Record expectation in Bitcoin!

The highly anticipated news about Bitcoin, the cryptocurrency that completed last year with a performance of over 150 percent, has arrived, Bitcoin ETFs have been approved. Bitcoin-based exchange-traded funds reached $4.6 billion in volume on their first trading day. Expectations indicate that this volume could reach between 50 and 100 billion dollars by the end of the year. Investment expert Erdoğan Turan said, "All signals point to 2024 being a positive year for Bitcoin, and Bitcoin can complete 2024 with new records."
2024 started quickly for Bitcoin, the world's largest cryptocurrency in terms of market value. The approval decision for the Bitcoin ETF, a Bitcoin-based exchange-traded fund that has been intensely discussed since mid-2023 and caused fluctuations in Bitcoin price movements, was made by the US Securities and Exchange Commission (SEC). Following this development, which took the price of the cryptocurrency to 49 thousand dollars, the highest level in two years, in a very short time, the cash flow for 11 spot Bitcoin ETFs that started trading was measured as 4.6 billion dollars on the first day. Erdoğan Turan, CEO of local cryptocurrency exchange Bzetmex, evaluated the latest developments and shared his 2024 predictions for Bitcoin. "BITCOIN ETFS COULD ATTRACT 50 TO 100 BILLION DOLLARS OF INVESTMENT IN 2024" Analysts at Standard Chartered, who sent a note to their clients on January 8, wrote that they expect an inflow of $50 billion to $100 billion into Bitcoin ETFs in 2024. Analysts emphasized the potential for this figure to reach 200 thousand dollars by 2025. Stating that, according to some analysts, Bitcoin ETFs did not show an extraordinary performance on the first trading day, Turan said, “Regardless of the transaction volumes of the first day, the development had been expected for a very long time. This development marks a new era in crypto. Spot Bitcoin ETF marks the history of cryptocurrency's acceptance as an investment tool in corporate and established finance. So much so that this may lead to other cryptocurrencies that stand out in terms of market value and fundamentals turning into investment instruments traded on the stock exchange very soon. Analyst, Eric Balchunas, points out that there may be a 70 percent chance that the spot Ethereum ETF will be approved in May. "All these predictions will lead to Wall Street's and traditional finance's intense interest in crypto money, and naturally, advances in the regulatory framework," he said.
"FED IS EXPECTED TO START INTEREST RATE CUTTING IN MARCH" Stating that macroeconomic and geopolitical developments, as well as sector-based developments, are effective in the course of the cryptocurrency markets, Turan said, “The latest projections of the American Central Bank, the Fed, show that interest rate increases have come to an end and three interest rate reductions may be made in 2024. Although there is no expectation of a reduction at the Fed's January 31 meeting, the probability of the first reduction at the meeting on March 20 is priced at around 65 percent, according to CME FedWatch, which measures investor expectations regarding the bank's decisions. The Fed's entry into a cycle of interest rate cuts signals an easing in monetary tightening. On the other hand, the halving for Bitcoin, which is considered one of the most important developments of 2024 after ETFs, is approaching. It is estimated that this important event, which directly affects the Bitcoin supply and demand balance, will have a positive impact on the price. "Therefore, all signals point to 2024 being a positive year for Bitcoin, and Bitcoin can complete 2024 with new records," he said.
“IT IS NECESSARY NOT TO GET EXCITEMENT, AND TO FOLLOW RATIONAL DECISIONS” Noting that Bitcoin achieved a very rare success by closing 2023 with a performance of over 150 percent, Turan concluded his evaluations with the following statements: “Bitcoin's future looks bright based on current indicators, analysts' price expectations and the global economic trend. However, as Bzetmex, we advise investors not to get carried away by enthusiasm, but to follow market developments and make rational decisions. Offering cryptocurrency trading opportunities in more than 20 trading pairs with its easy interface, user-friendly mobile applications and high security measures, Bzetmex offers all the tools crypto investors need to follow the trends in this vibrant market. "We stand by cryptocurrency investors in the new year."