2 ASX tech stocks you'll be glad you bought when the bull market starts

I reckon grab these technology shares now and watch the rising tide take them to the top.

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While this year's volatility has been stomach-churning, many experts are forecasting a brighter 2024, especially for ASX tech stocks.

Sure, no one knows 100% what will happen in the future, but it's not an outlandish suggestion.

After all, there's a good chance interest rates will remain stable, with even an outside chance of a cut. And after years of near-zero rates, both consumers and businesses are now more accustomed to a "normal" cost of money too.

So let's check out a couple of tech stocks I think you could buy now that could bring a smile to your face in a year or two:

200% rise in just 17 months

Life360 Inc (ASX: 360) is a US software maker that's listed on the ASX.

The company produces a family security app that allows parents to track the locations of their kids and provide help like roadside assistance.

The stock has had a pretty wild journey since floating in May 2019.

Its life started at $4.79 at its initial public offering (IPO) then shot up to as much as $13.65 in November 2021 when tech stocks were at their peak.

As the world then realised inflation would bring interest rates up, Life360 shares were absolutely punished.

From that November 2021 price, the stock plunged to $2.51 at its 17 June trough. That's an 82% fall from grace in just seven months.

To the business' credit, it realised the market had turned against cash-burning startups and immediately went about cutting costs.

That turnaround has paid off handsomely as the Life360 share price tripled over the past 17 months.

Professional investors are bullish, with seven out of eight analysts currently surveyed on CMC Invest rating the tech stock as a buy.

New attitude for this tech stock

Xero Limited (ASX: XRO) is a much more mature business, but it's also undergone a recent transformation that's not dissimilar to Life360.

After the market turned on growth-at-all-costs businesses in late 2021, the stock lost almost half its value in about 12 months.

Then the chief executive departed, and new boss Sukhinder Singh Cassidy set about slashing costs and reining in the growth ambitions.

That change in attitude has been warmly received, with the Xero share price rising more than 44% so far this year.

However, it has dipped 11.8% since a business update last month, when some investors were perhaps disappointed by the volume of growth sacrificed.

Singh Cassidy has a long-term vision for the accounting software company to balance profitability with expansion. I feel like this will be fully appreciated in 2024 as the market takes a more conciliatory tone towards tech stocks.

According to CMC Invest, 13 out of 19 analysts currently believe Xero shares are a buy.

Motley Fool contributor Tony Yoo has positions in Life360 and Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360 and Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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