RamenPanda, a veteran cryptocurrency analyst, made the bold claim on Twitter that there will be a final Bitcoin bull market in 2024, with the approval of the BTC spot exchange-traded fund (ETF) and the impact of Bitcoin's halving.
He also announced his intention to exit the crypto space after the rally, citing several reasons for the downtrend.
RamenPanda cited his belief that the combination of spot ETF approval in March 2024 and Bitcoin's halving in May 2024 will deliver strong bullish power that will make investors rich.
He said that he will exit the cryptocurrency market after the rally because he is tired and fed up with the endless sideways trend that dominates 80% of the 2022-2023 bear market.
“Bitcoin Spot ETF Will Put Downward Pressure On BTC Price In The Long Term”
He also expressed his pessimism about the future of Bitcoin after 2024, arguing that the spot ETF will act as a price suppressor and make Bitcoin an inferior asset compared to US stocks.
RamenPanda explained that the ETF will make Bitcoin more accessible and liquid, but also more vulnerable to manipulation and pressure by institutional investors.
He said the ETF will make Bitcoin behave like gold, a rare and solid asset with a long history of trust, but hardly rising in 2020-2021 despite its solid foundations. He attributed the failure of gold to rise during the bull period, when every asset is rising, to the existence of gold ETFs, which allow investors to trade gold without owning or storing it.
The analyst also complained that cryptocurrencies were not able to catch up with US stocks, which had risen sharply due to technological breakthroughs and artificial intelligence. He said that crypto benefited from the liquidity emanating from traditional finance during times when the government was printing money irresponsibly, but that is no longer the case as the currency has become more expensive.
*Not investment advice.
