As in March 2024, Bitcoin and many alternate coins jumped vertical in price, and it hit all time high of $73777 (USD) giving it’s all (100%) spot holders a profit, as it broke it’s previous all time candles. Bitcoin has historically demonstrated a consistent cycle of reaching new all-time highs within 2 years from its cycle low. This pattern has held true for the past two cycles, with the January 2015 cycle low being followed by a new all-time high 103 weeks later, and the December 2018 cycle low being followed by a new all-time high also 103 weeks later.
The current cycle low occurred in November 2022, and if the pattern holds, we can expect a new all-time high within the next 103 weeks. As of March 2024, Bitcoin has already shown significant growth, jumping vertically in price and reaching an all-time high of $73,777. This surge has resulted in a 100% profit for all spot holders, breaking previous records and signaling a strong bullish trend.
Its decentralized nature and limited supply make it an appealing opportunity to standard fiat currencies, specifically in countries with volatile or hyperinflated currencies.
Why 2024 Is Being Superb For Bitcoin or Crypto Market
2024 is shaping up to be a phenomenal year for Bitcoin and the crypto market! One major reason for this is the approval of ETFs (Exchange-Traded Funds), which has given investors a new way to access the cryptocurrency market. This approval has also helped to build trust among institutional investors, who are now more confident than ever that Bitcoin is a legitimate asset class.
As more institutional investors jump into the crypto market, it’s helping to drive up demand and prices. Bitcoin is no longer seen as a risky bubble, but rather a solid investment opportunity. The approval of ETFs in Hong Kong and the ETH Spot ETF is another significant milestone for the crypto market. It’s clear that cryptocurrency is gaining widespread acceptance and recognition, and this is driving growth and innovation in the space. With more institutional investors and mainstream personalities getting on board, it’s an exciting time for crypto enthusiasts. Bitcoin has received recognition as a legitimate asset magnificence with the aid of institutional buyers and monetary institutions, further driving its demand and cost. The fact that big personalities like Trump are promoting crypto is also helping to increase mainstream adoption and legitimacy.
My Analsyis On Bitcoin’s Rise Specifically From Jan 2024
The upward push of Bitcoin can be attributed to numerous key factors, such as increasing adoption and reputation as a valid form of currency and investment. There is significant optimism among investors about Crypto industry, with Bitcoin showing promising growth at the start of 2024. Bitcoin has already touched the level of $73,777 and set a new record for an all-time high in the first three months of 2024. Since start, the decentralized nature of Bitcoin appeals to the ones looking for alternatives to traditional economic structures and centralized government.
The downgrades in the US credit rating and questions about the stability of the US dollar could drive Bitcoin as a safe haven, especially if hyperinflation becomes a concern. This, coupled with the potential for more Bitcoin-related financial services and global adoption, suggests a bullish trend for Bitcoin in 2024.
As per my discussion with Mark from Trade-definity.com, FOMO (fear of missing out) is also a significant driver of Bitcoin’s rise. It’s like when you scroll through social media and see everyone talking about Bitcoin’s latest surge, and you can’t help but think, “Why didn’t I buy some?” It’s a powerful psychological force that can drive demand and prices higher.
The limited supply of Bitcoin is another crucial factor at play. With only 21 million Bitcoins ever to be created, there’s a sense of scarcity that can drive up the price. And it’s not just the total supply that’s limited – the process of Bitcoin mining also becomes increasingly harder over time, making it tougher to create new Bitcoins. This combination of limited supply and decreasing mining ease creates a perfect storm for price appreciation.
As more people become aware of Bitcoin and its potential, the FOMO factor will only continue to grow. And with the restricted supply and challenging mining process, I believe the price will continue to rise. It’s important to remember, though, that the crypto market can be volatile, and prices can fluctuate rapidly. But for now, it seems like the momentum is on Bitcoin’s side.
The Bitcoin halving event (2024) reduced the block reward from 6.25 BTC to 3.125 BTC, I think it will not show that much quick effect but it will be gradual, potentially increasing Bitcoin’s price as the supply of new Bitcoin slows down. This event historically has been associated with significant price increases, further fueling the positive outlook for Bitcoin in 2024.
What I Expect In 2024?
In my opinion, hitting $100k in 2024 is a realistic and possible target for Bitcoin. While no one can predict the future with certainty, the growing interest from institutional investors and the increasing adoption of Bitcoin as a store of value and medium of exchange make a strong case for this price point.
On the other hand, predictions of $250k, $500k, or even $1M seem a bit far-fetched to me. While it’s possible that Bitcoin could reach these heights in the future, it’s important to be realistic about the pace of adoption and the obstacles that still need to be overcome. For now, I think $100k is a more reasonable target, and even that will require significant growth and mainstream acceptance. Still, I’m excited to see where this journey takes us!
It’s important to acknowledge that there are also challenges and obstacles that could impact Bitcoin’s trajectory. One significant event that caught my attention is the SEC’s targeting of Ethereum. While it’s unclear how this will play out, it could have far-reaching implications for the crypto market as a whole.
I was also expecting the legal issues surrounding CZ, the CEO of Binance, to have a more significant impact on the market. Fortunately, it seems to have had a minimal effect, but it’s a reminder that the actions of key figures in the industry can have a ripple effect. The decisions made by regulatory bodies like the SEC also play a huge role in shaping the future of Bitcoin and other cryptocurrencies.
As governments around the world continue to grapple with how to regulate Bitcoin and other cryptocurrencies, it’s clear that there are still many uncertainties ahead. While some countries are embracing crypto, others are taking a more cautious approach. As someone who’s bullish on Bitcoin’s potential, I’m keeping a close eye on these developments and hoping that regulators will find a balance between protecting investors and allowing innovation to flourish.
