5 reasons why bitcoin cryptocurrency will grow in 2024

Many members of the crypto community expect bitcoin and the entire digital asset market to grow in 2024. Supporters of the positive outlook support their opinion with several arguments, the most popular of which were highlighted by cryptocurrency analysts at BeInCrypto.

1. The US Federal Reserve may move to cut the key interest rate. In 2022, against the backdrop of an escalating conflict in the geopolitical arena and accelerating inflation, the regulator launched a cycle of rate hikes. Its growth reduces the attractiveness of high-risk assets such as cryptocurrencies. There is speculation that the Fed will start cutting its key policy rate in the fourth quarter of 2023. The process may increase the attractiveness of tokens and ease the pressure on the stock market and, consequently, the crypto industry.

2. Bitcoin halving. With each halving, the price of the market leader rises, as the decrease in the number of BTC creates additional demand for the digital asset. Approximately a year after the halving, the price of BTC reaches a new high (ATH). Thus, the price of bitcoin increased by about 8000% within 12 months after the first halving in 2012. At that time, BTC broke the $ 100 mark for the first time, rising to $ 1152.

3. The launch of a spot bitcoin ETF in the United States. Many market participants believe that the emergence of such an instrument in America could open the flow of institutional money into the crypto industry. In September, there were reports that Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), was preparing to approve a spot bitcoin ETF.

4. TheUS presidential election is coming up, and a candidate loyal to the crypto industry may win. Among the representatives of the crypto community running for the US presidency are: Ron DeSantis, Robert Francis Kennedy Jr. and Francis Suarez. Many analysts believe that if the crypto enthusiast comes to power, more cryptocurrency instruments will appear in America, and regulators will soften their attitude to the new financial instrument.

The world’s most famous chatbot has predicted that BTC $62,827.61 Bitcoin 0.17% Market capitalization $1.24 trillion VOL. 24 hours $1.29 billion will grow to $ 5 million by 2050. If bitcoin fails to take deep roots in the society due to bureaucratic obstacles, technical limitations, and other negative factors, the digital asset will cost from $ 20,000 to $ 500,000 in 2050, ChatGPT noted.