BTC will exceed $80,000 in 2024.
But the following three conditions need to be met:
The first condition is that the election results are "by no means a Democratic sweep." While a Republican victory would bode well for crypto, the CIO said the situation on the Democratic side is more nuanced.
"To thrive, Bitcoin doesn't need politicians. It just needs them to go away. Unless the Democrats sweep both houses of Congress and the White House, I doubt they will do that, as the Democrats will take a more neutral approach to the industry."
The second condition is that the Fed cuts interest rates two more times. After the Fed's September rate cut, the market is "hungry for further rate cuts" and may be disappointed if there are no rate cuts.
"The market is hungry for more. The Fed is currently expected to ease policy by another 50 basis points by the end of the year, and China will also launch additional fiscal stimulus measures. If both of these are achieved at the same time, I estimate that we will rebound in the fourth quarter. If not, I think disappointment may weigh on the market."
The last condition is simply that "there are no major negative surprises" that catch the market off guard, such as a large-scale hack, lawsuits, or locked currency accidentally entering the market.
"Unfortunately, the history of cryptocurrencies is full of such surprises. Over the past few quarters, previously locked Bitcoin has been released from bankrupt exchange Mt. Gox and government vaults, causing us to be in a range-bound state.
If we can successfully pass the end of this year without similar shocks, I expect to set a new all-time high or even surpass it. The current price of BTC is $60,989; will there be a better opportunity to layout?
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