2023 Ends with Steady Bitcoin; Experts Predict Exciting 2024 for Altcoins
Summary:
As 2023 concluded, Bitcoin (BTC) held steady around $42,500, leading to intriguing deliberation among investors. Market experts including Crypto Chase and WhalePanda predicted limited growth post ETF approval followed by a significant drop. Contrarily, Adam Back, CEO of Blockstream, believed that the potential ETF approval hadn't been priced into the market yet. Noting a nearly 60% surge in BTC in Q4 2023, Michaël van de Poppe, founder of MN Trading, anticipated a stronger year for altcoins in 2024.
As the close of 2023 approached, Bitcoin (BTC) was holding steady around $42,500, sparking intrigue among investors who observed unusual patterns in the cryptocurrency's valuation. Observations drawn from TradingView and Cointelegraph Markets Pro depicted a steady BTC/USD performance towards the end of the year, managing to dodge major fluctuations.
Despite failing to break out of its December trading suite, market bulls remained anxious about Bitcoin's performance, especially in view of the upcoming US spot price exchange-traded fund (ETF) approval event expected early next month.
Renowned cryptocurrency trader Crypto Chase, in his analysis, predicted that BTC could rise to a peak of $46,000 post a positive ETF verdict, but could plummet to $36,000 in case of a rejection. Another well-followed social media commentator, WhalePanda, also foresaw limited growth around the ETF approval followed by a significant fall.
Adam Back, CEO of blockchain startup Blockstream, maintained that the potential approval of the spot Bitcoin ETF had not been factored into the market dynamics.
As per CoinGlass data, BTC/USD recorded a nearly 60% surge in Q4 and approximately a 160% rise year-to-date. Analysts studying short-timeframe order book trends found enthusiasm among traders at the close of the year. Coinbases' US exchange showed an increase in the bid liquidity towards spot price, signaling more buoyant trading conditions.
Finally, Michaël van de Poppe, Founder and CEO of MN Trading, predicted that 2024 will usher in a promising phase for altcoins. He stated that from $1T to $1.62T, cryptocurrency's total market capitalization has had an upbeat run and that the next phase may consist of consolidation around $1.85T or $2.10T. He further anticipated that Ethereum might outshine Bitcoin in 2024.
Published At
12/31/2023 6:02:54 PM
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