Cryptocurrency exchange chief says bull run will arrive in early 2024

The head of Australia’s largest cryptocurrency exchange believes that the market has entered the first stage of a sharp rise, and the number of people buying cryptocurrencies is gradually increasing, with growth expected to accelerate early next year.

Independent Reserve CEO Adrian Przelozny told Cointelegraph that he expects market activity to increase in early 2024, with people building infrastructure ahead of that.

We are doing everything we can to prepare for the bull market because we know that when the bull market comes, it happens very fast and you need to make sure that the processes, people and infrastructure are in place so that when your business grows twofold overnight As time goes by, you'll be able to cope with it.

Caroline Bowler, chief of BTC Markets, said market conditions have become more optimistic this year, with a full recovery starting in January. While the market's upward trajectory is not entirely linear, the growth in asset prices and technology adoption across the industry is reason for confidence.

Tommy Honan, head of product strategy at Swyftx, said his exchange has started to see an increase in buying activity and is moving quickly to support direct debit functionality – a recent sore point in the Australian cryptocurrency space as Australia’s four Big banks have restricted or outright banned direct debit deposits to some exchanges.

Honan ruled out fear of missing out (FOMO) as a reason for the increase in activity, instead highlighting market fundamentals becoming more attractive for investors who adopted a wait-and-see approach during bear markets.

Currently all our lights are flashing green. We have seen a large number of clients return to the market after a period of inactivity during the bear market. The market is waking up, but the truth is, no one knows where we are in the cycle.

Kraken Australia managing director Jonathon Miller was cautious, saying it was difficult to tell which stage the market was in.

Miller admitted that there are many reasons to be optimistic compared to this time last year, especially next year’s Bitcoin halving and Ethereum’s Dencun upgrade, which he believes have begun to attract the attention of institutional and retail investors.

The expanding institutional interest in crypto assets is often overlooked. Yes, the market is currently focused on ETF filings for Bitcoin and Ethereum, but last year we saw renewed interest from many institutional clients looking to invest in this emerging asset class.

Ben Rose, General Manager of Binance Australia, did not want to judge whether a bull run has arrived, but noted that Binance Australia has seen an increase in new registrations and trading activity in recent months.

Ross said Binance Australia is committed to educating users ahead of potential rallies and ensuring users avoid buying out of fear of missing out. We asked a number of our existing customers why they got into cryptocurrency, and a quarter of them cited seeing others succeeding in crypto as the main reason. This is the biggest driver. Therefore, FOMO in cryptocurrencies is real.

Ross said the key to retaining users during the next potential market surge is ensuring people don’t get trampled during the market frenzy.

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