Why is Bitcoin Surging Now?

The Bitcoin catalysts and parabolic gains.

Well, well, well, ladies and gentlemen, gather 'round and let's talk about the sizzling, fiery spectacle that is Bitcoin. You've probably heard the buzz - Bitcoin has skyrocketed by 113% in 2023 alone from its low in January at $16,496 to its high of $35,198 tonight on 10/23/2023.

But you know what? The real action is just about to get started in 2024, and it's going to be hotter than a jalapeno in a furnace!

The truth of the matter is that historically, when bitcoin price moves up, it moves up fast, and most people aren't quick enough to pull the trigger and bag themselves some finite digital gold!

So, buckle up, because we're about to drop some major truth bombs on why Bitcoin is the rocket ship you want to be on.

Before I even get into the catalysts that could send Bitcoin parabolic let's look at the recent couple days. As you can see by the 4-hour candle stick chart here, Bitcoin price has moved up 18% in a very short period of time.

The reason why I think we're witnessing this dramatic move is because Bitcoin is becoming a flight to safety. When countries impose financial sanctions, the countries being sanctioned need to look for alternative currencies to use. Unfortunately, war leads to sanctions and war is what we are currently dealing with. Bitcoin is a global currency, not bound by any central government control which cannot be sanctioned. That's not what this blog is about though. So, let's dive into the catalysis’s that I believe will send the price of Bitcoin above $100,000 in the next year!

First up, we've got the supply halving, folks. You see, the Bitcoin supply is about to get slashed in half like a magician's assistant in a box. In April 2024, new coin issuance will drop from 900 per day to a measly 450. Why is this a big deal? Well, those freshly minted coins are like candy to miners, and they need to sell them to keep their mining rigs churning. When that supply shrinks, the selling pressure drops, and Bitcoin's supply and demand dynamics suddenly look sexier than ever.

But wait, there's more! The SEC is teasing us like a Hollywood cliffhanger with the approval of spot Bitcoin ETFs. BlackRock, Fidelity, Franklin Templeton, and Invesco, giants of the financial world, are waiting in the wings with trillions of dollars ready to pour into Bitcoin. Their ETFs are knocking on the SEC's door, and when that door opens, oh boy, Bitcoin's price will be unleashed like a bull in a china shop. In fact, I've got some big news to share with you that makes the spot Bitcoin ETF approval even more likely! Just tonight the iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again, all part of the process of bringing ETF to market.

Now, let's talk about corporate balance sheets, shall we? Big companies are sitting on a mountain of cash, and it's melting away like a snowflake in July. Why? Because the current accounting rules treat Bitcoin like an indefinite intangible asset, which makes it look terrible on financial statements. But guess what? The Financial Accounting Standards Board (FASB) has had a lightbulb moment, and they're revising those rules.

Currently, accounting rules only let companies record increases in the value of their digital assets when they sell them – though losses are reflected at least once a year. But, last month in September, the Financial Accounting Standards Board (FASB) voted to take another path, letting companies use fair-value accounting that allows them to show gains and losses immediately on their income statements.

Once this happens, corporations are going to be all over Bitcoin like a kid in a candy store. Say goodbye to that melting cash, and hello to a more appealing crypto asset.

Hold on to your hats, because this party is just getting started. The Fed, that big, scary banking entity, is pausing interest rate hikes and playing with the QE button. Interest rates are so high right now that they're practically in orbit. But guess what? The Fed might be forced to reverse course and lower those rates. When they do, it'll hit everyone like a ton of bricks that they're not the omnipotent masters of the financial universe. People are going to lose trust in commercial banks, and what's the natural alternative? You guessed it, Bitcoin, the real deal, the OG, the flight to safety!

And finally, let's talk about expectations. In 2020 and 2021, Bitcoin bulls (including yours truly) were hoping for the moon, thinking Bitcoin would hit $100k. But life had other plans. We got slapped with the FTX collapse, China's ban, and Fed interest rate hikes. It's like getting invited to the coolest party ever, only for the DJ to play elevator music all night. But you know what they say, what goes down must come up. The 2024 bull market is lurking, but it's so sneaky that most people don't even see it coming. With low expectations, the stage is set for a spectacular show.

So, there you have it, folks. I can’t predict the future, but I’ve been pretty good at it so far, and I believe Bitcoin is gearing up for a 2024 explosion.

The catalysts are lined up like dominoes waiting to fall. Buckle up, because this ride is going to be wild, sassy, and hotter than an Arizona summer. Bitcoin, the flight to safety, is about to take off, and you don't want to be left standing on the ground, watching in envy as it soars to new heights.

Don’t be late!

Kind Regards,

Jeff Tiefenthaler

Jeff Tiefenthaler is the founder of Trading Tech and Consulting LLC.

Jeff is an experienced FinTech entrepreneur, accredited investor, and brand ambassador with two decades of experience trading in US stock and options markets, 15 years consulting for Microsoft brands such as Xbox, Windows and Office. He’s been featured in CoinMarketCap and awarded number one for articles with the highest views, top 10 for projects by Engagement Growth, top 10 for projects by community followers gained.

Please contact Tief for a free consultation today!