- Analyst Ignas predicts a bullish trend for Bitcoin in 2024.
- Ignas’ forecast is based on Bitcoin’s cyclical nature and other factors.
- Ignas highlights Bitcoin’s potential role as a haven amid banking crises.
Ignas, a seasoned analyst specializing in Decentralized Finance (DeFi), forecasts a bullish trend for Bitcoin
Ignas delineates Bitcoin’s trending trajectory into three distinct phases. The initial phase involves an 80% retracement from its all-time high (ATH), a milestone anticipated to be achieved in Q4 2022. This is followed by a two-year recovery period, during which Bitcoin is expected to regain its previous ATH, projected to occur by Q4 2024. The final phase is a rally towards a new ATH, which Ignas forecasts to be realized by Q4 2025.
Ignas’ forecast primarily focuses on the cyclical nature of Bitcoin, but he also highlights additional factors contributing to his optimistic outlook. The crypto analyst points out that the crypto space in 2022 was influenced by three major narratives – geopolitical conflicts, the Federal Reserve’s liquidity cycle, and government regulatory actions. Despite these challenges, he perceives a positive shift in the landscape.
Ignas noted that following initial hurdles, there appears to be a shift in the U.S.’s approach towards cryptocurrencies, likely driven by prospective economic benefits and China’s unclear stance. He further pointed out that China is actively managing deflation threats, with its central bank prioritizing economic expansion. In the past, China’s injection of liquidity has had a favorable impact on both the global economy and the cryptocurrency market.
The crypto market analyst predicts that the 2024 Bitcoin Halving could coincide with global liquidity patterns, further emphasizing the symbiotic relationship between liquidity and cryptocurrency. He suggests this could amplify the influence of minor Bitcoin narratives, potentially fueling the expected bull market surge.
Ignas has highlighted several emerging narratives in the Bitcoin space, including innovative applications such as Ordinals, BRC-20s, Stacks sBTC, and the integration of Bitcoin into decentralized finance (DeFi). Other noteworthy developments include the role of Bitcoin as a haven or “Outside Money” amid banking crises and the anticipated approval of Bitcoin Spot ETFs shortly.
