If you have been paying close attention, the signs have been everywhere. Everything is lining up perfectly for Bitcoin, and it could result in something special happening. The market is about to heat up and go so parabolic that the general public will be left questioning what happened, and how they missed out on an opportunity of a lifetime.
There is no denying ever since Bitcoin reached a new all-time high of $69k in November of 2021, it has been a difficult time for Bitcoiners. Not only did the price drop all the way down to $15k before finally bouncing, but there was an endless amount of FUD along that way that shook the conviction of even some of the strongest believers. After the summer of crypto insolvencies that was capped off by the FTX fraud; there was a real question if the death blow had finally been dealt to Bitcoin and the cryptocurrency industry.
While Bitcoin had always stood back up and recovered before, this time there had been too much damage given to the industry. That it would take several years at the very least to begin to repair its image. The people who remained in the market after everything that happened in the last two years are survivors.
However, everything has begun to change in 2023 and it is only gaining momentum.
The year began with the impossible happening on Bitcoin. Ordinals and BRC20 tokens being implemented on Bitcoin brought excitement and a builders' mindset back to the Bitcoin ecosystem. Something that was desperately needed if Bitcoin will be able to achieve its full potential.
Next Bitcoin operated as a safe-haven asset as banks around the country started collapsing and freezing funds. While people were losing access to their money in the bank, people were reminded of the real value of Bitcoin and this caused its price to rise over $30k.
Soon after, we learned that Wall Street was officially entering the Bitcoin market. Arguably the most powerful financial company in the world, BlackRock, announced that they were applying for a spot Bitcoin ETF in the US. All of a sudden the prospect of a spot ETF in the US went from being nearly impossible, to that it was inevitable. Soon after several other financial companies would follow suit and apply for spot ETFs so that they aren’t left behind. Bitcoin’s game theory had begun.
For about a month there was silence until PayPal just announced that they were creating their own stablecoin. If BlackRock’s ETF announcement wasn’t a clear sign, PayPal’s stablecoin announcement clearly showed that Bitcoin and crypto are the future. And that you better be forming your position or you will be left behind.
Only a day later, the next bombshell announcement would be shared. Mike Novogratz, the CEO of Galaxy Digital stated that his sources within BlackRock are claiming that their ETF will be approved within the next 4 to 6 months. This would mean we could see their ETF approved somewhere between January and March of 2024. This alone would be enough to ignite the next bull market. The spot Bitcoin ETF being approved in the US has long been considered to be the catalyst that will cause Bitcoin’s price to soar to $100k, and likely much higher.
The plot thickens from there.
Let’s imagine that the spot ETF early 2024. This alone would be an incredibly bullish event. However, soon after in April or May, the next Bitcoin halving will occur. This will put extreme strain on the supply of Bitcoin and cause the price to soar even further.
But there is one point that many people are overlooking. While in the last year, the Biden Administration has clearly been against the cryptocurrency market. With that said, 2024 will be a Presidential election year. Traditionally during these election years, the President running for re-election has done everything in their power to have great financial markets. If people are making money, they will be more likely to vote for the same President. This will result in Bitcoin’s price increasing even further.
We are facing a perfect storm on the horizon for Bitcoin. The spot ETF approval, Wall Street entering the market, the next Bitcoin halving, and also the next presidential election. It isn’t a question of whether Bitcoin’s price will go up or not. The only question is how high the price will go. We could be on the brink of something very special.
How about you? What’s your price prediction for Bitcoin in 2024
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