My Crypto Predictions for 2024

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30 Jan 2024

In what seemed like only a few months 2023 flew by and officially came to an end. When it comes to having success in the cryptocurrency market, the most important thing is surviving the market. One of the best ways to do that is by always looking ahead to the future.

Considering where the market is heading, what is the next narrative, learning from your mistakes, and being ready to take advantage of once-in-a-lifetime opportunities.
That is why each January I love to make my predictions for the new year. While my track record hasn’t been the greatest. It is still a fun activity to do and helps me to clear out everything that happened last year, and brainstorm where things could be heading.
At the time of writing this article, it appears that the US spot Bitcoin ETF is a near certainty of being approved. Which means that I won’t be including it in my list of predictions.
Without further delay, here are my crypto predictions for 2024.

Bitcoin Will Make a New All-Time High Before the Halving

This will surprise many people, but I strongly believe that Bitcoin will reach a new all-time high before the halving. Something that has never happened before. Its previous all-time high price was $69k set in November 2021.
The main catalyst for this will be the spot Bitcoin ETF that is about to be approved. Not only will this likely send prices above $50k and beyond. But that will only be the start. It will bring a capital flow to Bitcoin that we have only dreamed about. For example; it is heavily rumored that BlackRock already has $2 billion lined up ready to invest in the ETF once approved. The wave of capital flooding into Bitcoin will cause the price to surge, causing FOMO to rise, resulting in people becoming euphoric as the next Bitcoin halving approaches. All of those bull-run predictions of Bitcoin potentially reaching $200k or much higher will be everywhere.

Bitcoin Will Become More Divisive

Ordinals was the new development that shook up the entire Bitcoin community. Even maxis were finding themselves on different sides of the argument. As the bull market surges on, fees will continue to soar and this will cause this debate to intensify significantly. It will come to a breaking point where either a fork is considered by those who are against ordinals, a compromise will be made to upgrade the network, or they will simply give up.
While I personally don’t have much interest in ordinals; however I am incredibly excited to see development coming back to Bitcoin. What was once thought impossible, has become possible. Soon we will be hearing about DeFi coming to Bitcoin as well.

Narratives From Last Cycle Will Come Back

History in crypto doesn’t repeat, but it often rhymes.
After Bitcoin has its initial price pump, it will be Ethereum’s time to soar. It will set a new all-time high, and free airdrops will change people’s lives. However, the gas fees will become so expensive that the layer 1 “ETH Killer” narrative will make a strong resurgence.
We have already begun to see this with the recent hype surrounding Solana. Each layer 1 will have its time to shine. First, it will be Solana, then Avalance, Near, and the list goes on. There will even be a newcomer to this list that will surprise many due to the FUD surrounding it during the last cycle. The newcomer will be ICP.
The fact is that it won’t matter which layer 1 you own because they will all soar during the bull cycle. Just make sure you have your bags packed accordingly.

There Will Be Pain

If there is one thing that you can count on in the cryptocurrency market, it is that people are extremely greedy and take on too much leverage. After the spot ETF is approved and the BTC halving has taken place; the market will be in a pure euphoric state.
People will have made life-changing amounts of money and begin daydreaming about what they will buy when prices soar even higher. They will begin frequenting Zillow, and imagine buying their dream house. And that is when there will be a large price dip.
While it won’t be the end of the bull cycle, at the time it will send doubt and panic throughout the market. In the moment it feels like the sky is falling, but the truth is that this happens every bull cycle. Often it happens several times.
These are the events that I believe will happen in 2024. While none of these ideas are financial advice, it is fun to think about what “could” happen this year.