The Anticipated Journey of Bitcoin in 2024 and Its Broad Impact 

The year 2024 is turning out to be quite significant for Bitcoin. From ETFs to halving, big events are going to occur in the next few months. Apart from the crypto enthusiasts, the whole world has its eye on the first cryptocurrency. The speculations are high and people are coming up with their own versions of possibilities. 

For the investors and cryptos users, it’s time to keep your fingers crossed and hope for the best. Others might just take it as news. However, there are many ways in which this high-value crypto can affect the whole world. So let’s analyze all these upcoming events and their possible outcome.

Big Events in 2024 Impacting Bitcoin & the Crypto World

The following events will determine the future course of Bitcoin and many other cryptos.

Bitcoin ETF Verdict

That’s probably the biggest thing going to happen in this domain. Already, there are speculations about it driving the crypto market and BTC price higher. Many are considering it a make-or-break moment for the original crypto. That’s because an ETF can make Bitcoin much more accessible to everyone.

Currently, it’s a precious investment instrument that can be invested in only by a few. With the EFT, the scenario changes entirely. However, the SEC hasn’t been very welcoming about this idea. Previously, they had turned down the applications for ETFs and they can do it again. 

Nonetheless, the markets are quite hopeful this time for solid reasons. The filing for a Bitcoin ETF by finance giant BlackRock has amped up the hopes of digital asset users. Already, the ETF on Bitcoin futures contracts is in practice. However, the spot ETFs are directly impacted by the price of the coin.

Therefore, it remains to be seen what the verdict of the SEC does to BTC’s future.  

Price Trends For BTC

The price trends of Bitcoin have always surprised crypto users. As of late, the price range touched $44,000 and got the investors hopeful about the future. As per the data, the BTC/USD showed a narrow trading range from December. Even in Asia, the trading reversal began and the price got closer to $43,000. 

Moreover, some experts recommended traders to stash the exponential moving averages. In the weekly market, impulse buying saw some significant highs too. By opening and holding 1H 200EMA & MA, traders can make the most of the initial triggers. The popular crypto investor Skew shared his views on social media about the recent liquidation flush. He pointed out that it initially overwhelmed traders but got stable later. Another post suggested that spot longs in the market are so many right now. 

CPI Week

Apart from the ETFs, there are US macro data prints awaited by the crypto market. In essence, these documents will disclose details about inflation and the Federal Reserve’s policy. They will also give some insights into the development of interest rates. 

Additionally, they will give information on the short-term volatility across risk assets. Since the beginning of this year, volatility has hit the markets. Thus, market participants are keen to see what happens in the next few months. Furthermore, “The Kobeissi Letter” shared a social media post with all the important events in the first week of January. 

As per one report, markets may not see much price activity this month.

Possibilities of Bitcoin Bull Run

Bitcoin on-chain indicators are showing optimism about a possible bull run. Reportedly, the relative strength index (RSI) has been diverting from the usual place. Analyst Matthew Hyland pointed out the rising spot price on daily timeframes. Also, there is the Bitcoin Daily RSI that some traders are talking about. 

One report suggested that the RSI may hit $27K in the consolidation period. The uptrend favors the BTC price going up in the following month. Popular crypto investor and commentator, Trader Tardigrade, predicted the same action that happened in 2015-2017. Some other traders are estimating a breakout from the price action. 

According to them, the spot price will soon act in a broader landscape. 

Bitcoin Halving

Bitcoin halving is another big event that crypto enthusiasts are eyeing. It is almost in the final stages and will happen in the next 100 days. For the uninitiated, halving occurs every four years and results in a reduction of the block subsidy. In addition, it decreases miners per block by 50% and curtails their earnings. The event ensures that the Bitcoin count is in check and that it’s not mined earlier than it’s supposed to. 

With so many events, the Bitcoin fans are hoping for the best. Above everything, they’re rejoicing over the approval of Bitcoin ETFs by the SEC. Hopefully, these events will bring new possibilities into the blockchain space and the overall economy. 

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.