In a recent tweet, Layergg, a prominent crypto researcher, delves into the exciting yet uncertain landscape of Bitcoin in 2024. Various experts, both from traditional finance (Wall Street) and the crypto space like VanEck, Matrixport, Fidelity, Arthur Hayes, Ark Invest, and Bitwise, have contrasting views. Some believe Bitcoin to reach $70k to $150k, while others foresee a potential dip to $36,000 or $32,000.
2024 Bitcoin Prediction:
• Arthur Hayes $70,000
• VanEck $70,000
• Bitwise $80,000
• Fidelity $100,000
• Franklin $150,000
Major players are expecting Bitcoin to hit the ATH, while CTs are predicting 36K or 32K.
Please don’t be a bear👇
Because,
– Asset managers bull… pic.twitter.com/iiVXfnHR6F
— Layergg (@layerggofficial) January 20, 2024
Why Not to Be Too Negative
In Layergg’s tweet, he gives reasons not to be too negative about Bitcoin. As some big financial people are saying positive things, there have been legal victories for a big crypto company (Coinbase), and more money is going into a special fund (ETF) than leaving another one (Grayscale).
Also, there’s talk about interest rate changes, and even the U.S. government printing more money. Surprisingly, even some people who were not so sure about Bitcoin before are now saying optimistic things.
On the other side, the anticipation surrounds the Bitcoin halving in April, speculation about rate cuts in the first half of the year, and the active support from U.S. presidential candidates. These elements shape the market sentiment, adding both optimism and skepticism.
Current Market Conditions
Amidst the complex market conditions detailed in Layergg’s tweet, Grayscale experiences daily outflows of approximately $550 million, attributed to the trading discount of the Grayscale Bitcoin Trust (GBTC) until recently. Analysts suggest a potential reduction in GBTC selling pressure could signal a strong rebound in Bitcoin prices.
In the midst of predictions of a dip to $36,000, Layergg advises retail investors to consider a ‘Hold through Dollar-Cost Averaging (DCA)’ strategy. Emphasizing the challenges of navigating market fluctuations, Layergg highlights the success of long-term HODLers compared to day traders since 2017.
As of now, Bitcoin is trading at $41,003, experiencing daily losses of less than 1.91% and a weekly decline of over 3.4%.
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