The crypto industry ended 2023 on a positive note as market valuations recorded a significant upward trend. Additionally, the price of Bitcoin rose over 108% to the portfolio during this period, highlighting its increasing adoption in the market.
On the other hand, many altcoins have made investors many times richer through investment, indicating that investors’ interest in altcoins is increasing. Moreover, the market is patiently waiting for the upcoming alt season, which is predicted to play a major role in the cryptocurrency industry this year.
Overall, Bitcoin’s dominance has increased significantly over the past year, reaching 51.9% at the time of writing. A series of events are planned for this financial year, with the crypto industry entering a new phase and on the path to achieving new milestones.
After posting notable gains over the past year, market leader Bitcoin prices started the year on a neutral trend, trading sideways for a short period of time. Star Crypto recorded significant fluctuations after spot ETF approval, but the rally was short-lived as the market showed bearish influence.
BTC price ended the month with a +0.73% return. This indicates a weak price trend and further indicates that this is a neutral month for Bitcoin price. On a positive note, the next Bitcoin halving is scheduled to take place this year and is predicted to play a significant role in the industry given the current market sentiment.
With the upcoming halving, BTC price is expected to surpass its previous all-time high (ATH) of $69,186.30 recorded in November 2021.
Currently, the Bitcoin price is forming a bottom pattern, and has been trading since hitting a high. If the industry continues to follow this trend with favorable market sentiment, BTC price will experience a sharp rise during the third quarter, with prices in the range of around $58,000.
The technical indicator MACD shows a rising green histogram, indicating increasing buying and selling pressure in the market. Moreover, the average shows a bullish curve, suggesting that prices will continue to rise in the future.
On a positive note, the cross EMA 50/200 days has been acting as support for Bitcoin price for over 6 months, indicating a strong bullish influence for Bitcoin in the market. If the market continues to gain momentum and future events go in favor of the crypto industry, BTC price is predicted to reach the $100,000 level by the end of the year.
Altcoins have struggled to gain traction in the first months of this year, indicating a lack of investor interest. Additionally, altcoin leader Ethereum struggled to maintain its price above support levels, resulting in less than $65 (+5%) being added to the portfolio.
On the other hand, Ethereum coins have managed to form a symmetrical triangle pattern and have been trading for some time. Additionally, ETH price is hovering near resistance and on the verge of testing it, the outcome of which is unpredictable.
The Moving Average Convergence Divergence (MACD) shows a decrease in the green histogram, indicating an increase in selling pressure within the market. Furthermore, both the line and the trade are very close to each other, indicating that the average is likely to bearish convergence.
The main goal for Ethereum price is to return to the $3,500 level by the end of the year. Ethereum price is expected to experience large price movements in the coming days due to increased market volatility and the possibility of altcoin season coming soon.
Bull Run 2024 predictions:
Multiple factors play an important role in the momentum of a token’s price in the industry. Some factors influence industry price fluctuations on a large scale, while some factors are limited to specific categories or crypto tokens.
Key factors that are expected to play a significant role in shaping the future of the industry include the US presidential election and the long-term role of spot Bitcoin ETF trading in the market.
This year’s US presidential election is considered one of the most important events of the year, as it is predicted to play a major role in shaping the future of the financial system and have a major impact on the industry.
Following the Securities and Exchange Commission’s (SEC) approval of the Bitcoin Spot ETF, the value of the crypto industry rose significantly, with Ethereum Classic posting the highest percentage increase. From a long-term perspective, ETFs are said to influence Bitcoin price movements as the market rapidly adopts this new technology.
The cryptocurrency industry witnessed massive price movements during the last bull market and the market is expecting the same this time too. While both internal and external factors play an important role in price fluctuations, the market has recorded a large influx of both users and liquidity and an increase in the adoption process.
The Bitcoin price target is $100,000, giving a return of 112% considering the current BTC price ($47,130). Meanwhile, the main target for Ethereum price is $3,500, which could result in a 101% return by the end of the year if there is favorable sentiment in the industry.
This article is published for informational and educational purposes only. This article does not contain any trading or investment tips and does not promote any news. This industry is very volatile, so be sure to do your research before investing.