Analyst Says Get Ready for a Big Comeback in Bitcoin and Points to 2024 for Bulls!

While the search for direction continues in Bitcoin, which moves horizontally in the $ 26,000 band, investors are wondering whether there will be a decrease or an increase in BTC.

At this point, a report published by Capriole Investments pointed out 2024 for BTC.

The report by Capriole Investments founder Charles Edwards stated that 2024 will be an important year for Bitcoin, potentially offering the highest returns in its current four-year cycle.

Arguing that Bitcoin has an important role in protecting against inflation, Edwards said, “BTC has a good reputation for its performance in 2021 amid rising inflation, and contrary to popular belief, BTC has been a great inflation protection tool.” said.

“There Are Two Catalysts for Bitcoin Rise!”

Addressing the events that will be the catalyst for the BTC rise, the analyst said that the first of these is halving.

“The BTC halving event, which will be held in April 2024, will reduce the supply growth rate of the leading cryptocurrency to 0.8% annually, thus falling below 1.6% for the first time ever.

This means that in April 2024, Bitcoin will become more critical than gold for the first time.

I also disagree with the widespread view that the halving is already priced in. Because if there’s one thing we’ve learned from Bitcoin’s past, it’s that halving is never priced in.”

Pointing out that the second catalyst is the approval of spot Bitcoin ETFs, Edwards believes that the SEC will approve the spot ETF in October 2023 or January 2024.

Charles Edwards emphasized that the ETFs to be approved will play an important role in the Bitcoin bull and compared them with gold.

“ETF approval will be a major catalyst for BTC rally.

After the Gold ETF was approved in 2004, there was a significant bull run in gold.

So, we have incredible catalysts for BTC on the very near horizon. (Upcoming halving, ETF approvals and Bitcoin’s status as the best inflation hedge)”

“2024 Will Be a Great Year for Bitcoin!”

Finally, the analyst stated that there are short-term decline signals in Bitcoin and stated that he is quite optimistic in the long term and is very hopeful about 2024:

“Bitcoin’s four-year cycles usually have 12-18 months, during which 90% of returns are realized. After this period, there are 2-3-year sideways and downwards periods.

At this point, when I look at the current cycle in Bitcoin, I expect 2024 to be the year with the highest return. I believe that the data in BTC also supports my thesis.”