Institutions Highlight Two Key Factors for Bitcoin (BTC) 2024 Price Surge and BorroeFinance Success in Presale

Touching new highs around $43,000, Bitcoin’s recent ascent has ignited excitement as it surpasses levels not seen since the 2022 bear market. 

As institutional forecasts point to a potential surge in 2024, driven by the Bitcoin halving event and anticipated interest rate cuts, a top crypto to invest in, BorroeFinance ($ROE) is pioneering a transformative approach to income generation in the Web3 space.

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Bitcoin Halving and the Fed’s Rate Cuts Impacting Price 

Bank of America’s Global Research team, in their recently released 2024 market outlook, predicted a continuation of disinflation and mid-year interest rate cuts by both the Federal Reserve and the European Central Bank. 

This aligns with earlier forecasts by the Switzerland-based UBS, suggesting “meaningful reductions in the federal funds rate” by May 2024.

The convergence of the Bitcoin halving event in April 2024 and potential Fed rate cuts creates a dynamic economic landscape. 

Glassnode’s research report reveals a record 70% of circulating Bitcoin supply inactive for a year or more, indicating a strong commitment from long-term holders to hold onto the flagship crypto.

In addition, 83% of the BTC supply is currently held at a profit, presenting supply-limiting factors in conjunction with the halving.

Matt Weller of Forex.com emphasizes the impact of lower supply, stating, “With lower supply in the market, it only takes a small bump in demand — like what we’ve seen with speculation around the ETF — to drive prices higher at a rapid rate.”

Glassnode’s Insights on Bitcoin Supply Shock and Institutional Demand

Glassnode’s predictions add another layer to the supply and demand dynamics. A potential $70 billion increase in institutional demand is projected after the SEC approves a Bitcoin ETF product for regulated investors. 

This aligns with the narrative that institutions are increasingly recognizing Bitcoin as a valuable asset class, as well as individuals who are looking for how to get into cryptocurrency.

Combined with lower borrowing costs resulting from Fed rate cuts, the stage is set for a potential perfect storm in 2024. The interplay between reduced supply, increased demand, and institutional involvement could pave the way for the significant price surge many analysts are cautiously forecasting for the coming quarter.