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The year 2024 has started positively for Bitcoin, with high hopes and several price catalysts motivating investors. CoinShares analysts have shared optimistic year-end predictions, significantly influenced by the potential approval of Bitcoin ETFs.
Before the year began, many experts shared their views on Bitcoin’s price for the end of 2024. These were made without a clear macroeconomic view and before ETF approvals. Now, as prices correct, it’s an opportune time to review updated predictions.
Experts suggest that the Fed’s expected interest rate cuts, starting before the second quarter, will ease macro pressures on risk markets. Although a 150 basis point reduction is anticipated for the year, the Fed targets three rate cuts totaling 75 basis points by the end of the second quarter.
Inflation dynamics in developed countries indicate a possible Fed rate cut, which, considering Bitcoin’s supply structure, could help increase its price in 2024.
CoinShares analysts are highly optimistic about the market’s future. Daily ETF reserves are increasing by at least 5,000 BTC, which could lead to a supply shift to cold wallets reaching a million. Grayscale alone holds over half a million BTC, and other issuers have accumulated 100,000 BTC.
Analysts believe that 10% of the current assets under management (AUM), which is over $30 billion, entering Bitcoin could drive the price close to $60,000. Global legitimacy for cryptocurrencies is growing, with countries like Hong Kong and Japan providing stablecoin guidance, and the EU progressing with its Crypto Assets Regulation, further supported by potential U.S. ETF approvals, paving the way for secure Bitcoin investments worldwide.
The post first appeared on BH NEWS: Bitcoin’s Bright Horizon: 2024 Price Predictions and Optimism

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