- Renowned crypto influencer and YouTuber Lark Davis explains why 2024 could be a good year for the crypto market.
- According to him, the potential approval of the spot Bitcoin ETF, the halving event, and a Coinbase possible victory over the SEC could trigger a massive rally next year.
A popular YouTuber and crypto influencer Lark Davis has hinted that the crypto market could be very bullish in 2024 in his latest video. According to him, the current financial cycle favors risk-on assets as the stock market has proven this with new highs. According to him, this creates a better environment around the potential approval of a spot Bitcoin ETF.
Bitcoin ETF Approval, Halving, and Coinbase vs SEC Legal Showdown
His second reason for being bullish on crypto next year is the recent report that the Bitcoin ETF could be approved in the first quarter of 2024. Bloomberg’s James Seyffart believes that the first approval could be seen before January 10, 2024. According to Davis, the crypto market could see a “bloodbath” when there is a January denial. However, when the approval happens, billions of dollars could be attracted into the market and send the market to a new height.
Thirdly, Davis has high hopes that Coinbase will win its court battle against the US Securities and Exchange Commission in 2024. According to him, there could be serious impact on the market when this happens as it would be “a nail in the coffin” for the SEC. This, coupled with the potential rate cut by the Federal Reserve could set the crypto market up for an explosive price move.
His fourth point has to do with the Bitcoin halving. According to Davis, retail investors are already accumulating the asset and could be soon joined by institutional investors. After the halving, the block rewards would be reduced by half, subjecting Bitcoin to serious scarcity and a subsequent price surge.
Lark Davis Makes More Case for a Crypto Boom in 2024
Davis also believes that the Mica law coming into effect in 2024 could be great news. While he admitted that he is not a fan of the law, he believes that it could bring regulatory clarity to the space and attract more investors.
Davis also stated that there would be an implementation of policies for a fair accounting of Bitcoins held on the Treasury balance for companies. This implies that other companies can add Bitcoin to their treasury. His next point has to do with the possibility that next year would see the release of several popular crypto games. To him, millions of people would come on board to play these games.
Davis also stated that there would be several upgrades next year including the EIP 4844 by Ethereum. This would reduce layer-2 fees for the likes of Optimism, Arbitrum, etc. This implies that they would be cost-competitive like Solana and Polygon. His final reason for a crypto boom next year has to do with central banks being allowed to hold 2 percent of their assets in crypto in January 2025. However, the hype could start having an impact in the fourth quarter of 2024. This implies that Bitcoin, Ethereum, or even Chainlink could find their way into the possession of these banks.
10 Reasons Why Crypto Will Explode in 2024 pic.twitter.com/5Eune9NG0g— Lark Davis (@TheCryptoLark) December 29, 2023
Generally, this year was quite positive for the market as most cryptos made considerable recovery from the previous year’s losses. Interestingly, next year is expected to be better.
