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Cryptocurrency sector continues its journey in a vast uncertainty and the leading cryptocurrency, Bitcoin (BTC), seems almost stuck at the $30,000 level. Although this uncertainty affects the entire market, a majority of experts are expecting a storm brewing on the horizon. Kaleo is one of them.
Kaleo: 2024 Will Bring New Rallies
Cryptocurrency analyst Kaleo signaled very positively for 2024. After stating that 2024 would be a great year for the crypto sector, he summarized this with a few reasons. According to the analyst, the first of these is the halving of the BTC block reward in March.
With the halving of the block reward, the existing BTC block reward will be halved, and if the demand continues at the same rate, it could mean a natural price increase. BTC has become synonymous with rallies occurring after this event that takes place every four years, and everyone is focused on this date.
The second development that the analyst drew attention to was BlackRock’s Bitcoin ETF application. BlackRock applied for a spot BTC ETF, and this application by the world’s largest finance company could change everything. Although the SEC has not yet announced its official decision, many famous people from the sector believe this will result positively.
Positive Expectation for the Crypto Sector
Lastly, Kaleo highlighted the election year in the USA. The election year in the US had opened the doors to a significant rally in the crypto sector in previous terms. According to the famous analyst, this situation could repeat itself and an increase could be seen throughout the crypto sector. Kaleo stated that the situation is currently about “survival” and buying as much as possible at the bottom.
In fact, many experts agree with Kaleo and expect the leading cryptocurrency BTC to experience a significant increase due to the halving of the block reward. Especially after the block reward halving, the year can be expected to break a new all-time record for BTC, and investors buying from the bottom until then can provide a significant gain. However, it should not be forgotten that each new rally could be less effective than the previous one. Crazy increases like 1000x in previous years are losing their effect.
