In a series of tweets, notable crypto analyst @MikybullCrypto lays out the case for why 2024 is shaping up to be an extremely bullish year for both Bitcoin and altcoins. He points to historical market cycles, macroeconomic tailwinds, and key platform upgrades that could fuel a major rally.
The Halvening Cycle
As MikybullCrypto notes, “History doesn’t repeat itself but it often rhymes.” He includes a chart overlaying past Bitcoin bull runs, showing how markets tend to peak about a year after each halvening event, when the Bitcoin block reward paid to miners gets cut in half. The last halvening was in 2020, suggesting we are now entering the window for the next peak.
“Looking at this chart will change your bias for this year and #Bitcoin will break ATH in Q3/Q4 2024,” says MikybullCrypto. The analyst believes we are beginning a new market cycle that will bring new all-time highs for Bitcoin within the next 12-18 months.
In addition to the timing of the halvening cycle, MikybullCrypto points to several macroeconomic trends that could add fuel to the crypto bull market over the next year. These include:
- Global liquidity – Central bank liquidity injections are correlated with and historically supportive of Bitcoin price appreciation. Liquidity appears to have bottomed and turned upward.
- Rate cuts – Many central banks have been raising rates to combat inflation, but could reverse course later in 2023/2024, creating accommodative monetary policy.
- US election year – Incumbent presidents tend to pull levers to support economic strength leading up to elections.
An ETH Breakout
Beyond Bitcoin, altcoins also look poised for a breakout year according to MikybullCrypto. He writes: “ETH has major strong catalysts that will cause it to outperform BTC.”
Specifically for Ethereum, the analyst sees the launch of Ethereum Spot ETFs in 2023, the EIP-4844 upgrade to scale L2 networks, the launch of eigenLayer rollups, and more contributing to a boom year.
Top Altcoin Narratives
Finally, MikybullCrypto highlights some key emerging narratives in the altcoin space that he believes will drive momentum in 2024:
- Layer 2 protocols – Faster and lower-cost networks like EclipseFDN and SKALE
- Layer 1 blockchains – Alternative base layer networks with strong growth potential
- AI applications
- Metaverse and gaming assets
- Perpetual DEX tokens – Decentralized exchanges
- BNB Chain native tokens – Assets on the popular BNB Chain network
“I’m bullish on $ROOT due to its interoperability in nature,” he tweets, highlighting one cross-chain altcoin he is watching.
With historical cycles, macro tailwinds, and platform upgrades all lining up, MikybullCrypto makes the case that 2024 is gearing up to be the most bullish year yet for Bitcoin, Ethereum, and the broader altcoin markets. If the analysis proves accurate, the next 12 months could bring life-changing gains for crypto investors and builders.
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