Bitfinex, a significant player in the crypto industry, is setting its sights high for 2024 in the cryptocurrency world. After an impressive 2023, where Bitcoin jumped by 160% and the overall crypto market grew by 100%, the exchange believes another significant rally is on the horizon.
This potential upswing might boost investors’ crypto assets by a notable $800 billion. Excited? Read on for more details!
At present, the crypto market is valued at about $1.6 trillion. However, Bitfinex expects this figure to double, reaching an ambitious $3.2 trillion by the close of 2024. Their analysis, grounded in both historical market trends and emerging sentiment indicators, hints at a rising appetite for risk, termed ‘extreme greed.’ Such a sentiment could be the driving force behind both Bitcoin and the broader crypto market reaching new peaks.
Bitfinex’s experts point out a standout trend: Bitcoin’s unprecedented 67 days of consistent net realized profitability. Such sustained profitability has often signaled forthcoming market adjustments. To contextualize, this trend mirrors the period between October 2020 and February 2021, which saw similar patterns preceding market corrections.
Further analysis by Bitfinex draws parallels between Bitcoin’s current valuation and data from June 2019 and July 2016. The takeaway? If Bitcoin approaches the $44,000-$45,000 mark, we might see a market pause or consolidation, rather than an immediate jump.
Also Read: Bitcoin Price Breaks $42K Barrier as Bulls Take Charge; What Next?
As discussions around a spot Bitcoin ETF gain momentum, Bitfinex predicts that institutional investors will lean heavily towards Bitcoin in the first half of 2024. However, alongside this optimism, the exchange also cautions about a potential price adjustment in the $44,000-$45,000 range, suggesting a phase of consolidation or a modest downturn.
Additionally, with 2024 being a halving year, monitoring Bitcoin miner activity becomes crucial. As mining rewards decrease, Bitfinex suggests that miners might scale back their activities due to reduced incentives to sell Bitcoin at increasing prices.
Read More: Smart Money Bets Big on Bitcoin: CME Index Surges as ETF Approval Nears
In a move emphasizing their commitment to the industry and its stakeholders, Bitfinex recently announced a $150 million share buyback program, aimed at supporting those affected by past hacks and strengthening investor confidence.
In conclusion, Bitfinex’s detailed analysis provides valuable insights into the potential trajectories, market sentiments, and key determinants shaping the crypto landscape in 2024. With its expert analysis, Bitfinex continues to establish itself as a leading voice in the crypto industry.
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