In a fascinating forecast, Stock Money Lizards, a prominent crypto analyst, has outlined a dynamic timeline for Bitcoin in 2024. These key events present potential catalysts that might influence Bitcoin’s trajectory throughout the year.
Read on for some jaw-dropping insights.
The year kicks off with the potential approval of the first Bitcoin exchange-traded fund (ETF). Bitwise estimates that spot Bitcoin ETFs could capture 1% of the $7.2 trillion U.S. ETF market within five years, translating to a massive $72 billion in assets under management (AUM). This development is anticipated to be a game-changer for Bitcoin.
March brings hints of a changing monetary landscape as the Federal Reserve considers interest rate cuts. The Federal Reserve is expected to make three interest rate cuts this year, with market expectations suggesting 5.1 cuts in 2024. This dovish approach could impact the Bitcoin market.
April holds the awaited Bitcoin Halving event, which occurs every four years. This event significantly reduces the supply of new bitcoins through a block reward reduction, traditionally exerting upward pressure on Bitcoin’s price. The Halving remains a pivotal moment for the cryptocurrency.
The Markets in Crypto-assets (MiCA) Law in the EU is scheduled for June, bringing regulatory clarity for crypto-assets to 450 million people. Regulatory developments are seen as crucial for building trust among institutional investors, further contributing to Bitcoin’s adoption.
In August, Elon Musk might throw a curveball by introducing crypto payments on X (formerly Twitter). While the specific launch date might extend into 2024, this move could introduce the first crypto-based payment system on a massive scale, providing another avenue for Bitcoin adoption.
The US elections in September could hold surprises, with a potential win for Trump. Trump’s involvement in the Solana network and the release of ETFs on the platform could influence the crypto market positively. Especially after Donald Trump has announced a new NFT collection called the “Mugshot Edition” in reference to his legal troubles.
As the year wraps up, the Financial Accounting Standards Board (FASB) introduces Fair Value Accounting for Bitcoin, effective for fiscal years beginning after December 15, 2024. It’s like Bitcoin getting a shiny new tag, making it more official as a global asset.
As we enter 2024, Bitcoin is poised for an exciting journey with these anticipated catalysts already shaping its trajectory. So, Stay tuned for a year that promises to be transformative for the world’s leading cryptocurrency.
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