Bitcoin market outlook for 2024 | Monex Securities, Masamichi Matsushima

[Bitcoin market price]
Looking back at 2023 and outlook for the market in 2024

I'm Masamichi Matsushima, a.k.a. Marin, a cryptocurrency analyst at Monex Securities. This time, I'll be looking back at the Bitcoin market and giving my outlook for the future.

Review of 2023

Bitcoin in 2023 started to rise from the 2.1 million yen range at the beginning of the year, as the aftereffects of the FTX shock subsided sooner than expected.

When a series of emerging US banks collapsed in March, there were temporary declines, but the damage did not spread due to prompt government compensation, and buying momentum quickly returned. In June, BlackRock applied for a Bitcoin spot ETF in the United States, and the price soared due to expectations.

After that, the upside was suppressed due to the postponement of the ETF review and the rise in US interest rates, but toward the end of the year, favorable factors related to the ETF review continued, and the FOMC suggested a change to a rate cut in 2024, causing the price to rise to the 6 million yen range.