Noted crypto analyst, Lark Davis, has forecasted a prosperous 2024 for Bitcoin BTC/USD, attributing the potential upswing to two significant events.
What Happened: Davis stated on X, formerly known as Twitter that the U.S. elections in November and expected Federal Reserve interest rate cuts would propel the bull market in crypto. He pointed out that the stock market has historically seen positive performance 83% of the time during an election year, and with Bitcoin now being a part of Wall Street, it is poised to benefit.
Additionally, he cited Goldman Sachs’s prediction of three rate cuts in 2024, beginning in June. Davis believes these cuts will pump more capital into the market, giving investors more funds to pour into crypto assets.
Ending his prediction with a touch of humor, Davis asked, “Can you smell the money? Can you smell what the money is cooking? I can smell the money. It doesn’t smell good.”
Price Action: As of writing, Bitcoin is trading at $67,919.31, marking a 3.30% increase over the last 24 hours and a 53.80% rise year-to-date, as per Benzinga Pro data.
Why It Matters: This isn’t the first time Davis has made bold predictions about Bitcoin. Earlier in February, he predicted that Bitcoin could reach $150K in the next cryptocurrency bull market.
However, the crypto market has seen some turbulence since then. In April, on-chain analytics firm Glassnode reported that long-term Bitcoin holders had entered their distribution phase.
Around the same time, data analysis firm CryptoQuant noted a supply squeeze as Bitcoin’s availability on major exchanges hit an 18-month low. Furthermore, a popular crypto analyst warned that Bitcoin was in a “danger zone” targeting a 22% drawdown. Despite these challenges, Davis’s latest prediction suggests a bullish outlook for Bitcoin in 2024.
Image Via Shutterstock
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