Matrixport on BIT - 2024 Unveiled: Six Micro and Macro Events That Will Shape Bitcoin

- by Markus Thielen

During the first half of 2024, the crypto industry will have five micro-events and one macro-event that could positively impact the industry, potentially boosting the price of Bitcoin.

(1)By January 2024, we anticipate the SEC to approve a Bitcoin ETF, with trading expected to commence by February or March

(2)Stablecoin issuer, Circle could be listed on the stock market by April.

(3)While the announcement of FTX's winning bid could occur in December 2023, we project the exchange to be operational by May or June 2024. FTX is anticipated to reclaim its position as a top 3 exchange within twelve months.

(4)The above-mentioned three events and the Bitcoin halving cycle are expected to provide a healthy dose of momentum into the following year.

(5)Although seeing this as a significant upside catalyst is challenging, in Q1 2024, Ethereum’s IEP-4844 upgrade is scheduled to take place.

(6)This also coincides with the potential U.S. Federal Reserve interest rate cut by mid-2024, as market pricing indicates the first rate cut happening in June 2024. 

Next week’s U.S. CPI data could trigger another rally in Bitcoin if inflation declines again. We anticipate Bitcoin attempting to break out from its recent $34,000-$35,000 trading range. A break above $36,000 could propel Bitcoin toward our next technical resistance level at $40,000, potentially reaching $45,000 by the end of 2023. With a steady increase in buyers during U.S. trading hours and an ongoing attempt for Bitcoin to break out, we could see prices rallying into the end of the month (and year). The Santa Claus rally could start at any moment. 

Written by Markus Thielen, Head of Research & Strategy at Matrixport. Author of Crypto Titans.

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Industry views and information shared do not represent Matrixport's position and do not constitute any investment advice.