With Bitcoin’s price surging to $44,000 high for the first time this year, the crypto space is anxious to understand the events that could affect this bullish phase. Brian Kelly, a popular crypto investor has revealed key insights on events that could take place in 2024 as Bitcoin rises further.
Altcoins To Follow Bitcoin Bullish Momentum
Brian Kelly, the Chief Executive Officer of BKCM LLC, a digital currency investment firm, has shared his thoughts on the outlook of cryptocurrencies for the upcoming year. In a recent interview with CNBC’s Fast Money post-market chat show, Kelly announced that altcoins could follow Bitcoin’s present rising momentum.
The crypto investor based his predictions on historical trends which showed that Ethereum continually followed Bitcoin’s upward trajectory during previous bullish phases. Kelly also expressed his optimism that altcoins would follow Bitcoin’s path. He mentioned cryptocurrencies like Solana which according to CoinMarketCap, is trading at $63.44 and up by 0.53% at the time of writing.
In addition, Kelly predicted the timeline for the altcoin uptick to happen. He stated that altcoins would pick up the pace and follow Bitcoin’s upward momentum by early 2024, around January. His predictions were based on the hype surrounding the potential approval of Spot Bitcoin ETFs.
During the interview, Kelly pointed out that a major driving factor behind Bitcoin’s escalating price recently was the excitement about Spot Bitcoin ETFs. He further indicated that the potential reduction of the Federal Reserve’s tightening cycle and the economic challenges faced in regions such as Europe, and other major countries like Japan, create a conducive environment for the growth of digital assets.
Key Crypto Developments To Watch Out For In 2024
While Bitcoin’s price is moving closer to $60,000 and breaking multiple price resistance, there are several major events scheduled for 2024 that could see the cryptocurrency and other altcoins hitting new all-time highs.
One of the biggest events presently is the potential approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). The final date for the approval decision is scheduled for January 10, 2024.
Additionally, the Bitcoin halving event is expected to occur by April 2024. The halving phase would see Bitcoin mining rewards cut by half, making the cryptocurrency scarcer than gold for the first time in history. Brian Kelly and a few crypto experts have predicted that the Bitcoin halving could trigger a major bull run that could run through the year for BTC and other altcoins.
Other upcoming events scheduled for 2024 include the oral arguments motion in the court case between Coinbase and the US SEC. As well as the SEC’s decision on Grayscale’s Ethereum Spot ETF application.
Total market cap holds a$1.5 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from TopTal, chart from Tradingview.com