- Ignas, a DeFi research analyst, predicts a Bitcoin bull market for next year, 2024.
- The research analyst based his prediction on Bitcoin’s consistent cyclic pattern.
- Other reasons cited behind the bullish prediction apart from Bitcoin’s cyclic behavior.
Ignas, a DeFi research analyst, predicts a Bitcoin bull market for next year, 2024. Ignas based his prediction on the consistent pattern the flagship cryptocurrency has displayed over the years.
Bitcoin’s trending patterns are in three stages, according to Ignas. The first stage is an 80% drawdown from an all-time high (ATH), a process fulfilled in Q4 2022. Next is a two-year recovery phase that would return Bitcoin to the previous ATH. Ignas expects that to be fulfilled in Q4 2024. Then a third and final stage where the price will rally toward a new ATH. Ignas projects that are to complete by Q4 2025.
Although Ignas’ prediction predominantly revolves around Bitcoin’s cyclic behavior, he notes other reasons behind his bullish prediction. According to the research analyst, Crypto in 2022 faced challenges from three heavyweight narratives. They include wars, the FED liquidity cycle, and government crackdowns. However, he observes that things seem to be improving.
Ignas observed that after initial challenges, the U.S. seems to be softening its crypto stance, influenced by potential economic gains and China’s ambiguous approach. He also indicated that China is combating deflation risks, with its central bank focusing on growth. Historically, when China has infused liquidity, it has positively influenced the global economy and crypto.
The research analyst thinks the 2024 Bitcoin Halving could align with global liquidity trends, reinforcing the interconnectedness of liquidity and crypto. That adds to the impact of smaller Bitcoin narratives, he believes, would add momentum to the anticipated bull run.
Some of the smaller narratives noted by Ignas include new use cases for Bitcoin, like Ordinals, BRC-20s, Stacks sBTC, and Bitcoin’s DeFi integration. Others include Bitcoin as “Outside Money” during the banking crisis panic and the anticipated Bitcoin Spot ETF approvals expected to happen soon.
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