Bitcoin (BTC) climbed above the $45,000 mark this month in January and attracted bullish sentiments. However, Bitcoin and the overall cryptocurrency market dipped after rumors circulated that the SEC might not approve the BTC ETF. Bitcoin dipped to $43,000 and is now trading in the red in the last 24 hours. Nonetheless, Brian Kelly the Founder and CEO of Digital Asset Investment firm BKCM said in an interview with CNBC’s Fast Money that many indicators suggest that the cryptocurrency market and Bitcoin in general are probably at the start of a bull run.
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The Cryptocurrency Market & Bitcoin (BTC) Could Experience a Bull Run in 2024
Kelly compared the cryptocurrency market to the stock market and pointed out that mid-caps moving to large caps is an indicator that the stocks could gain significant movement this year. He stressed that the cryptocurrency market goes in tandem with the stock market and could enter a bullish phase.
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“When we talk about stocks, we talk about the breadth of the market and the breadth widening out to the mid and the small caps, and that’s usually the sign of a healthy bull market. We’re seeing that in crypto right now. So you are rightly bringing up names like PolkaDot or Cosmos (Atom) or even Solana.”
“So all these indicators are telling me that the bull market is broadening. The fundamentals are supportive and I think we’re probably in the beginning of this 12 to 18-month bull market. It should spread to the rest of the currencies,” he said.
Also Read: Ethereum (ETH) Price Prediction For 2024
Read here to know a realistic price prediction on how high Bitcoin could trade this year in 2024. The leading cryptocurrency sustainably scaled up from $16,500 to $45,000 YoY delivering stellar returns to investors in a year. If the SEC approves the BTC ETF, Bitcoin is expected to spike further in price and reach a new high.
