Bitcoin and Top Altcoins Show Promise for 2024: Bullish Outlook Amid ETF Anticipation
Summary:
Bitcoin (BTC) showcased a 155% rise in 2023, inspiring optimism amongst investors for 2024. Market stability is expected, rather than dramatic shifts, after the US regulator's decision on Bitcoin ETF applications. The crypto sector is experiencing a bull phase, with Bitcoin and several key altcoins reaching progressive highs over previous weeks. The top five promising cryptocurrencies indicate potential trends for the new year. Trading platform Greeks.live suggests that the successful approval of a Bitcoin ETF is already priced into the market.
The 2023 year witnessed bitcoin's (BTC) trajectory confined to a certain range, however, it demonstrated an impressive stride of over 155%. This has inspired positivity among investors, who anticipate the bull run to further its course in 2024. The earliest anticipated events include the verdict on bitcoin ETF applications by the United States regulator. Greeks.live, a crypto options trading platform, recently tweeted that options data implies the market has factored in the endorsement of the bitcoin ETF, thus expecting a stable market, rather than dramatic fluctuations.
Despite the market's response to the ETF decision, the crypto sector currently signifies a bull phase, with bitcoin and several leading altcoins achieving successive highs over the period of the last few weeks. During an upward trend, the dropping rates are typically perceived as a lucrative buying window.
Predicting whether bitcoin and altcoins will sustain their upward trend in the opening week of the new year involves assessing the promising top 5 cryptocurrencies.
In the case of bitcoin, the bears tried pulling bitcoin below the ascending triangle pattern's support line on 29th and 30th December, but they were countered by the bulls. The equilibrium between buyers and sellers is pointed out by the flat 20-day exponential moving average ($42,484) and the relative strength index (RSI) near the midpoint. If the price surpasses the 20-day EMA, the bulls might steer bitcoin beyond $44,700 and conclude the bullish scenario. If successful, bitcoin might progress its uptrend towards the pattern target of $49,178.
Conversely, if the price drops and falls below the triangle, the bullish scheme is deemed invalid. Positive contraction breaking down might initiate an adverse signal as it may result in aggressive traders hitting stops. Bitcoin might initially drop to $40,000 and then eventually reach $37,980.
Uniswap (UNI) has seen a stern struggle between bulls and bears close to the $7.79 resistance overhead. The upward trajectory of moving averages and an RSI of about 66 indicate that resistance drops while climbing. If it crosses the $7.79 barrier, Uniswap could escalate momentum and hit $8.26 and thereafter to $9.65.
In contrast, if the price drops from $7.79, it would suggest that the bears are tenaciously safeguarding the level. The plummets could fall as low as $6.70, which is likely to enlist buyer interest.
For Near Protocol (NEAR), it's straining to find support between the 38.2% Fibonacci retracement level of $3.64 and the 50% retracement level of $3.34. The progressively upward 20-day EMA ($3.30) and the RSI placed in the positive zone signal that the buyers have a slight advantage.
Finally, Optimism (OP) has been in a trend for the past few days indicating that the bulls are not worried as they look forward to another leg higher.
The review of Injective (INJ)'s backtracking provided support at the 20-day EMA ($34.73) on December 30, underlying that the sentiment maintains positively and traders seize the plunges.
Every investment decision comes with its risk, and hence, individuals are encouraged to perform extensive research before landing on a decision.
Published At
12/31/2023 10:23:20 PM
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