The world of cryptocurrencies is in a constant state of flux, especially in the run-up to the coming year. Many analysts are competing in striking and sometimes outlandish predictions regarding Bitcoin. The recent forecast, based on the analysis of cryptocurrency user activity, market capitalization, and transaction volume, is no exception.
According to estimates, bullish sentiment prevails in the crypto market, with the BTC supply in profit exceeding 88%. Experts at CryptoQuant believe that the market is nearing an "overheated bullish phase."
Many analysts are increasingly bullish about the market dynamics in 2024, as evidenced by a recent rally in the first cryptocurrency. This uptrend can be attributed to expectations of the next BTC halving scheduled for April 2024 as well as the potential approval of Bitcoin ETFs.
Investment management firm VanEck forecasts an impressive inflow of over $2.4 billion into BTC exchange-traded funds in the first quarter of next year, when the US regulator is set to approve spot Bitcoin ETF applications.
A recent report from analytics firm Glassnode notes massive capital moves on cryptocurrency exchanges. This indicates that institutional investors are preparing for spot ETFs, experts believe.
