bullish

FOMO

Bitcoin

when

This year is one of the most tumultuous in Bitcoin history. Sure, on the one hand, you can’t compare it to 2017, when BTC first became a household name, and its value started being measured in thousands rather than hundreds or dozens of dollars per coin.
At the same time, it’s the year of BTC’s new peak. Not only that, but BTC reached its highest value ever this year after two years of stagnation and decline and after that whole FTX fiasco. So, it’s not just that it increased in value; it increased in value after two years of skeptics screaming about it being a bubble that’s finally burst.
In other words, BTC proved to be more resilient than most people expected. However, it seems like this year’s enthusiasm is no longer present, and BTC currently seems stuck in range as declining demand pulls down prices.
To put it mildly, September hasn’t been kind to BTC. The month is tough for this crypto asset, but what do you trust? On the one hand, the BTC is currently $56k, but this year, it has been shown that it can go to $73k.
The real question right now is: bullish or bearish?
What is the next Bitcoin in 2024, and what should investors keep in mind?
<a href="https://images.unsplash.com/photo-1641197861542-83e511654ac0?q=80&amp;w=2672&amp;auto=format&amp;fit=crop&amp;ixlib=rb-4.0.3&amp;ixid=M3wxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8fA%3D%3D" rel="noopener noreferrer nofollow">source</a>
<h2 id="regulation-and-utility">Regulation and utility</h2>
Two massive factors that influence BTC adoption and, therefore, its growth are impending regulatory work and its utility.
The first big regulation that comes to mind is MiCA (markets in crypto-assets). This is a regulation that will serve as a benchmark and framework for all sorts of regulation in the future. It is currently pushed in the EU, and it prioritizes a much greater emphasis on four major factors:
<ul>
 <li aria-level="1">Security and transparency</li>
 <li aria-level="1">Balanced approach to innovation</li>
 <li aria-level="1">Regulation of stablecoins and digital currencies</li>
 <li aria-level="1">Sustainability</li>
</ul>
The key thing to understand about crypto regulation is that it’s about more than just the content of the regulation. It’s about having a framework in writing so that crypto investors and developers know what they’re up against.
Before the regulation is complete, it’s like preparing for a competition without knowing what the rules of the tournament are going to be like.
As for utility (the second part of the equation), the number of uses for these coins is rapidly growing. We’re talking about everything from buying things online and paying with BTC to playing at the <a href="https://www.techopedia.com/cryptocurrency/best-bitcoin-casinos" class="broken_link" rel="noopener noreferrer nofollow">best crypto casinos</a>.
In the casino industry and payment industry, in general, the added anonymity and cybersecurity (using a crypto wallet instead of your own debit card) seem to be a massive selling point. This further contributes to crypto adoptions among those who prioritize utility.
<h2 id="experts-say-that-the-demand-is-undoubtedly-going-down">Experts say that the demand is undoubtedly going down</h2>
The first thing you need to keep in mind is the fact that, when it comes to BTC, September is historically a “red” month. This is something that most people who start researching this might notice.
On <a href="https://x.com/jjcmoreno/status/1831712240489119971" rel="noopener noreferrer nofollow">September 5th</a>, Julio Moreno, the head of research at cryptoquant.com, announced that there’s a decline in crypto demand, which is pulling down the price.
At the same time, there are a lot of those who are expecting BTC to reach its all-time-high in Q4 of this year, however, the fact that the demand is down testifies that most of these people aren’t really ready to put their money where their mouth is.
There’s currently a huge concern that BTC could go below $50k. However, at the moment when this fear was at its peak, this coin managed to bounce back.
Some traders choose to look into other types of analysis. For instance, they look at other coins and search for correlations. Sophisticated machine-learning algorithms are, for instance, predicting <a href="https://timestabloid.com/machine-learning-algorithm-predicts-xrp-price-for-september-30-2024/" rel="noopener noreferrer nofollow">the decline of XRP</a>, which might have further implications for the rest of the market.
Current price dynamics signal a bullish trend in the medium term when XRP is in question, but making a prediction for a coin such as BTC (with a far higher trading volume) shouldn’t be as simple.
<h2 id="strong-the-dilemma-is-real-strong">The dilemma is real</h2>
Ultimately, this is one of the rarest moments in BTC history where the audience is almost split down the middle. Some are bearish, while others are bullish. People are cautious for a reason, but FOMO is a powerful motivator, and the memory of every last “false-bearish” event is etched into the minds of most BTC investors. People are naturally cautious, but they also love to dream.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
The post <a href="https://timestabloid.com/bullish-or-bearish-whats-next-for-bitcoin-in-2024/" rel="noopener noreferrer nofollow">Bullish or Bearish? What’s Next for Bitcoin in 2024?</a> appeared first on <a href="https://timestabloid.com" rel="noopener noreferrer nofollow">Times Tabloid</a>.

Bullish or Bearish? What’s Next for Bitcoin in 2024?

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