Ignas, a DeFi research expert, believes that the year 2024 would see a bull market for Bitcoin. Ignas mostly based his forecast on the consistent performance the leading cryptocurrency has shown over time.
According to Ignas, there are three phases to the trending patterns of Bitcoin. The first step is an 80% drawdown from the all-time high (ATH), which will be completed in the autumn of 2022. A two-year restoration period that will bring Bitcoin back to its previous ATH follows. Ignas anticipates that will happen in the autumn of 2024. The price will then rally to a new ATH during the third and final stage. Ignas’ tasks are anticipated to be completed by this autumn of 2025.
Ignas makes an optimistic prognosis despite the fact that it mostly centres on the cyclical behaviour of Bitcoin. According to the analytical analyst, three powerful narratives would pose obstacles for Crypto in 2022. They represent conflicts, the FED liquidity cycle, and repression by the government. But he notices that things seem to be getting better.
Ignas noted that the U.S. appeared to be softening its stance on cryptocurrencies following initial setbacks, swayed by prospective financial advantages and China’s uncertain approach. He also mentioned how China is battling the threat of deflation by focusing on development through its central bank. China has historically had a favourable impact on both the crypto market and the global financial system when it injects funds.
The analytical expert believes that the 2024 Bitcoin Halving may be in line with global liquidity tendencies, further demonstrating the connection between liquidity and cryptocurrencies. He thinks the impact of smaller Bitcoin stories would give the projected bull run more traction.
New use cases for Bitcoin, such as Ordinals, BRC-20s, Stacks sBTC, and Bitcoin’s DeFi integration, are among the smaller tales that Ignas draws attention to. Others portray Bitcoin as “Outdoors Cash” during the financial crisis fear and the anticipated swift adoption of the Bitcoin Spot ETF.