Greed

Bitcoin

Bitfinex analysts have published a new answer about the state of the cryptocurrency market. 
<a href="https://blog.bitfinex.com/wp-content/uploads/2023/12/Bitfinex-Alpha-85.pdf" target="_blank" rel="noopener">The Bitfinex Alpha report</a> contains a forecast for 2024. In it, experts remain optimistic about the prospects for Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) and other crypto assets in general. They estimate that the market capitalization of the cryptocurrency sector could increase to $3.2 trillion next year. 
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 “Looking ahead to 2024, and contingent upon market conditions, we anticipate that the number of global cryptocurrency owners could escalate to between 850 and 950 million (from 575 million currently).” <cite>Bitfinex Alpha report</cite>
</blockquote> 
Regarding the Crypto Fear and Greed Index, experts predict “extreme greed” sentiment in 2024, which will correlate with new BTC highs in the middle of the bull market. 
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Additionally, as institutional investors increase their exposure to crypto assets, catalyzed by the long-awaited spot Bitcoin ETF, there could be some capital shift into higher-risk crypto assets next year. 
<blockquote class="wp-block-quote"> 
 “In the shorter-term, it is instructive to look at the market value of bitcoin about its realized value: the MVRV [(market-value-to-realized-value)] metric. “ <cite>Bitfinex Alpha report</cite>
</blockquote> 
In general, analysts believe that the cryptocurrency market is now in a “healthy” state. This means there will be ample room for Bitcoin prices to rise further, with limited expected selling by miners. 
Previously, Matrixport analysts <a href="https://crypto.news/qcp-capital-doubted-market-hype-after-spot-bitcoin-etfs-launch/">said</a> that if spot Bitcoin <a href="https://crypto.news/tag/etf/">ETFs</a> are approved in early January, the price of the first cryptocurrency will rise to $50,000 by the end of the month. 
Experts also recalled their forecast of reaching $45,000 by the end of the year. Historically, the price of Bitcoin often rose between Christmas and New Year – in 2020 it increased by 22% during these days. 
 You might also like: <a href="https://crypto.news/bitcoin-could-reach-125000-by-end-of-2024-matrixport-forecasts/"> Bitcoin could reach $125,000 by end of 2024, Matrixport forecasts </a>

Bitfinex expects crypto market cap to double in 2024

crypto.news

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