Guy Turner’s Top 10 Predictions for Crypto in 2024
If you’ve been wondering what the future holds for the cryptocurrency market, Guy Turner has some predictions worth considering. His top 10 predictions for the cryptocurrency market in 2024 reveal some interesting insights.
Spot Bitcoin ETF Approval Expected
One of Turner’s predictions for 2024 is that a spot Bitcoin ETF will likely be approved early in the year. The SEC is expected to make decisions on several spot Bitcoin ETF applications by the end of January, with a final approval window in mid-March. Approval of BlackRock’s spot Bitcoin ETF application is considered highly probable.
Bitcoin to Reach New All-Time High
Turner anticipates that Bitcoin will surpass its previous all-time high in 2024, potentially reaching over $80,000. This prediction is based on Bitcoin’s historical performance, where it typically exceeds its previous high about a year before its cycle high.
Minimal Immediate Impact from Bitcoin Halving
Turner predicts that the 2024 Bitcoin halving is not expected to have an immediate significant impact on Bitcoin’s price. This is because the halving event is already known and likely priced in by the market.
Emergence of a New Crypto Market Narrative
Turner foresees a new narrative emerging in the crypto market, similar to the DeFi summer of 2020. He speculates that this could be related to decentralized social media, gaming, or AI, with decentralized social media being the most likely due to increasing censorship on centralized platforms.
Adoption of Ethereum’s Layer 2s
The Coin Bureau host expects Ethereum’s Layer 2 solutions to see substantial adoption in 2024, potentially challenging other Layer 1 platforms. The upcoming “Dencun” upgrade will enhance the scalability and reduce transaction costs of Ethereum’s Layer 2s.
Global Adoption of Stablecoins for Payments
Turner predicts that stablecoins, particularly non-USD ones, will start being used for payments globally in 2024. This is facilitated by regulatory developments and the readiness of Ethereum’s Layer 2s for payment processing.
Governments Using Bitcoin for International Trade
Turner predicts that some governments might start using Bitcoin for international trade in 2024, especially those facing sanctions, and he sees this as a significant step in Bitcoin’s adoption at the nation-state level.
Companies Holding Bitcoin on Balance Sheets
Turner anticipates that more publicly traded companies will hold Bitcoin on their balance sheets in 2024. This trend could be influenced by recent changes in crypto accounting rules in the U.S. and the approval of a spot Bitcoin ETF.
Restart of FTX Exchange
Turner believes that the FTX exchange could restart operations in 2024, potentially becoming a top competitor in the exchange market. This is contingent on resolving ongoing issues with the IRS.
Election of Pro-Crypto Politicians
Lastly, Tuener expects pro-crypto politicians to get elected globally. He says the growing political significance of cryptocurrencies and concerns over centralized digital currencies drives this.
Hot Take
Guy Turner’s insightful predictions for the cryptocurrency market in 2024 make it clear that the future of crypto has some exciting developments in store. Whether you’re a trader, investor, or just interested in the crypto industry, these predictions offer a lot to consider as you look ahead to 2024 and beyond.
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