Leaders in the cryptocurrency space are predicting that 2024 will see Bitcoin reach new all-time highs of $100,000 and beyond, sounding the alarm for the start of a new bull run. Expectations of a U.S. approval for a Bitcoin exchange-traded fund (ETF) and the impending Bitcoin halving are two of the causes driving the anticipation.

The attitudes of CEOs in the cryptocurrency space are different from the problems and disputes that have beset the sector lately. These problems range from the failure of projects and coins to legal concerns that have beset big firms like FTX and Binance.

Legal Benchmarks: Resolutions from FTX and Binance

Concerns and doubts that have persisted over the market are thought to have been addressed with the recent closure of the FTX case and Binance’s deal with the U.S. Department of Justice.

The latest significant peak for Bitcoin was reached in November 2021, when it was about $69,000. The sector has now suffered several setbacks, such as the demise of FTX and the legal troubles of its inventor, Sam Bankman-Fried, who may go to jail.

Elements of a Bullish Outlook

1. U.S. Approval of Bitcoin ETF:
   
   There is a lot of anticipation surrounding the possibility that an ETF backed by Bitcoin would be approved in the United States in the upcoming year. Approval of this kind is thought to have the ability to spur more institutional investment and adoption of Bitcoin.
2. Bitcoin Halving:
   
   Part of the expected bull run is thought to have been caused by the planned Bitcoin halving, which lowers the rate at which new Bitcoin is created. Previous halving events appear to have been linked to notable price gains for Bitcoin based on historical patterns.
3. Settlement of Legal Issues:
   
   Both the FTX case’s outcome and Binance and the US Department of Justice’s settlement are viewed as encouraging developments that may increase regulatory clarity for the cryptocurrency market.

Exuberant Expectations and Self-Assurance

Despite the difficulties and uncertainty surrounding the virtual currency, industry insiders and market watchers are expressing optimism about Bitcoin’s capacity to overcome setbacks and soar to new heights.

For example, Standard Chartered recently restated its forecast that the price of Bitcoin will reach $100,000 by the end of 2024, citing the possible influence of authorized exchange-traded funds.

Matrixport’s Audacious Project

A cryptocurrency financial services company called Matrixport also joined the fight, releasing an optimistic prediction that said Bitcoin will hit $63,140 by April 2024 and soar to $125,000 by year’s end.

Should these forecasts come true, it would indicate a significant upswing and bode well for the bitcoin sector going forward. All eyes are focused on the factors that are developing and have the potential to influence the course of Bitcoin and the cryptocurrency market as a whole during the expected bull run.