CryptoPotato delved into the discussions at Binance Blockchain Week in Istanbul, questioning attendees, executives, and speakers about the current state of the cryptocurrency sector and their expectations for a potential Bitcoin bull run in 2024.
During the event, Richard Teng, Head of Regional Markets at Binance, expressed optimism about a Bitcoin bull run in 2024. Teng highlighted the potential launch of a spot BTC ETF in the United States and the upcoming Bitcoin halving as catalysts for such an upswing. He also pointed to major financial institutions like BlackRock and Fidelity adopting a “crypto and blockchain agenda,” predicting that this would attract a new class of investors and increase liquidity.
Teng also emphasized the importance of enhanced regulatory clarity, suggesting that it could instill confidence in investors, encouraging them to participate in the market.
Eowyn Chen, CEO of Trust Wallet, echoed Teng’s sentiments, foreseeing a potential price spike for Bitcoin in 2024 due to the launch of a spot BTC ETF in the U.S. and the BTC halving. Chen also noted that the outcome of the U.S. presidential elections could impact the regulatory landscape, potentially accelerating the process of regulatory clarity.
However, Chen cautioned about global macroeconomic conditions, stating that they might pose challenges for Bitcoin’s price. She tempered expectations, anticipating a positive but not overly exuberant market.
Sun Kyu from Contentos anticipated a significant improvement in market conditions next year, especially if the U.S. government approves the BTC ETF. While uncertain about a new all-time high, Kyu predicted higher valuations in 2024.
Esra Kahraman, Marketing Manager of BTCHaber, took a more cautious stance, suggesting that investors may need to wait until the second quarter of 2024 to witness a proper Bitcoin bull run. However, she acknowledged the impending positive shift in the market.
Ali Tunc, Product Manager of Cointelegraph Turkey, compared the current market conditions to the start of a bull season. While he couldn’t predict the future, Tunc expressed hope that the current outlook signaled the beginning of a new bullish trend.
Elaine Egan, Brand Ambassador of Solar, projected a favorable outlook for cryptocurrency projects surviving the bear market, anticipating increased adoption, a new wave of investors, and a market uptrend in 2024. Egan specifically pointed to Japan as a potential global leader in the next bull run.
