The crypto winter is coming to an end: why bitcoin will hit $70,000 in 2024

One of the main reasons for the crypto market's bearishness in the past months is the regulatory crackdown on Binance, the world's largest crypto exchange by volume. Another reason for the market downturn is the collapse of FTX, a rival crypto exchange founded by Sam Bankman-Fried, who was arrested and charged with fraud, market manipulation, and insider trading. A third reason for the market slump is the uncertainty over the future of NFTs (non-fungible tokens), which are digital assets that represent unique ownership of art, music, games, and more.

Why I think Bitcoin will experience a bullish move to cross $50,000 in 2024.

One of the main reasons why I think Bitcoin will experience a bullish move to cross $50,000 in 2024 is the upcoming halving event in April 2024, which will reduce the block reward from 6.25 to 3.125 bitcoins. This will decrease the supply of new bitcoins entering the market, while the demand is expected to remain high or increase, creating a scarcity effect that could drive the price up. Another reason is the possibility of rate cuts by central banks, which could stimulate the global economy and increase the demand for alternative assets. Rate cuts are usually implemented to lower the cost of borrowing and encourage spending, which could boost economic growth and inflation. However, rate cuts also reduce the returns on traditional investments, such as bonds and savings accounts, making them less attractive compared to riskier assets, such as stocks and cryptocurrencies. Moreover, rate cuts could weaken the value of fiat currencies, especially the US dollar, which is the dominant reserve currency in the world. This could increase the appeal of Bitcoin as a hedge against currency devaluation and inflation. A third reason why I think Bitcoin will soar in 2024 is the innovation and adoption of Bitcoin derivatives, which are financial contracts that derive their value from the price of Bitcoin.