2024 Crypto Prospects: Possible Bitcoin Recovery

2024 Crypto Prospects: Possible Bitcoin Recovery

Anticipating Continued Bitcoin Recovery

As we step into 2024, Swan CEO Cory Klippsten provides insights into Bitcoin’s prospective growth. Reflecting on 2023, Bitcoin emerges as the top-performing asset class, surpassing stocks, bonds, and gold, with a remarkable price surge exceeding 150% since the year’s commencement.

Institutional Surge and ETF Anticipation

2023 witnessed a surge in institutional interest, notably marked by BlackRock’s ETF application in June. For instance, it comes down to approximately 12 open applications from major market players. Some are Invesco, ARK, Fidelity, VanEck, and Franklin Templeton. Therefore, rumours of approval in October triggered a substantial spike in Bitcoin investing forum.

Energy Growth and Robust Security

The energy used in mining and securing Bitcoin sees substantial growth, with the mining hashrate doubling from 240 to 482 year-to-date. Bitcoin solidifies its status as the most secure and reliable digital system globally, boasting 100% network uptime for the 14th consecutive year.

Halving and Potential Bitcoin Bull Run

Looking forward to 2024, certainty surrounds the next “halving” at block 840,000, expected in late April. This marks Bitcoin’s fourth halving, historically preceding bull markets. The 50% reduction in new Bitcoin standard issuance may contribute to a bull market in 2024 and 2025.

Immediate Bitcoin ETF Approval

Additionally, the approval of one or more spot Bitcoin ETFs is highly probable, potentially unlocking capital influx from traditional investment channels. Consensus suggests this approval might materialize in January.

Technological Advancements

Technological trends in 2023, including the continued impact of the Taproot upgrade, enhance transaction efficiency and privacy. The maturation of the Lightning Network underscores Bitcoin’s scalability, enabling faster and more economical transactions.

Bitcoin’s Stability Amid Global Uncertainty

In 2024, Bitcoin recovery could garner attention amid global financial uncertainty. Bitcoin reaches record values against weak currencies, gains support from global politicians and sees increased use by individuals and businesses worldwide. Its growth, recognized by millions globally, contributes to global monetary integrity, emphasizing Bitcoin as sound money and a fundamental human right.