While the new year is very short, analysts think that the bull rally in Bitcoin will continue in 2024.
Bitfinex analysts were among these analysts.
According to Bitfinex Alpha’s latest report, analysts said that the data shows that we are in a bull market, the bull will continue in 2024, and they expect the total crypto market value and number of users to increase as the bull continues.
As the bull continues, the crypto market could grow significantly next year, according to analysts.
At this point, analysts stated that they expect the total crypto market value to move between the current $1.6 trillion and $3.2 trillion in 2024, and the number of global crypto holders to increase from 575 million to between 850 and 950 million.
In addition, Bitfinex analysts stated that, according to some on-chain data, Bitcoin and cryptocurrencies have exited the bear season and entered a bull rally, and that the price increases are evident from the price increases.
At this point, analysts stated that the fact that the fear and greed index is on the greed side is proof that we are bullish and said:
“We predict that the index will be on the extreme greed side in 2024 and is likely to remain on the greed side for a long time.
This means that we will see new highs in BTC in the bull market.”
Analysts said that another indication that we are bullish is the approval of the long-awaited spot Bitcoin ETFs, and that with the approval, more institutional investors will come to Bitcoin and cryptocurrencies. More investors focusing on Bitcoin is helping to increase the price.
According to analysts, the last indicator was the halving event expected to take place in Bitcoin in 2024. According to analysts, investors have an upward expectation in BTC due to the halving event, which reflects positively on the price. This expectation also causes the BTC price to increase.