Markets
The best winners and losers of 2024
I gather all cryptocurrency enthusiasts: are you ready?!
Santiago R Santos, a well-known figure in the cryptocurrency world, recently shared its market outlook for the rest of 2024 – and it’s explosive! Will Bitcoin reach new heights? An altcoin bloodbath on the horizon?
Dive in to see what Santos sees in the crystal ball and get ready to adjust your crypto strategy!
Bitcoin, Ethereum and Solana will reach new highs
Santos started on a positive note, predicting that Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) will reach new all-time highs by the end of 2024. He attributes this growth to their strong fundamentals and growing institutional interest.
Bitcoin’s growth path
Currently, Bitcoin needs to secure its position at $67,000 to reach $73,000 within the next five days. Achieving this target would pave the way for a rise to $85,008, marking a 32.26% increase from the current level. BTC’s 14-day RSI is 39.03, indicating bearish sentiment amid volatility of 2.35% and a Fear & Greed Index Score of 63. The 50-day SMA and SMA 200 days are $66,419 and $56,501 respectively.
Stars of the Altcoin Season
Ethereum (ETH) e Solana (SOL) are poised for strong moves during the upcoming altcoin season. ETH, currently trading at $3,497.86, could rise 2.56% to $3,616.83 within 30 days. Despite a recent 4.29% decline to $131.44, SOL is targeting $150, up 15.88%.
Future challenges: token unlocking and market instability
Santos warns of challenges from the upcoming massive token unlock, which he links to funds looking to surpass previous highs. This could lead to large sell-offs, causing price suppression and market instability for these tokens. Investors should monitor high-quality S-tier projects like Arbitrum for signs of stabilization. Increasing stablecoin inflows could signal a bottom for altcoins, suggesting renewed investor confidence.
Santos sees a resurgence in decentralized finance (DeFi), noting that original DeFi projects are slowly gaining traction. He expects interest to increase, especially with the integration of real-world assets (RWA) and the potential impact of an ETH ETF.
The crucial role of the ETH ETF
Santos highlights the critical impact of ETH ETF performance in 2024, outlining two potential scenarios.
First, if investor interest wanes due to macroeconomic weakening, ETH’s status as a risky asset could decline. This scenario is highly dependent on the broader economic environment and NVIDIA’s performance.
Conversely, strong ETF inflows could uniquely position ETH as a technology-focused investment, attracting new classes of investors. Santos believes this narrative shift could lead ETH to reach new all-time highs by December.
Read also: Bloodbath in the Cryptocurrency Market: Are THESE Altcoins Doomed?
Are you feeling bullish or bearish? Let us know.