Bitcoin price has been displaying significant price action since the beginning of 2023 withstanding notable bearish pressure
The year 2022 can be considered one of the most dreadful years in history as eye-catching events led to the massive downfall of the crypto space. As market participants were largely bewildered by the upcoming trend, the crypto markets were highly impacted by many external factors like the US CPI rate, inflation rates, interest rates, etc. Moreover, the recent turmoil within the US banking system benefitted the price of Bitcoin the most.
Bloomberg Intelligence senior macro strategist Mike Mcglone anticipates a solid performance for Bitcoin in 2024.
The halving of bitcoin and other fundamental factors, according to McGlone, will benefit the cryptocurrency because they have historically been associated with bull markets.
He predicts that there will be a terrible recession by 2024 and that many wise institutions and investors would need to participate in the bitcoin market.
McGlone is not fully optimistic about bitcoin in the near future and is waiting to see how the S&P 500 performs in order to gauge the volatility of other risk assets like bitcoin.
Read detailed article at Coinpedia about Bitcoin price prediction for 2024.