Crypto experts discuss challenges and catalysts impacting Bitcoin's 2024 forecast

From Investing.com

August 20, 2024 10:01 AM:

Bitcoin has faced challenges recovering since August 5 due to uncertainty surrounding macroeconomic factors, Federal Reserve policy, and the upcoming U.S. election. Crypto experts shared insights on BTC’s 2024 forecast, mentioning catalysts that could impact the asset in the coming months.

Bitcoin saw a rise above $70,000 earlier in the year, followed by range-bound trading amidst mixed economic data, election developments, and Mt. Gox repayments. A pullback in August, triggered by a weak July jobs report, led to recession fears and a drop in investor sentiment towards risk assets.

Following a soft July jobs report, Bitcoin price fell sharply in early August, dragging down the crypto sector buoyed by optimism of ETFs linked to bitcoin spot prices and a pro-crypto Trump speech.

Despite recovering, Bitcoin struggled to make significant upward moves post-pullback, failing to sustainably breach the 50-day SMA support level.

Experts predict range-bound BTC price action towards 2024 end, mentioning innovative wrapped BTC versions and macroeconomic influences. Factors like inflation targets, investor interest, and stablecoin regulations could impact Bitcoin’s future.

Experts highlight Bitcoin’s fundamental growth, predicting continuous price rises and dismissing media-driven FUD surrounding ETF approvals and FOMO theories as distractions from its long-term value as a hedge and store of value.

Read more at Investing.com: Crypto experts discuss 2024 outlook amid Fed, elections By Investing.com