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Crypto Market Set to Grow, WazirX VP Predicts Bullish in 2024

Rajagopal Menon, vice president of Indian cryptocurrency exchange WazirX, anticipates a bull year for the cryptocurrency market. He told Coiningape: “Next year, a very favorable environment is predicted for the cryptocurrency market. With the United States signaling two interest rate cuts, the Bitcoin halving scheduled for April, market liquidity increasing, and regulatory dynamics shaping up, market sentiment is notably bullish.”

The cryptocurrency market has already prepared itself for this optimistic scenario. Several major Bitcoin ETF participants are now well positioned after this week. On Friday, BlackRock, WisdomTree, Fidelity, Bitwise, among other top contenders in the Bitcoin exchange-traded fund (ETF) race, filed their revised S-1 filings with the U.S. Securities and Exchange Commission (SEC). This flurry of activity signifies a willingness to take advantage of potential regulatory approvals, which will help the market mature and become a little more regulated.

Gold and elections suggest a rise in the cryptocurrency market

Gold, a precious metal, is considered a traditional safe-haven asset, especially when the stock market does not give expected returns. Gold shows stability to investors as a hedge. Reports reveal that the yellow metal is concluding its strongest year since 2020. This performance is supported by expectations that the US Federal Reserve may implement interest rate cuts early next year.

Menon also highlights the possible global impact of political developments on the cryptocurrency sector. “Elections in India and the United States are expected to usher in concrete regulatory frameworks at the national level, coinciding with a long-awaited bull run,” he added.

Meanwhile, in the United States, prominent cryptocurrency companies and investors are stepping up their efforts to influence political and regulatory outcomes surrounding the asset class. The Financial Times revealed this week that companies including Coinbase, Circle and a16z are investing money in pro-crypto lawmakers. This comes at a time when there is a legislative impasse in Congress ahead of the change of power in 2024.

Menon also said: “Analysts project a sustained increase in institutional investment, particularly through Bitcoin and Ethereum ETFs. As the market develops in 2024, macroeconomic influences and regulatory changes will have a considerable impact, marking it as a dynamic and transformative period.”

Bitcoin price direction is a complex play of macroeconomic and regulatory developments. But it paints a picture of a cryptocurrency market on the verge of significant transformation. And it looks like 2024 could be the year to watch.

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Thai bank supports token issuance for profitable fundraising

Thai bank Kasikornbank Pcl is reportedly leading the way in digital asset financing options for businesses. The bank’s co-president, Pipit Aneaknithi, told Bloomberg in an interview: “We are advising some clients to issue tokens to raise funds.”

Thai Bank Crypto Advice for Fundraising

This is another bold move for the Thai bank after acquiring licensed digital asset exchange Satang Corp. The development marks the integration of a traditional financial institution into cryptocurrency trading. This is especially rare because regulators are taking a cautious approach to creating a cryptographic framework following some high-profile failures in the industry.

Meanwhile, Kasikornbank or K-Bank has established specialized divisions for blockchain and virtual token custody services. The lender has placed Aneaknithi “at the forefront of reforming the bank’s entire digital strategy.”

Thai lender sees potential in digital tokens

Aneaknithi told the newspaper: “We see potential in this market. “We are serious about developing a digital asset ecosystem that will be highly profitable compared to traditional platforms.”

The bank’s focus on digital assets comes as Aneaknithi emphasizes the profitability of issuing tokens compared to conventional lending or selling shares. He also imagines companies offering yield-tradable tokens.

Meanwhile, Thailand will review its income tax laws from January 1, 2024. This review will affect profits from cryptocurrency trading, offshore accounts and international stock brokers.

Despite the upcoming rules, cryptocurrency leader Binance began trading in Thailand in November. Binance Holdings forayed into the Southeast Asia region after partnering with Gulf Energy Development. The joint venture, Gulf Binance Co., received approval from the Securities and Exchange Commission of Thailand last month to begin its crypto exchange services in the country.

Huawei’s recent strategic partnership with Thailand’s Ministry of Digital Economy and Society marks another critical step in Thailand’s digital initiatives. The MoU marks a partnership under its “cloud-first policies” to prioritize digital transformation and adoption of AI technology in Thailand.

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Bitcoin Model That Predicted a Peak of $60,000 Now Targets $732,000 Next

The price of Bitcoin can be unpredictable. But surprisingly, a specific model managed to predict the 2021 peak above $60,000 already in 2019.

This same model now points to a peak close to $732,000 per coin. Is this a realistic estimate or pure hope? Let’s take a look at the model and find out.

Predict the latest bull market peak years in advance

In 2019, the preferred model for predicting future Bitcoin prices was the now-debunked Plan B Stock-To-Flow (S2F) model. But around the same time, Greg Cipolaro attempted to modify the S2F model with very accurate results.

While Plan B failed to raise the price per BTC above the projected $100,000, Cipolaro’s model peaked at around $60,000.

Bitcoin hit $65,000 in April 2021 and then $68,000 in November 2021. At the very least, BTCUSD beat its modest estimates, while the price fell below Plan B by miles.

The model is based on post-halving supply price targets. More important than what happened after the 2020 halving, however, is what Cipolaro’s model predicts after the next halving.

Could Bitcoin hit $732,000 after the 2024 halving?

While it’s notable to get it right just once based on Cipolaro’s model, it could be a matter of luck or coincidence. If the model works again, you are more likely to find something meaningful.

Especially when the next projected target is $732,000 per BTC. The target is much higher than most existing estimates, which point to between $100,000 and $200,000 per coin.

This represents an increase of approximately 1,800% from current levels. From the Black Thursday low of $3,800 to the 2021 high of $68,000 represents a return of almost 1,600%, so these figures are not out of the realm of possibilities for the king of cryptocurrencies.

During 2017 alone, Bitcoin increased by more than 2,000%. And this occurred after the price had already appreciated more than 400%. Today, Bitcoin is up 140% from its 2022 lows. Could the leading cryptocurrency by market cap add another 1,800% to reach the peak predicted by the model?