- The lead analyst from CryptoSlate shared a potential 2024 timeline for BTC.
- The analyst predicted that ETFs will receive approval in January and expects liquidity to flow between May and November.
- Michael Saylor revealed that the FASB has officially adopted fair value accounting for BTC.
The lead analyst at CryptoSlate, James Van Straten, shared a potential 2024 timeline for Bitcoin (BTC) in an X (formerly Twitter) post. The very first milestone that the analyst listed in his expected timeline is the approval of Spot Bitcoin exchange-traded funds (ETFs) in January next year.
Next on Van Straten’s timeline is ETF trading. Thereafter, he expects the first interest rate cut to take place in the U.S. This will then be followed by the highly-anticipated Bitcoin halving event, estimated to take place in April 2024.
The analyst believes that interest rate cuts will continue between May and November next year. This may then result in liquidity flowing into the cryptocurrency market as investors begin to buy into riskier asset classes, including cryptocurrencies. Lastly, Van Straten believes the FASB is expected to adopt fair value accounting for BTC in December 2024.
Earlier, the founder of MicroStrategy, Michael Saylor, posted an update regarding the FASB potentially adopting fair value accounting for BTC. According to an X (formerly Twitter) post published on December 13, the FASB has officially adopted fair value accounting for BTC for the fiscal years beginning after December 15, 2024.
Saylor added in his post that this upgrade in accounting standards “will facilitate the adoption” of BTC as a treasury reserve asset by corporations worldwide. In terms of price, the leading cryptocurrency was able to print a 4.28% gain over the past 24 hours. As a result, BTC was changing hands at $42,927.34 at press time, according to CoinMarketCap.
This was after the cryptocurrency dropped to a low of $40,530.26 throughout the past day of trading. Since reaching this low point, BTC has been able to recover and trade at its current level. Furthermore, it was positioned closer to its daily high of $43,354.30 than its 24-hour low.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
