The leaders of major cryptocurrency exchanges in Australia are expressing optimism about an impending bull market in early 2024, while some believe it may have already commenced.
According to Adrian Przelozny, the CEO of Independent Reserve, preparations are underway for a potential surge in market activity early next year, emphasizing the need for robust processes and infrastructure to handle rapid business growth.
Crypto Execs Assess Positive Trends Amidst Early 2024 Bull Market Speculation
BTC Markets chief Caroline Bowler acknowledges the non-linear trajectory of market gains but points to a general recovery since January, citing increased trading volumes, a influx of new users, and available “dry powder” as indicators of an early bull market.
Tommy Honan, Swyftx’s product strategy head, observes a rise in buying activity and underscores the attractiveness of market fundamentals to investors who remained on the sidelines during the bear market.
However, he dismisses FOMO as the primary driver, emphasizing the positive indicators in the market. Jonathon Miller, the managing director of Kraken Australia, urges caution, noting the difficulty in precisely determining the market phase.
Execs Eye Positive Catalysts Amidst Uncertain Bull Market Predictions for 2024
Despite this, he expresses optimism, citing factors such as next year’s Bitcoin halving and Ethereum’s Dencun upgrade, attracting attention from both institutional and retail investors.
Ben Rose, the general manager of Binance Australia, refrains from making a definitive call on the arrival of a bull market but notes increased registrations and trading activity.
Binance Australia’s focus lies on user education and preventing FOMO buying, as Rose highlights the significance of responsible onboarding to retain users during potential market surges. Ultimately, he emphasizes that while price may initially attract individuals to crypto, understanding its benefits is crucial for long-term engagement in managing finances.
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