he CIO of Bitwise, Matt Hougan, states a list of potential conditions that could lead Bitcoins on a path to ATH and even reaching $80,000 dollars in 2024.
US Elections Impact:
According to Matt Hougan, Bitcoin could perform incredibly well if Democrats do not end up sweeping the White House as well as the Congress. As a government with divided ideologies could lead to a more neutral position regarding crypto regulations.
Economic Factors:
Although Bitcoin’s price is being suppressed by uncertainty and doubt, Federal rate cuts as well as the Chinese Fiscal stimuluses Could boost Bitcoin’s growth and increase investors confidence in the market
Crypto Industry Stability:
Furthermore, Matt Hougan argues that it is important that industry avoids disruptions such as hacks, illicit activities and lawsuits, as this impacts negatively the market as a whole especially since the crypto market is quite sensitive and reactive to negative news. This is crucial for bitcoin to reach its potential and lead the rest of the alt coin market with it. According to Hougan, the demand and interst from investors is here, however confidence due to geopolitical tensions and fear of recessions is adding selling pressure and stopping money to enter the market
Bitcoin's 2024 Rally: Key Factors
A mix of favourable political outcomes and economical condditions, along with industry stability could translate into Bitcoin being in a position of strength in order to generate growth in 2024.
