solved in the world, rather than just having a giant digital casino for people to trade.”
David Marcus, CEO of Lightspark
Now that those issues have been resolved, investors are focusing on what the industry sees as positive developments. First is the growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved. This could attract larger traditional investors who have previously been reluctant to touch crypto.
The second event is the Bitcoin halving, which occurs every four years and is scheduled for May 2024.
However, Gauthier warned that the rally, which is largely based on expectations of ETF approval, could falter if regulators reject the product again.
“An all-out ETF rejection could play havoc to this run as well, hence definitely something to be mindful of.”
Pascal Gauthier, CEO of Ledger
CNBC notes that Standard Chartered confirmed in an April statement that Bitcoin would reach $100,000 by the end of 2024. The bank said this would be conditional on the approval of numerous ETFs. Matrixport also believes Bitcoin will reach $63,140 by April 2024 and $125,000 by the end of next year. Crypto industry executives have announced the start of a new bull run, with more voices calling for new all-time highs for Bitcoin in 2024 above $100 000.
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