4 Compelling Reasons To Be Highly Bullish on Crypto for the Second Half of 2024
Are You Prepared for the Post-Halvening Crypto Bull Run?
So far, 2024 has been a promising year for crypto, but has still fallen short of hitting the full Bull Run many have expected.
To start the year there were three key events we theorized would help drive the industry forward and so far two of them have happened. The first was Blackrock entering the space and leading adoption of Bitcoin ETFs. The second was the anticipated Bitcoin Halvening event in April.
Both are significant events that have had a dramatic impact on Bitcoin this year. As evidence, the leading crypto project reached an all-time high price of over $73,800 and still sits comfortably in the $69k range right now. However, this good news has not had a huge impact on altcoins yet, but that is likely to change soon.
When Will The Fed Pull The Trigger?
To start, we still anticipate that at some point this year, the Fed will cut interest rates. This was one of the key events we expected to take place in the first half of 2024, but because inflation had remained stubbornly high, it has not happened yet.
For their part, the Fed is waiting for inflation to get closer to the 2% target, but with some early signs that the economy may be in the early stages of faltering, calls for them to take action are likely to grow louder. Right now, interest rates remain at a 23 year high, so any positive movement here could be the spark that the crypto industry needs to really start heating up. Several experts believe that we will see some sort of cut by July and obviously a loosening of monetary policy bodes well for the industry overall.
The Ethereum ETFs Arrive
Another key driver of increased altcoin prices is likely to be the next wave of ETF approvals, this time for Ethereum. The plethora of Bitcoin ETFs led by Blackrock has signaled that the major financial institutions are ready to take the crypto asset class seriously and given the demand that has helped Bitcoin prices surge, many expect that Ethereum could see a dramatic rise as well.
This week, the SEC told prospective ETF issuers to prepare their amended S-1 forms in anticipation that trading on these investment vehicles could possibly begin sometime in June or early July.
My guess is that if the Ethereum ETFs are ultimately successful, we will start to see more exotic crypto ETF offerings for other popular projects towards the end of the year. More crypto success will drive more institutional demand to participate which will be great for prices in general.
Biden vs Trump Round 2
Thirdly, is the 2024 Presidential Election, where crypto will likely be a key talking point for both candidates. Already, Donald Trump, who previously was not a fan of digital assets has signaled a new willingness to get behind crypto. This past week on Truth Social, he said:
“I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry.”
Unsurprisingly, not wanting to get caught flat-footed on this issue, President Biden’s campaign has begun to reach out to key crypto industry players in the hopes of shaping more user-friendly policies in the United States. This is a significant shift in tone from the current administration and a signal Biden is moving to more of a pro-crypto stance, as well.
While it is still in question who will ultimately prevail in November, having both parties working to paint crypto in a more positive light nationally can only help the industry to grow as 2024 continues.
The Halvening Effect
On top of all these things, when Bitcoin Halvenings have occurred in the past, generally the next 18 months have seen bullish prices. In 2016, Bitcoin’s prices rose 300% in the 17 months after the event and in 2020 they surged almost 600% in a similar time frame. So there is a precedent for prices to dramatically rise in these periods.
While Bitcoin is actually down a bit since the 2024 Halvening, given the historical trends of post-event rallies, there is likely light at the end of the tunnel for investors. That means, it is likely that over the next year plus, prices will continue to rise before this crypto cycle inevitably cools down.
How We Profit!
So with so much good news ahead, what does that mean for you? There is still time to get into great projects at excellent prices!
Yes, there has been some positive movement for a number of fundamentally strong altcoins in 2024, but I still believe the best is yet to come.
As a reminder, these coins are the current top 10 holdings in my portfolio:
Bittensor - $TAO
Wadzpay - $WTK
TriasLab - $TRIAS
Alkimi - $ADS
Arbius - $AIUS
Realio - $RIO
Agoras - $AGRS
Constellation - $DAG
Render - $RNDR
Kaspa - $KAS
Whatever coins you choose, be sure to do your due diligence and store them safely. Then, exercise a bit of patience and hold for the next period to let prices take off. Those who can resist the temptation to sell early will likely be thankful for exercising discipline when we see all-time highs in 2025.
What projects are you most high on? Would love to hear your thoughts on how you plan to construct a portfolio and succeed in the crucial months end for 2024.
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