Crypto execs say the bull run is underway and could lead to $100,000 bitcoin in 2024

Executives in the cryptocurrency industry called the start of a new bull run with a growing number of voices calling for fresh all-time highs for bitcoin in 2024 above $100,000.

Bitcoin has rallied more than 120% this year, with many optimistic about the surge continuing into 2024.

The digital currency's last record high of nearly $69,00 was hit in November 2021.

Since then, the crypto industry has been hit with a litany of issues from the collapse of coins and projects to bankruptcies and criminal trials. FTX, once one of the world's biggest exchanges, collapsed with its founder Sam Bankman-Fried facing over 100 years in prison after he was found guilty on seven counts of criminal fraud.

Meanwhile, Binance chief Changpeng Zhao pleaded guilty to criminal charges and stepped down as the company's CEO as part of a $4.3 billion settlement with the U.S. Department of Justice.

Many in the industry see the two cases concluding as a line being drawn under issues that have plagued the crypto market.

The second development is the bitcoin halving, which takes place every four years and is scheduled for May 2024. Halving is when miners, which are entities who uphold the bitcoin network, see the rewards for their work cut in half. This keeps a cap on the supply of bitcoin — of which there will ever only be 21 million coins — and often is a factor behind a new rally.There have already been some bold calls for bitcoin in 2024.

It began with Standard Chartered last week which reiterated an April price call that bitcoin would hit $100,000 by end of 2024. The bank said this will be driven by the approvals of numerous ETFs.

That would mean a roughly 160% rally from Friday's price of around $38,413, according to CoinDesk data.

Matrixport, which bills itself as a crypto financial services firm, released a note last week projecting bitcoin would reach $63,140 by April 2024 and $125,000 by the end of next year.

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