Bitcoin and altcoins are gearing up for the transition from 2023 to 2024. Examining the Bitcoin price chart, we observe a notable recovery in the altcoin market throughout 2023, especially after rebounding from the 2017 and 2018 peaks following the FTX collapse in late 2022. Currently, the focus is not only on Bitcoin’s current state but also on the anticipated developments in the stock market.
Looking ahead to 2024, there’s a mix of excitement and caution. While the year’s first half is anticipated to be thrilling, there are concerns about potential complications in the latter part of 2024. The question arises: Is Bitcoin following the previous consolidation model, preparing for a massive run? Or is it mirroring the 2014-2016 trend, suggesting a retracement?
The imminent approval of a Bitcoin ETF adds another layer of anticipation. If approved, there’s speculation about whether the market will witness a surge similar to when financial products were introduced, marking reversals in Bitcoin’s trend.
Month-Wise Event Breakdown:
In January, all eyes are on the possible approval of a Bitcoin Exchange-Traded Fund (ETF), a big deal for the market. Come March, the Federal Reserve (FED) is signaling interest rate cuts, a move set to last until 2026. This is crucial, given its potential impact on Bitcoin and the broader financial markets.
April brings the 4th Halvening, a key event influencing Bitcoin’s supply and price. How this unfolds will be closely watched by the market. In June, the Markets in Crypto-assets Law EU (MiCA) is set to bring regulatory clarity to the European crypto scene, shaping how digital assets are perceived and used in the region.
August sees implementing the X payment solution as adding a new dimension to Bitcoin’s utility and potentially boosting its adoption. November holds the spotlight as the U.S. gears up for elections, historically a time of impact on financial markets, Bitcoin included.
Closing the year in December, the Financial Accounting Standards Board (FASB) is guiding Bitcoin accounting standards, adding institutional clarity to its status in financial reporting.