By
Temitope Olatunji
April 26th, 2024
Despite the prevailing bullish sentiments, there are macro factors that could pose a threat to Bitcoin’s bull run.
Different crypto executives have suggested that the current Bitcoin rally will spiral into a bull run that will see BTC rise to at least $100,000.
While still short of its peak price in November 2021, Bitcoin has now risen by 140% this year. Bitcoin hit the $40,000 threshold as bullish sentiments around the asset price increased over the weekend.
Bitcoin Bull Run in 2024? Crypto Executives Believe It Is Possible
According to Pascal Gauthier, CEO of Ledger, 2023 was to prepare the crypto market for the bull run that is to come. Gauthier believes the likelihood of a spot ETF approval makes a bull run inevitable
Vice president of International markets at CoinDCX, Vijay Ayyar, believes the ETF news will make the Bitcoin price rise earlier than expected. Ayyar also cited the Bitcoin halving due in April 2024, as a reason for his bullish speculations.
Already, there have been bold calls regarding the Bitcoin climb. Standard Chartered reiterated that Bitcoin will hit $100,000 by the end of 2024. Elsewhere, Matrixport reported Bitcoin will surpass $63,000 by April 2024 and hit $125,000 by the end of the year. Blockstream CEO Adam Back is even more bullish. Back announced on X that Bitcoin will likely hit $100,000 by April given its momentum.
Bearish Sentiments Trail $100k Call
Despite the prevailing bullish sentiments, there are macro factors that could pose a threat to Bitcoin’s bull run. Head of Research at CoinShares, James Butterfill, noted that Bitcoin would drop if inflation fails to fall as predicted. He explained that the resurgence of inflation will keep the Fed policy tighter and push Treasury yields higher.
“{This would make} them more attractive relative to bitcoin,” he concluded.
On its part, JPMorgan strategists believe the crypto market is already priced in and may not gain much from the spot ETF approval or the upcoming halving. Even if approved, the strategists maintained that the Spot ETFs may not result in more inflow. Instead, they explained that institutions may simply shuffle their investments, moving funds from existing bitcoin products.
Again, the Chief Economist at Mysten Labs, Alonso de Gortari, is unsure whether every regulatory update will benefit Bitcoin. De Gortari insists that any regulatory updates limiting Bitcoin access or opportunities could reduce investor profit.
“This may lead them to seek alternative assets with greater yield,” he asserted.
Whatever the case, the discussions around the potential price of Bitcoin underscore the dynamic narrative about Bitcoin and the wider cryptocurrency market.