Chief Crypto Analyst at RealVision Predicts Bitcoin To Skyrocket Threefold in 2024

Estimated read time 4 min read

RealVision’s lead crypto analyst Jamie Coutts, strongly believes that despite the current sentiment in the market, breaking above an all-time high for Bitcoin will be very plausible. Crypto analysts are speculating that Bitcoin might likely triple in price by 2024 as central banks around the world pump billions of dollars into their respective economies, setting up just maybe for an epic year for Bitcoin.  Historical data support these conjectures: this happened in the case of Bitcoin after such colossal liquidity injections into the global financial system. 

Chief Crypto Analyst at RealVision Predicts that Bitcoin Will Triple in 2024
Chief Crypto Analyst at RealVision Predicts that Bitcoin Will Triple in 2024

Central Banks Fuel Global Liquidity Surge

The Bank of Japan and the People’s Bank of China have drawn much attention from crypto analysts and financial experts alike. These central banks poured huge sums into the global economy. The BoJ contributed $400 billion, whereas the PBOC added $97 billion. The surge in liquidity comes against the backdrop of a weak dollar, which the Federal Reserve seems to be backing. Coutts noted, “For the first time since November 2023, when Bitcoin gained 75% in value, my composite global liquidity momentum model, the MSI, has flipped bullish.”.

According to Jamie Coutts, Chief Crypto Analyst at RealVision, one of the most important factors that would drive the next big Bitcoin rally is a surge in global liquidity. “The central banks are capitulating, the liquidity spigots are opening, and #Bitcoin is about to go much higher, ” Coutts commented. His MSI model is flashing its first bullish signal in almost a year, and crypto analysts are getting excited. 

Bitcoin’s Historical Rallies and Future Potential

It’s not a hidden secret that Bitcoin suffers from dramatic price increases when there is so much liquidity. In 2017, Bitcoin rose 19-fold in value, while in 2020, it rose sixfold. Though the nature of the graph for Bitcoin’s price is quite unpredictable, Coutts believes this cycle might at least double or even triple the value of the cryptocurrency. This depends on a few critical factors, one of them being the ability of the U.S. to slide in the Dollar Index below 101, combined with liquidity injections from central banks, which could see the global M2 money supply smash through $120 trillion; this is an environment in which Bitcoin would thrive. Crypto analysts focus on these events because the probability of a huge rally is growing.

Chief Crypto Analyst at RealVision Predicts that Bitcoin Will Triple in 2024
Chief Crypto Analyst at RealVision Predicts that Bitcoin Will Triple in 2024

The Importance of Expanding Money Supply

Crypto Analysts like Coutts also point out that the steady expansion of the monetary base in the world is an implied necessity for a fractional reserve system based upon credit. This means that money needs to be constantly provided to back up the increasing debt. Otherwise, severe instability may result if it does not.

This is the basic knowledge that any savvy crypto-analyst should consider the general economic factors that drive Bitcoin and other cryptocurrencies. Current liquidity injection among central banks is not some short-term measure; it is of structural necessity, which can have lasting effects on world markets, especially on assets like Bitcoin, which are seen as hedges against traditional financial systems.

Conclusion: A Potential Tripling of Bitcoin

Most crypto analysts are becoming very optimistic about the prospects of Bitcoin, with central banks pouring liquidity into the global economy. Everything seems just perfect for another big rally, and if one goes by historical trends, crypto analysts have enough reasons to believe that there could be a 2-3x multiplication of Bitcoin’s value by 2024. Though uncertainties remain, the growing global money supply and a weakened U.S. dollar support Bitcoin’s ability to hit new highs.

Although this might already align with what crypto analysts are giving people as insights, 2024 may be one of the years when Bitcoin hits unseen heights, driven by economic shifts and ever-growing demand for decentralised assets. Stay ahead of the curve with news from Deythere

 

Eoghan MacCraith

Eoghan MacCraith brings 9 years of experience in the cryptocurrency and blockchain sectors, where he has established himself as a thought leader. With a background in financial technology, Eoghan transitioned into the crypto world early on, recognizing the vast potential for blockchain to revolutionize financial systems. His work has spanned across various global projects, from developing robust blockchain networks to advising startups on implementing secure and scalable solutions. Eoghan's contributions to DT NEWS are centered around providing expert insights into market trends, regulatory developments, and the future of digital currencies, offering readers a comprehensive understanding of the industry's dynamics.

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