Bitcoin and other cryptocurrency prices are holding strong after an upward spike in mid-October 2023. And with 2023 drawing to a close, we are already super excited to see what 2024 can bring. There is already buzz in the cryptocurrency scene that there will potentially be a Bitcoin and cryptocurrency bull run in 2024. So here are our top strategies for a 2024 Bitcoin and crypto bull run.
Check out our video: TOP strategies for 2024 bull run!
Bitcoin and cryptocurrency prices 2023
Bitcoin prices did not go off to a good start in 2023. In November 2022, Bitcoin prices had fallen to around US$16k. And there was not much price movement for the remainder of 2022. On 1st January 2023, Bitcoin prices were only at US$16,540. This was mostly due to the negative sentiment in the cryptocurrency space. Especially since Bitcoin and crypto traders were still feeling the initial aftereffects of the FTX exchange collapse in November 2022, as well as the Terra Luna crash, collapse of Three Arrows Capital (3AC), and the collapse of Celsius Network ($CEL) earlier the same year.
As we move further into 2023, we fortunately saw a recovery in Bitcoin and cryptocurrency prices. In July 2023, Bitcoin’s average value rose to around US$31,000. Then in early November 2023, the value of Bitcoin even rose above US$35,000. Now, heading towards the end of 2023 we see positive news coming in such as the guilty verdict in Sam Bankman-Fried’s trial for fraud, and Hong Kong moving towards allowing retail investors to buy spot crypto ETFs.
Top strategies for 2024 Bitcoin and cryptocurrency bull run
There is already a lot of excitement in the cryptocurrency community about a potential bull run for Bitcoin and other cryptocurrencies in 2024. Here are some of the top strategies to consider for a successful 2024 Bitcoin and crypto bull run.
Multiple income streams
Previously our income stream was heavily focused on altcoin trading. But the altcoin market now is just too soft with low demand and buyers exiting the market. Also, altcoin markets fluctuate wildly, making it hard to comment and pay attention to the movement of multiple coins.
So, one thing we’ve been aggressively looking into as are trading bots. Crypto trading bots allow for automated crypto trading and aim to offer effective trading strategies that save users’ time and improve their investment returns.
We have already had some trading bots up and running for a while already. So here is a look at what’s happened to these bots in the last few days.
From the above image, we can see the red points on the chart are days where the trading bots did not do well. Conversely, the greens are on the days that the bots did do well. But overall, the trading bots are in the green and are generating profit. What we have seen and are expecting with some of these bots on this platform in terms of their historical performance is that they have been performing almost 300-400% (compounded) over a period of 19 months. Therefore, we will continue to fine tune these bots throughout the rest of the season so we can get really top-notch performance from them.
Stay tuned to our channel where we will show you how we optimise these bots! We will show you tips and tricks, but also be honest and transparent with what doesn’t work. This is so that we can continuously learn how to tune these bots so they become successful.
Trading Strategies
Throughout the last 18 months or so, we have still been aggressively trading and learning valuable trading lessons from some friends who are top traders in the cryptocurrency space. What we’ve learned from these traders is firstly that they are in charge of their emotions. This is important because emotional trading exposes you to unnecessary risk by adopting a short-sighted approach. On the other hand, when you trade unemotionally, your judgments are based on logic, facts, and figures. You trade according to the goal you wish to achieve.
Another important lesson we have learnt from top traders is how exiting a trade can actually more important than always gaining. It is important to learn when to cut losses, this is something that we do not always think about when we are hyper-focused only on the wins.
We will be interviewing several top traders who have placed in the WSOT trading competition on Bybit. The WSOT (World Series of Trading) competition is an annual trading competition hosted by Bybit with over 8 million USDT up for grabs. Bybit’s WSOT competition allows participants to join as individuals or squads, so long as they have a minimum of 500 USDT in net assets. It also has several competition categories, such as the Derivatives Squad Showdown and Copy Trading Fest.
So, subscribe so you don’t miss these interviews as soon as they come out!
Altcoins
At Boxmining, we trade altcoins by actually dipping our toes into the markets to gauge its performance. Earlier this year we took a survey on social media to see what altcoins people were buying, and bought some as a test. This was during the memecoin craze so we ended up with a huge basket of memecoins and tracked their performance throughout these few months.
To see what happened, check out our video: I Bought MEME Coins so you don’t have to…
The current status of these memecoins is that they are down heavily, like 75-90%. For example, 80.8% for $DINO and 97% down for $FOUR. This proves our point that the market right now is extremely volatile. Also, that the crypto community is extremely fickle. In fact, people don’t even talk about meme coins anymore, and it’s just been 6 months.
But having said that, now is probably a good time to start looking into a lot of the larger altcoins. This is because when the bull market comes, they are the ones that are going to fly the most.
Therefore, in this last quarter of 2023, we will continue to test the market by putting our feet in to see what’s moving. We will move away from meme coins as their impact and positive traction can be very short-lived. Instead, we will be doing some deep dives into the larger major altcoins and trends, and there’s no bigger trend than what is happening with SocialFi.
SocialFi
The term Socialfi comes from a combination of “social media” and “finance”. SocialFi combines the principles of decentralized finance (DeFi) with social media. It empowers content creators by giving them control over their content and allowing them to directly interact with their users. Most importantly, the main feature of SocialFi is that it rewards content creators for publishing content for their platforms.
Friend.tech is commonly known as the original platform, paving the way for other similar platforms such as such as Post.tech and Tipcoin. And despite other trends such as memecoins having an insane rise and then dropping into obscurity, SocialFi had been “dying”, but always seems to get resurrected. This time, SocialFi has been made even more exciting with the huge airdrops up for grabs. It also doesn’t cost any money to get started, all you have to do is create content! Therefore, with the chance of free money being given out, it’s a no-brainer to give this a go.
Check out our SocialFi platform guides to get started and earn maxiumum rewards!
- Friend.tech strategy guide: How to get maximum points?
- Post.tech $POST strategy guide: How to get maximum points?
- Tipcoin $tip token strategy guide: How to get maximum points!
China crypto narrative
The China cryptocurrency narrative is a huge topic that many people may not understand. The fact is that there is a lot of people in China right now, and many are thinking of ways to move their money. We see flocks of people buying gold in China already, especially when they are traveling overseas. This is because people are sensing some kind of economic uncertainty in China.
A misconception is that a lot of people perceive China’s interest in crypto as a huge population that will buy huge volumes of the same few tokens which will create a pump. Instead, an accurate way of describing the China narrative is that it is a huge build-up of pressure. Similar to a kettle, it is just boiling and none of that steam is being let out right now.
The gold buying is just the beginning of the pressure buildup. The economic uncertainty and desire to transfer assets is slowly boiling up to a massive point and we see crypto as potentially bringing that massive release. But the problem here is a lot of people don’t realize how long it will take before this massive release. That is why it is important to keep an eye on what is happening with crypto in Asia. These next few months are also going to be crucial because we see Hong Kong issuing Virtual Asset Service Provider (VASP) licences. However, we are currently in a “waiting zone” as those with the VASP licences haven’t deployed exchanges with volume yet. Conversely, exchanges which do have trading volume (i.e. clients) are still going through the process to obtain their VASP licences. But when this is resolved, it may signal the China crypto narrative reaching its point of release.
Check out the latest news on crypto in Hong Kong: I was SHOCKED at Hong Kong Crypto (FinTech Week 2023)
Conclusion
Now is the time to start looking forward to a potential bull run in 2024. Bitcoin and cryptocurrency prices are certainly heading in a positive direction making a 2024 crypto bull run a real possibility. And when this happens, you want to be prepared in order to reap the maximum gains. In this article, we have looked at our top strategies for a 2024 crypto and Bitcoin bull run. These include:
- Diversifying income streams with crypto trading bots that can automate and optimize trading strategies.
- Learning from top traders who can control their emotions and exit trades wisely.
- Testing the altcoin market with small investments and focusing on major coins and trends, such as SocialFi.
- Keeping an eye on the China crypto narrative for when the interest in crypto reaches its peak.
SUBSCRIBE for more strategies on how to prepare yourself for a potential 2024 Bitcoin and crypto bull run!
