Bitcoin to bull market in 2024, but is $ 120,000 realistic | CoinDesk JAPAN | Coin Desk Japan

Bitcoin (BTC) remains above the $30,000 mark while Ethereum (ETH) remains flat as Asian trading hours begin on May 12. Over the past 12 hours, Coinglass data shows that $7 million longs and $6.73 million shorts have been liquidated, with long liquidations slightly outstripping shorts.

“The market is on standby, waiting for price signals to rise following a slowdown or pause in rate hikes in the second half of the year,” Ether Chen, lead financial engineer at Bybit, told CoinDesk. rice field.

According to Chen, Bybit’s team sees a potential recovery in market prices in the fourth quarter, but a full bull market won’t materialize until 2024. The recovery is contingent on a halt to rate hikes, the Bitcoin halving and resolution of tighter regulations.

Tim Frost, CEO of digital asset platform Yield App, points to a slowdown in inflation, but what the market thinks the Fed will still continue to do is, so to speak, either. It was a message that could be taken for granted, refuting a report by Standard Chartered Bank that Bitcoin will reach $120,000 by the end of 2024.

“For crypto assets, all of this means that current levels of range trading will continue. Bitcoin is currently holding close to $30,000, but has almost 100% since starting the year at $16,540. Few assets have performed as well in a bear market and wise veteran traders are likely doing well with Bitcoin this year.”

Standard Chartered Bank’s price predictions aside, Frost also believes 2024 will bring a bull market.

“The long-term consensus is that crypto assets will enter the next bull market in 2024 after a long flat streak this year, with huge innovations on the other side of the door paving the way for widespread adoption.”

｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Bitcoin 24-hour trend (CoinDesk)
｜Original: First Mover Asia: Crypto Market Is on ‘Standby’ as Release of June Inflation Data Nears