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Can 2024 Be a Landmark Year for Bitcoin? - BSCDesk : Binance Smart Chain and Crypto News

Can 2024 Be a Landmark Year for Bitcoin?

Bitcoin is expected to see a notable increase in its fundamentals following this year’s halving event. Halving is a periodic occurrence designed to reduce the reward for mining new blocks by half and thus decrease the rate at which new bitcoins are generated.

This halving will decrease selling pressure and increase interest in Bitcoin-based applications. Innovations such as Ordinals and BRC-20 tokens have revitalized on-chain activity, bringing a new wave of developer interest and innovation to the Bitcoin blockchain. Furthermore, the advent of spot Bitcoin Exchange-Traded Funds (ETFs) has been a significant boon, amassing substantial holdings and indicating strong investor interest. These ETFs are expected to contribute significantly to buying demand, supporting higher prices for Bitcoin in the future and underscoring a fundamentally stronger ecosystem compared to previous years.

Another significant positive prediction for Bitcoin in 2024 revolves around the impact of Bitcoin ETFs on the market. These financial instruments have rapidly amassed impressive holdings of Bitcoin, reflecting a robust appetite among investors for exposure to Bitcoin without the complexities of direct ownership. The inflows into these ETFs are viewed as a crucial market structure change, potentially propelling Bitcoin prices to as high as $112,000. The so-called “worse case” scenario still suggests a significant increase to at least $55,000. The introduction and adoption of spot Bitcoin ETFs have been heralded as a watershed moment for the cryptocurrency, indicating a mainstream acceptance and a potentially transformative impact on its price dynamics.

The fear of missing out (FOMO) on potential gains is also expected to drive a significant rally in Bitcoin prices to new record highs. Analysts from Bernstein have pointed to the clear price catalysts presented by Bitcoin ETFs, noting a marked improvement in market sentiment following the launch of these ETFs and a decrease in outflows from products like the Grayscale Bitcoin Trust.

With new ETFs attracting substantial investments, the market is yet to fully account for the inflow of funds and the consequent scarcity of Bitcoin supply. This dynamic, coupled with the unprecedented success of the ETF launches, suggests that a significant rally may occur even before the anticipated halving event in April 2024, offering a unique investment opportunity for those looking to capitalize on Bitcoin’s momentum.

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