Crypto Market Prediction 2024 :Here Are The Major Key Events

In a recent interview with CNBC's Fast MoneyBrian Kelly, founder and CEO of BKCM LLC, an American cryptocurrency investment fund, shared his thoughts on the cryptocurrency market as we approach 2024. Kelly's analysis follows Bitcoin's significant rally and predicts a trend Similar bullish trend for several altcoins based on historical price patterns.

Altcoins set to rally in January 2024

Kelly notes that traditionally, about a month after Bitcoin rises, altcoins start to do the same. He witnessed this trend with the breakout of Ethereum, followed by Solana, and anticipates it will cascade to other altcoins. “Let's call it January or so,” he says, expecting altcoins to gain momentum in early 2024.

Macroeconomic tailwinds favoring cryptocurrencies

Looking at broader market dynamics, Kelly points to nearly two years of macroeconomic pressures that have suppressed cryptocurrency markets. However, he notes a shift in investor sentiment toward riskier assets like Bitcoin, which he attributes to a "macro tailwind." This shift is influenced by the likelihood of the Federal Reserve concluding its tightening cycle and the economic challenges facing Europe, China and Japan, which may boost assets like Bitcoin and gold.

Bitcoin's outlook and the halving event in April 2024

Kelly projects a significant rally for Bitcoin following its next halving event in April 2024, a pattern seen in previous cycles. “The 12 to 16 months after the halving are Bitcoin’s best performance,” she explains. This event, which halves rewards for miners, is expected to increase Bitcoin's scarcity, making it potentially more valuable than gold for the first time in history.

Key events in the crypto space for 2024

The year 2024 will be crucial for the cryptocurrency market, with several critical events on the horizon:

  1. SEC Decision on Bitcoin Spot ETF: The US Securities and Exchange Commission (SEC) is expected to announce its verdict on the filing of the Bitcoin spot ETF, a decision that could significantly affect the market.
  2. Ethereum Spot ETF Confidence Presentation: Grayscale has set January 25, 2024 as the official date for the introduction of the Ethereum spot ETF trust, a move that could bring more attention and widespread investment to Ethereum.
  3. SEC case against Coinbase: The final ruling in the SEC vs. Coinbase is pending, with possible implications for the US cryptocurrency regulatory landscape.

In conclusion, Brian Kelly's analysis paints a cautiously optimistic picture for the cryptocurrency market in 2024, with growth expectations in both Bitcoin and altcoins influenced by macroeconomic factors and key regulatory decisions.

Leave a Comment


No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *