With the incredibly promising performance of Bitcoin already in early 2024, it becomes rather hard not to ponder what the rest of the year holds. With the prices skyrocketing to over $73,500 in March, I just can't help but ponder if we are due for even more excitement.
I've been following very closely the upcoming US presidential elections, and the potential is that they really could be a bombshell for Bitcoin.
What's interesting is the way Donald Trump has attempted to claw his way back into the race as a crypto-friendly presidential candidate. Certainly, his propositions to strengthen Bitcoin mining and stand on issues regarding CBDCs got my attention. In the case of his victory, it will be very interesting to see price action after what happened in Pennsylvania recently. That assassination attempt was pretty shocking, but I did notice the crypto market reacted pretty well to the news that he survived it.
Another piece of the puzzle that I'm keeping very close regard for would be the actions of the Federal Reserve. I genuinely believe Chairman Powell's remarks recently regarding probable rate cuts ahead of schedule are game-changers. If the Fed indeed does cut rates, we may have a flood of new money coming into Bitcoin and other digital currencies. This will all be about cheaper borrowing and probably an appetite for riskier assets.
I cannot talk about the future of Bitcoin without mentioning the April halving. Basically, from past evaluations of previous cycles, it is this kind of event that usually opens into a serious bull run. That is where things start getting interesting, in previous instances, although it has shown to peak right after the halving, price action for Bitcoin doesn't do so.
I was wondering if we might see a delayed reaction this time around.
Looking at all these factors together, I can't help but feel a sense of anticipation. The political landscape is setting up positively, economic policies are working their way into place, and Bitcoin's own rhythms are locking in a way that should make for some serious price action.
Of course, I'm not a fortune teller, and the crypto market has always been notoriously unpredictable. But based on what I'm seeing here, I think we could be in for an exciting ride in the coming months. At the very least, I personally feel that Bitcoin's ride through the remainder of 2024 is going to be anything but boring.
