“Strap in” – A bull market is coming in early 2024, say crypto exchange executives

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The market has already entered the first phase of a major rally, with an increasing number of people buying cryptocurrencies, which is expected to accelerate early next year, say heads of the largest crypto exchanges -currency of Australia.

Independent Reserve CEO Adrian Przelozny told Cointelegraph that he expects an uptick in market activity in early 2024 and is hiring to build infrastructure before that happens.

“We do everything we can to prepare for a bull market, because we know that when the bull market comes, it happens very quickly,” he said. “You need to make sure you have the processes, people and infrastructure in place so you can cope when your business triples overnight. »

“I think the next two years are going to be good. Buckle up.

Caroline Bowler, head of BTC Markets, said market conditions had become more optimistic over the year, with a general recovery beginning in January.

Bowler added that while the trajectory of market gains had not been exactly linear, industry-wide growth in both asset prices and technology applications was reason to be confident.

“The current ‘dry powder’ rollout, influx of new users and rising trading volumes further support our assessment that we are in the early stages of a bull market.”

Tommy Honan, head of product strategy at Swyftx, said his exchange had started to see an increase in buying activity and was moving quickly to strengthen direct debit functionality – a recent issue for the crypto scene Australian, because the “big four” Australian banks have limited or completely banned deposits on certain stock exchanges.

Honan ruled out fear of missing out – FOMO – as a reason for the increase in activity, instead pointing out that market fundamentals had become more attractive to investors who took the lead during the bear market.

“All our indicators are flashing green at the moment. We are seeing a significant number of customers returning to the market after periods of inactivity during the bear market. The market is waking up, but the truth is that no one knows where we are in the cycle.

Kraken Australia managing director Jonathon Miller was cautious and said it can be difficult to tell what phase the market is in.

“There is a common misconception that crypto markets are either in a bull market or a bear market. In reality, there is a big gray area between these two elements,” he said.

Miller admitted that compared to the same time last year, there are many reasons to be optimistic, especially regarding Bitcoin’s halving next year and the Dencun upgrade. ‘Ethereum, which he says is already starting to attract the attention of institutional and retail investors.

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“The growing institutional appetite for crypto assets is often underestimated. Yes, the markets are currently focused on ETF deposits for Bitcoin and Ether, but over the past year we have seen a surge of interest from many institutional clients looking for exposure to this emerging asset class,” he added.

Binance Australia managing director Ben Rose would not comment on whether a bull market had arrived, but noted that new listings and trading activity on Binance’s Australian arm had increased in recent months.

Rose said Binance Australia was focused on educating users ahead of a potential rally and ensuring users avoid FOMO buying.

“We surveyed many existing customers about why they got into crypto, and a quarter of them said seeing others succeed with crypto was the main reason. This is the main driver. So FOMO in crypto is a real thing,” he explained.

Rose said the key to retaining users throughout the next potential market surge is making sure people don’t get trampled during a market frenzy.

“The prize is something that will generate interest, but you want people to be able to get involved in a sustainable and responsible way so it’s not just a one-off thing,” he said. “Of course, price might be the reason they first turn to crypto, but ultimately they are in it because they understand the benefits and that is part of how they manage their finances.”

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