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Bitcoin Outlook for 2024

Bitcoin Outlook for 2024
The year 2023 has seen a significant rise in Bitcoin (BTC), which has increased by +130% so far. With BTC close to critical resistance levels in the $38,000 area, trader Mauro Caimi provides an in-depth analysis of the dynamics behind this trend and projects his outlook for 2024 in a recent YouTube video.

The factors that drove BTC up in 2023

2023 was dominated by the discussion around the Bitcoin spot exchange-traded fund (ETF) and its impact on the cryptocurrency's becoming institutionalised. This led to an increase in interest in BTC.
The other factor that strongly influenced 2023 was the intensifying regulation of the sector, with the latest case in chronological order being the affairs of Binance, the world's largest crypto exchange, whose CEO Changpeng Zhao was forced to resign and is now facing legal issues with the US authorities.

2024 outlook for Bitcoin spot ETFs

Although the Bitcoin spot ETF has yet to be approved, expectations have driven demand, showing an unusual ' buy the rumour and sell the news' dynamic in a market where BTC remains a scarce asset. The case of the approval of the spot ETF on Bitcoin could be the first case of ‘ buy the rumours, buy the news’, as its approval would inevitably lead to an increase in demand for BTC for technical reasons, and consequently to an increase in the price.
However, there are two possible scenarios:
1. ETF approval. The approval of the Bitcoin spot ETF could lead to a brief dip in price, representing the end of the current cycle, followed by a rise due to increased demand.
2. ETF approval delayed. If the approval of the Bitcoin spot ETF is delayed, panic selling could occur. However, the new waiting period for approval would coincide with the next Bitcoin halving, so demand for BTC could rise again in a context of even tighter supply.
Then there is the possibility of a black swan event: a rejection of the Bitcoin spot ETF by the SEC could completely disrupt the market and force investors to rethink their strategies.

2024: the year of altcoins

After the euphoria surrounding bitcoin ETFs, trader Mauro Caimi predicts that attention will shift to altcoins. This phenomenon could be similar to what happened in 2021, when the market capitalisation of altcoins increased significantly.
This should also prompt traders to review and diversify their portfolios.


Caimi points out that 2024 could be an exciting year for cryptocurrencies, with possible breakthroughs for bitcoin and growing interest in altcoins.
The market is preparing for different scenarios, keeping a close eye on ETF dynamics and regulatory developments.
This article does not constitute financial advice. The opinions and analysis presented are based on technical interpretations and do not guarantee specific results. Investors are advised to conduct their own research and to carefully consider their objectives and risks before making any investment decision.
This is brought to you by Mauro Caimi, who has recently partnered with Bitget to help provide the latest cryptocurrency news. You can follow Mauro Caimi's crypto market analysis on his social media channels: