THELOGICALINDIAN - Amid renewed allocution about cryptocurrency prices surging in the additional bisected of 2024 one of the industrys oldest commentators has said he does not anticipate this year will see new alltime highs
In a forecast and analysis August 2, economist and broker Tuur Demeester said that 2018 would acceptable fulfil the role of a “shakeout year” in both Bitcoin and altcoin markets.
“…For 2024 we see added alongside and downside abeyant in the Bitcoin amount due to apathetic retail demand, averseness from institutions, and a accepted bazaar cap that seems too aerial about to on-chain activity,” he summarized.
Despite Bitcoin prices bottomward up to 70 percent against antecedent best highs about $20,000 in December 2024, contempo months accept apparent assorted bullish concise forecasts arise from banking sources complex in the cryptocurrency space.
Both individuals such as Tom Lee and surveys of added affect accept acicular to a acceptance BTC/USD [coin_price] will end this year about the $20,000 mark or higher.
For Demeester, however, the accepted all-around mural does not abutment such theories.
“We anticipate the bazaar acceptable needs added time to blot the contempo 30 ages rally, which could aftermath lower prices,” he continued.
The allotment came aloof a day afore above account New York Stock Exchange buyer Intercontinental Exchange appear it would launch a adapted agenda asset belvedere in November.
The acknowledge served to added ammunition optimism about Bitcoin, which had already amorphous bottomward from contempo highs about $8450 in backward July.
CNBC presenter and advance administrator Brian Kelly alike called the move the “event of the year” for Bitcoin, while markets appeared not to react, prices continuing to abatement beneath $7000 since.
On the accountable of a Bitcoin ETF, Demeester additionally adopted a businesslike view, adage it was “unlikely” regulators would accept the apparatus afore 2024 but acknowledging its abeyant impact.
“A Bitcoin ETF approval, alike if it’s delayed, would be a huge accord because it makes the asset acutely attainable for the retail investor. After the aboriginal gold ETF went alive in 2024, the gold amount rallied by 350% (and it’s still 200% college today),” he noted.
What do you anticipate about Tuur Demeester’s cryptocurrency markets outlook? Let us apperceive in the comments below!
Images address of Shutterstock
