Since the calendar flipped earlier this week, the cryptocurrency market has seen increased volatility. The short-term uncertainty stemming from the upcoming decision by the US Securities and Exchange Commission (SEC) has led to high speculation in the crypto market.
Additionally, almost $1 billion was liquidated from the crypto leveraged trades in the last four days. Nevertheless, the initial bullish crypto sentiment that began in the fourth quarter of 2023 is expected to continue over the next 24 months.
Why is 2024 the most bullish year?
According to a popular economist and Bitcoin trader, MikyBull Crypto, on the X platform, the macroeconomic bull cycle is in its early stages based on fundamental and technical aspects. As a result, the crypto analyst argues that Bitcoin (BTC) could easily break its all-time high (ATH) in the third and fourth quarters of 2024.
The crypto analyst supported the bullish thesis as high-impact events loom, including the Bitcoin halving and the highly anticipated approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs).
In particular, the US Federal Reserve is expected to make several rare interest rate cuts after a series of interest rate hikes in recent years to combat high inflation. Additionally, the United States is in a general election year where multiple candidates could express their support for the blockchain and digital asset industry to win voters' sympathy.
Altcoins to keep an eye on
With the altcoin market expected to post higher gains than Bitcoin in the current bull cycle, MikyBull Crypto believes it is prudent to take a close look at Layer Two, Layer One, AI-focused cryptocurrencies, digital gaming and metaverse assets, and perpetual DEX tokens to throw.
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