There is a key prediction from DeFi research analyst Ignas. Based on its consistent cyclical model and other factors, it predicts a bullish year for Bitcoin in 2024. Ignas’ forecast is based on the historical behavior of cryptocurrency and various positive trends. Let’s look at the details.
Predictable cyclical behavior of Bitcoin BTC
DeFi research analyst Ignas is making a Bitcoin bull market forecast for the next 2024. This prediction is based on the consistent pattern of cryptocurrency observed over the years. Ignas emphasizes that Bitcoin’s trend patterns follow a three-step process.
First, there is an 80% drop from the all-time high (ATH) in Q4 2022. Following this is a two-year recovery phase to recover the previous ATH, which is predicted to occur in Q4 2024. Finally, there is a third stage. Here is a price rally leading to the new ATH, which is expected to be completed in Q4 2025.
Factors behind bull forecast
For his prediction, Ignas primarily looks at the cyclical behavior of Bitcoin BTC. On the other hand, it also identifies additional reasons for the bullish outlook. He states that the crypto industry is facing challenges in 2022 stemming from key narratives such as wars, the Federal Reserve (FED) liquidity cycle, and government pressures. But Ignas observes a positive shift in the landscape.
The United States and China play an important role in these trends. Ignas states that the US is showing signs of softening its stance on cryptocurrencies due to the potential economic benefits. Similarly, China is addressing the risks of deflation by focusing on growth. It also historically reinvigorates the global economy and crypto industry through liquidity infusion.
Alignment with global liquidity trends
Ignas points out that the 2024 Bitcoin halving could be in line with broader global liquidity trends. On the other hand, he thinks that the symbiotic relationship between liquidity and the crypto market will be underlined. He argues that this alignment, coupled with smaller narratives, could reinforce the anticipated bull run.
A few small narratives contribute to Ignas’ bullish forecast. These include new Bitcoin use cases like Ordinals, BRC-20s, Stacks sBTC. There is also Bitcoin’s integration into decentralized finance (DeFi). On the other hand, he emphasizes the role Bitcoin played as “Foreign Currency” during the banking crises. Accordingly, Ignas also includes potential approval of Bitcoin Spot Exchange Traded Funds (ETFs) in the near future.
A positive outlook for Bitcoin
cryptocoin.com When we look at it as a whole, Ignas’s prediction of a Bitcoin bull market in 2024 draws attention. This prediction is based on the historical cyclical model of cryptocurrency. It also stems from his analysis of the convergence of positive trends.
The crypto market continues to be subject to dynamic and unpredictable developments. On the other hand, Ignas’ views show us a positive perspective on the potential trajectory of the world’s leading cryptocurrency in the coming year.
