According to heads of major crypto exchanges in Australia, the bull market will arrive in early 2024. At the same time, others predict that the bull market has already arrived. The heads of these exchanges believe that the first phase of the rally has already started, as the number of crypto users is ballooning, which is expected to have a further increase early next year.
Adrian Przelozny, CEO of Independent Reserve, expects the market to see a major increase in early 2024, and he is doing his best to hire the necessary infrastructure before the event. He claimed that they’re doing everything in their power to get ready for the bull market and need to have the processes, people, and infrastructure ready so that when the business triples overnight, it is easy to handle.
Caroline Bowler, market chief of BTC, said that over the past year, market conditions have been bullish, starting with the general recovery that started in January. She also claimed that although the market conditions haven’t been all linear, the industry-wide growth in both asset prices and tech applications gives a reason to be confident. She said,
The current development of ‘dry powder,’ an influx of new users, and an uptick in trading volumes further support our assessment that we are in the early stages of a bull market.
Tommy Honan, product strategy head at Swyftx, said that he has seen an increase in the buying activity and is moving to support direct debit functionality. Instead of FOMO being the reason for the activity uptick, he highlighted that market fundamentals have become more attractive to investors who took the sidelines during the bear market. He said,
All our indicators are flashing green at the moment. We’re seeing a significant number of customers come back to the market after periods of inactivity during the bear market. The market is waking up, but the truth is, no one knows where we’re at in the cycle.
Jonathan Miller, managing director of Kraken Australia, who was on the side of caution, claimed that it can be difficult to tell what phase the market is in. He added that there is a common misconception that the crypto market is either bull or bear, but in reality, there’s a large gray area between these two.
Miller also admitted that when compared to this time last year, there are many reasons to be optimistic, especially looking at next year’s Bitcoin halving and Ethereum’s Dencun upgrade. He also believes that the halving and upgrade have already started piquing the attention of retail investors and institutions.
Ben Rose, general manager of Binance Australia, said that he doesn’t want to make a call on whether a bull market has arrived but noted that in recent months, the new registrations and trading activity on the Australian arm of Binance had increased. He added that Binance Australia, in order to cope with a potential rally, was focused on educating users and making sure users avoid FOMO buying.
Rose claimed to have asked the customers the reason they got into crypto, and a quarter of them said seeing others succeed was the main reason. He claimed that the price is one thing that will unlock people’s interest, but for the investment to not be a one-off, it should be done in a sustainable and responsible way.
