Join our Telegram channel to stay up to date on breaking news coverage
bitcoin price rose 0.5% in the last 24 hours and 13% in the last week to trade at $43,432 at 6:20 am EST.
Meanwhile, global investment manager VanEck predicts that bitcoin will hit an all-time high in November next year.
Prediction #3: bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin will reach an all-time high in the fourth quarter of 2024, potentially driven by political developments and regulatory changes following the US presidential election.
—VanEck (@vaneck_us) December 7, 2023
The fund manager made 15 cryptocurrency price predictions for 2024 saying that the US presidential election will dismantle the hostile approach of the Securities and Exchange Commission (SEC) towards the cryptocurrency industry.
bitcoin spot ETFs, if approved, will attract more than $2.4 billion in inflows in the first quarter of 2024 amid fears of a US recession, crypto-predictions-for-2024/” target=”_blank” rel=”noopener”>Blog grades.
VanEck 15 crypto Predictions for 2024
Prediction #1. The recession in the United States will finally come, but so will the first place bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF. More than $2.4 billion may flow into these ETFs in the first quarter of 2024 to support the price of bitcoin.
—VanEck (@vaneck_us) December 7, 2023
As he assesses the impact of the bitcoin halving event, VanEck predicts that a publicly traded miner will earn 10 times more by the end of the year. bitcoin will also trade above $48,000 after the halving.
ethereum will not switch to bitcoin in 2024, according to VanEck. Additionally, Solana will overtake ethereum to become one of the top three blockchains by market capitalization. Solana's growth will spur a rally in Solana's spot exchange-traded funds (ETFs).
Prediction #4: ethereum Won't Flip bitcoin in 2024, But It Will Still Outperform Major tech stocks. ethereum's market share will be challenged by other smart contract platforms.
—VanEck (@vaneck_us) December 7, 2023
Santiment attributes the decline in trading volume to FUD
Meanwhile, bitcoin trading volume has decreased by 12% and Santiment says traders fear the market may be in a bull trap right now. The on-chain behavior analysis tool attributes this to the current lack of momentum in bitcoin price action, even as ethereum continues to lead the altcoin community's advance.
Merchants fear that crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto Markets may be in a #trampadetoros at the moment. But while bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin may have stopped its momentum for the moment, ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum and #altcoins They are taking off once again. #FUD could boost $btc to $50 thousand if it increases. https://t.co/CjzkGxfzA1 pic.twitter.com/Y24qVpaBJ4
– Sentiment (@santimentfeed) December 7, 2023
However, Santiment indicates that it is the same fears, uncertainties and doubts (FUD) that could push the king of cryptocurrencies to the psychological level of $50,000.
Meanwhile, analysts note that bitcoin price has formed a bullish flag in the one-hour period, suggesting that it is preparing for a breakout.
bitcoin IS FORMING A SCOPE
PATTERNTHE GETAWAY IS COMING SOON!
WHAT IS YOUR NEXT GOAL? pic.twitter.com/DtEfJ0Wfes
– Ash crypto (@Ashcryptoreal) December 8, 2023
crypto Rover, a YouTuber, notes that the optimism in bitcoin price from a general perspective is attributed to institutions and not retail trading. This comes as $600,000,000 in bitcoin short liquidations sits around $44,500.
The institutions are clearly the ones who buy bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin now.
Retail interest has not returned at all.
So don't be fooled and stay focused.
– crypto Rover (@rovercrc) December 8, 2023
bitcoin Price Forecast as btc Momentum Fades
bitcoin price action remains broadly northward but faces strong opposition from the weekly supply barrier that extends from $40,698 to $46,999. However, the level to overcome is $43,860, which marks the midline or average threshold of the supply zone.
If bitcoin price manages to break and close above it in the weekly period, it would confirm the continuation of the northward movement. The next logical target for the popular cryptocurrency would then be the resistance level of $54,763, or in very bullish cases, extending until reaching the hurdle of $66,098. Such a measure would constitute a 50% increase above current levels.
Momentum indicators support the bullish outlook, with the Relative Strength Index (RSI) still heading north, suggesting momentum continues to rise. Similarly, the Awesome Oscillator (AO) remains in positive territory with pronounced green histogram bars showing the bulls showing dominance in the btc market.
Furthermore, the latest bitcoin price candle has broken above the upper band of the Bollinger indicator at $41,775. This suggests a possible price continuation to the north.
Conversely, a rejection of the supply barrier could send bitcoin price lower, potentially testing the center line of the Bollinger Band indicator at $31,121, or in the most severe case, decline to test the psychological level. of $30,000.
Meanwhile, with bitcoin price being a hot topic in the market, BTCETF, a bitcoin ETF-themed coin, is set to explode in the first quarter of 2024. Experts anticipate a 10x growth potential.
Promising alternative to bitcoin
BTCETF, which powers the bitcoin ETF Token project, is an investment opportunity worth your attention. It is still in pre-sale, selling for $0.0064, a price that will increase in less than two days.
Pre-sale sales are going fast and have an impressive figure of 3,079 million dollars out of a target goal of 3,403 million dollars.
Perspectives of @Fidelity Jurrien Timmer shed light on a potential #BitcoinETF approval.
Will it provoke a “sell the news” reaction or attract a new wave of interest?
What impact do you think #SECONDthe decision of a bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #ETF Will it have on market sentiment?
TO… pic.twitter.com/ZrUzEwYW2J
– BTCETF_Token (@BTCETF_Token) December 8, 2023
Introducing an innovative initiative aimed at transforming the crypto space, the bitcoin ETF Token project prepares for the imminent launch of btc spot ETFs. It stands out among other cryptocurrencies in the ecosystem and rewards token holders only for their ownership.
Presentation #BitcoinETFthe innovative initiative aimed at transforming the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto space, preparing for the imminent launch of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF.
Prepare for the revelation of unique mechanics and tactics that distinguish #BTCETF in the field of digital currencies. pic.twitter.com/I8VirfKZtt
– BTCETF_Token (@BTCETF_Token) December 7, 2023
This comes as the realization of btc ETFs appears assured as the US Securities and Exchange Commission (SEC) continues to engage with institutions. Grayscale CEO Michael Sonnenshein attested to this recently.
TO #BTCETF represents a cherished aspiration among bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin enthusiasts.
From the initial rumors to the formal presentation by @BlackRockthe realization of $btc ETFs seem assured.
Expected place #ETF could strengthen the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto market, possibly generating billions. pic.twitter.com/B1Ez5R94rd
– BTCETF_Token (@BTCETF_Token) December 6, 2023
Visit the bitcoin ETF Token website to purchase BTCETF in the pre-sale here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
Join our Telegram channel to stay up to date on breaking news coverage
