Year 2024 Could Belong to Bitcoin- 7 Catalyst That May Trigger a BTC Bull Run

The Bitcoin price has been displaying a magnificent recovery since the start of the year after withstanding a strong bear market. Now that the trade is approaching the end of the season, the volatility is expected to set off, which is largely expected to be in the bullish favour. With this, the price could trigger a healthy upswing just before the end of the year. However, the BTC price and the entire crypto space are believed to start a massive upswing in 2024, as these catalysts could propel the prices higher. 

Bitcoin Spot ETF Approval in January

The very first Bitcoin Spot ETF filing is expected to receive the SEC’s decision in the first few weeks of 2024, which is largely expected to be on a positive note. According to Bitwise, the estimated spot Bitcoin ETFs could capture 1% of the $7.2 trillion U.S ETF market within 5 years, or $72 billion in AUM, which is a huge bullish signal for Bitcoin

FED To Begin With Rate Cuts in March

The recent FOMC announcement on the fresh interest rates went in favour of the crypto space as the rates remained unchanged. As per the projections for 2024, the FED is planning to start the rate cuts in March, aiming to slash them below 2.6% by October 2024. With this, rates are expected to be cut by 4 to 5 times in 2024, profiting the crypto space. 

Bitcoin Halving in April

The most anticipated event, Bitcoin Halving, is scheduled to take place in April 2024, where the miner’s rewards could be halved from 12.5 BTC to 6.25 BTC. Hence, this could reduce the new issuance of Bitcoin and eventually make the token more scarce. The BTC price is believed to rise with a rise in demand and a substantial drop in supply.

Markets in Crypto-Assets (MiCA) Law EU in June

The European Union is expected to be the very first jurisdiction with tailored crypto law aiming to offer legal certainty, compliance, and global implications. The law was rolled out in June 2023 and is expected to come into effect in June 2024. With clarity in rules and regulations on cryptos and exchanges, trading with cryptos could become easier. 

X Payment Implementation in August

Formerly known as Twitter, The X CEO, Elon Musk, is expected to bring the first crypto-based payment system with his app X.

US Elections in September

By the end of the third quarter, the US presidential elections are expected to be held. The analysts and veterans believe a tough fight may happen, while the possibility of a win for former President Donald Trump is also not unlikely. Trump has displayed his lenience for the crypto space by releasing some ETFs on Solana, praising the Polygon network, etc. Hence, we may see this as a huge bullish indicator.

FASB for Bitcoin in December

FASB recently confirmed the ‘Fair Value’ approach for the corporate crypto holding, which is scheduled to go into effect in December 2024.

These factors suggest Bitcoin could maintain an elevated trend since the beginning of the year and begin with a fine bull run soon. Now that the BTC price is trading above $40,000, the 2024 year-end targets could be around $75,000 to $78,000.