Home Blockchain News Crypto executives declare the bull run has commenced, Bitcoin projected to reach $100,000 by 2024

Crypto executives declare the bull run has commenced, Bitcoin projected to reach $100,000 by 2024

by Michael Stark

Cryptocurrency Industry Optimistic for Bitcoin’s Future

Executives in the cryptocurrency industry are optimistic for the start of a new bull run and are calling for fresh all-time highs for bitcoin in 2024, with expectations of the digital currency exceeding $100,000.

Bitcoin’s Rise and Optimism for 2024
Bitcoin has rallied more than 120% this year, with many optimistic about the surge continuing into 2024. Pascal Gauthier, CEO of Ledger, expressed his hopefulness for 2024 and 25, stating that 2023 was a year to prepare for the upcoming bull run.

Challenges in the Industry
However, the crypto industry has faced numerous challenges, including the collapse of coins and projects, bankruptcies, and criminal trials. Notably, FTX, one of the world’s biggest exchanges, collapsed, and its founder, Sam Bankman-Fried, faced over 100 years in prison after being found guilty on seven counts of criminal fraud. Additionally, Binance chief Changpeng Zhao pleaded guilty to criminal charges and stepped down as the company’s CEO as part of a $4.3 billion settlement with the U.S. Department of Justice.

The Road Ahead
Despite these challenges, industry experts believe that these cases mark a turning point and anticipate a shift from a speculative phase to real technological advancements in the industry. David Marcus, CEO of Lightspark, highlighted the need for a focus on technology and problem-solving instead of the industry being likened to a digital casino.

Positive Developments
Now that these issues are behind them, the industry is eagerly looking forward to positive developments. The potential approval of a bitcoin exchange-traded fund (ETF) opens the door for larger traditional investors who previously hesitated to invest in crypto. Additionally, the upcoming bitcoin halving, scheduled for May 2024, is expected to be a significant factor behind a new rally.

Bold Predictions for Bitcoin
There have been some bold predictions for bitcoin in 2024, with calls for the digital currency to reach $100,000 by the end of the year. Standard Chartered reiterated its April price call, projecting a significant rally propelled by the approvals of ETFs. Matrixport projected that bitcoin would reach $63,140 by April 2024 and $125,000 by the end of the year, citing favorable macroeconomic conditions and geopolitical crosscurrents as catalysts for new highs.

Challenges and Opportunities
Despite the positive outlook, there are challenges ahead. While the price of bitcoin is consolidating below a key level, once breached, it could rally further. However, there is caution surrounding the expectations of an ETF approval, as a rejection could disrupt the anticipated rally.

The Future of Bitcoin
Many in the cryptocurrency industry are looking to the future with optimism, focusing on the potential for a new bull run and the possibility of bitcoin reaching new highs in 2024. With the anticipation of key developments and positive economic conditions, the industry remains hopeful for the future of the digital currency.

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