Popular crypto YouTuber Lark Davis has taken to social media platform X/Twitter to suggest 10 reasons why he believes the cryptocurrency market will skyrocket in the coming year 2024.
Popular crypto YouTuber Lark Davis has taken to social media platform X/Twitter to suggest 10 reasons why he believes the cryptocurrency market will skyrocket in the coming year 2024.
Among them are, of course, the possible approval of the Bitcoin spot ETF and the fourth Bitcoin halving event.
Key reasons for the rise of cryptocurrencies in 2024
The first reason mentioned by Davis was that stock markets in several countries are reaching all-time highs, particularly in the US, including the Nasdaq 100 and the Dow Jones. Stock markets are at risk right now, Davis emphasized, and people are making a lot of money on them, so they will probably want to buy cryptocurrencies next year, which drives up prices.
The second reason was the long-awaited approval of the Bitcoin ETF in the first quarter of next year. According to the YouTuber, the SEC may reject it in January, which will cause a price drop, and will then likely approve the ETFs in March.
The third is the possible victory, or so Davis believes, of Coinbase over the SEC in court and the judge that will likely push the agency to finally craft cryptocurrency regulations for companies and individuals in the United States. Furthermore, this would be the final loss for the SEC in court; Earlier this year, it saw Ripple Labs win a big victory against it in court and was also defeated by Grayscale for its Bitcoin spot ETF application.
Some more important reasons for the possible rise of cryptocurrencies
The Bitcoin halving, the fourth reason, will take place at the end of April next year. Davis mentioned that retail investors are currently hoarding all the Bitcoin that miners are producing, along with BalckRock and other Wall Street firms continuing to buy Bitcoin as they wait for BTC ETF approvals to take place next year.
Among other reasons, Davis highlighted that he expects a large number of cryptocurrency and Web3-based games to begin emerging next year, with a large amount of funds invested in them. He believes that crypto games are likely to attract many “norms” to cryptocurrencies and blockchain. Additionally, the Federal Reserve hinted that it is considering interest rate cuts starting next year.