Bullish or Bearish for Incoming Bitcoin 2024 Halving Year: We Asked Binance Blockchain Week

CryptoPotato attended Binance Blockchain Week held in Istanbul last week and took the chance to ask numerous attendees, executives, and speakers about the current status of the cryptocurrency sector and expectations about a potential Bitcoin bull run next year.

In the following lines, we will outline the general sentiment among some of the attendees and pinpoint their forecasts.

Bitcoin ETF – an Important Consideration

One person who chipped in on the matter was Richard Teng – Head of Regional Markets at Binance. He agreed that a potential launch of a spot BTC ETF in the United States and the upcoming Bitcoin halving next spring could trigger a bull run for the leading digital asset in 2024.

He also mentioned two other elements worth considering when predicting the price of the cryptocurrency. The first is the fact that many finance giants, including BlackRock and Fidelity, have recently adopted a “crypto and blockchain agenda.”

Teng believes this could attract an additional number of investors to enter the ecosystem and increase mass adoption in the near future:

“They are coming with new investment products such as an ETF, and that will bring new investor class and liquidity.”

The second element is the enhanced regulatory clarity that exists now compared to years ago. According to Binance’s executive, this might give investors a feeling of security and thus increase their confidence to enter the market.

Expectations for a ‘Warmer’ Environment in 2024

The next person who shared their stance with CryptoPotato was Eowyn Chen – CEO of Trust Wallet. She also agreed that the probable launch of a spot BTC ETF in America and the BTC halving would likely cause a price spike for the primary digital asset next year. 

In addition, Chen claimed that the outcome of the US presidential elections might “change the dynamics and possibly speed up the process of clarity.” As previously reported, the campaign features some individuals, such as Robert Kennedy, who are outspoken advocates of the digital asset industry.

On the other hand, Chen warned that the current global macroeconomic condition has its faults and might negatively impact the price of BTC.

“I’m not expecting like a super high bull market, but I think a little bit of positivity to give the builders more encouragement is good enough for us to be grounded and build more,” she concluded.

‘Definitely Higher Numbers Next Year’

Sun Kyu from the blockchain protocol Contentos participated in the survey, too. He could not predict whether the crypto community would witness a new BTC ATH in 2024 but assumed that the valuation would be “definitely higher” than the current one:

“I think next year is very exciting. We are waiting for the US government to approve the BTC ETF, which will bring a lot of institutional investors. If that happens in the next year or so, that’s going to be very bullish.

And, of course, we have the BTC halving next year, so everyone is really anticipating that. Those factors will really improve the market conditions. We don’t know what the new ATH will be, but we’ll definitely see higher numbers next year.”

‘We Can Hear the Footsteps’ of the Bull Season

Esra Kahraman – Marketing Manager of BTCHaber – was a bit more cautious, claiming that investors should wait a bit longer before witnessing a proper Bitcoin bull run. However, she believes such a rally is just around the corner and might start in the second quarter of 2024.

For his part, Ali Tunc – Product Manager of Cointelegraph Turkey – argued that the current outlook of the cryptocurrency market seems like the start of a bull season:

“I saw two bull seasons, and right now, it feels like the beginning of a new one. I can’t know this, but I hope this is the beginning.”

New Wave of Investors Next Year?

Last but not least, we will share the stance of Elaine Egan – Brand Ambassador of Solar. In her view, 2024 would be beneficial for those cryptocurrency projects that managed to survive the prolonged bear market.

She believes next year will witness more adoption, a new wave of investors entering the digital asset space, and a market uptrend. In addition, Egan predicted that Japan would play a key role in the next bull run and emerge as a global leader in the world of crypto.