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Here are key catalysts set to fuel 2024 crypto bull market

Here are key catalysts set to fuel 2024 crypto bull market

After an astounding first half of the year that saw Bitcoin’s (BTC) price briefly surge above the $30,000 mark, the world’s pioneer cryptocurrency and the broader crypto market have since faced challenges and setbacks. Factors including the Federal Reserve’s (Fed) prolonged hawkish stance and looming recession risks have cast a shadow of uncertainty. 

However, despite the current struggles, many analysts and investors are anticipating a dramatic turnaround in 2024, heralding the potential emergence of a new bull market.

2024, from Bitcoin, halving to US elections

Indeed, there are strong indications that 2024 could bring a fresh wave of optimism for crypto and thereby provide a significantly more favorable environment for price resurgence.

This anticipated bull run is expected to be driven by a combination of major catalysts, primarily Bitcoin halving, interest rate cuts by the Fed, potential launch of spot Bitcoin exchange-traded funds (ETFs), US elections, and bullish indicators and on-chain data, cryptocurrency investor Mister Crypto outlined on October 5.

Bitcoin’s bull and bear market cycles over the years and the halving impact. Source: Mister Crypto

Why are these factors considered catalysts?

First and foremost, the Bitcoin halving. Roughly every four years, BTC experiences a “halving” event, which reduces the rate at which new Bitcoins are generated by half. This scarcity factor historically drives up demand and prices. As the next halving approaches in 2024, investors anticipate reduced supply, potentially leading to higher prices.

The impact of halving on BTC price and mining rewards. Source:

Secondly, after raising interest rates almost non-stop for approximately a year and a half, the US central bank is expected to introduce rate cuts sometime in 2024. Notably, a cut in interest rates typically results in lower returns on traditional investments like bonds and savings accounts. 

As a result, investors get encouraged to seek alternative assets with greater profit potential, including cryptocurrencies, thereby driving up demand and prices.

A potential approval and launch of a long-awaited spot Bitcoin ETF is also in the cards for 2024. If the US SEC approves these financial products, it could attract institutional investors who have been hesitant to enter the crypto market as ETFs provide a more accessible and regulated means of investing.

Meanwhile, the US is also set to choose its next president in 2024. Political events, such as presidential elections, can have a significant impact on financial markets. 

For instance, if the next administration provides a favorable regulatory environment for cryptocurrencies and blockchain technology, it could encourage greater adoption and investment in the crypto space, bolstering the overall market and fueling a bull market. 

On the other hand, an ‘anti-crypto’ US president and administration would likely have a negative impact on the broader market. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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