Almost since its inception, the crypto market has been marked by its significant and often sudden price movements. Various cryptocurrencies have surged by several thousands of percent in mere months before tumbling close to $0 just as fast.
Last year, 2022, saw what has largely been termed the “crypto winter” and significant price drops across the industry – both for giants like Bitcoin (BTC) and the smallest altcoins. This year weaved an opposite story, with most cryptocurrencies – large and small – experiencing significant price increases.
Now, with 2024 fast approaching, many investors and traders are wondering what the new year might bring for the ever-shifting industry and whether the current bullish trend is likely to continue.
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Will Bitcoin reach $100K in 2024?
Multiple bull markets – and even some bear markets – have brought predictions that BTC is about to reach a value of $100,000. In fact, as recently as November 27, the British Standard Chartered Bank unveiled its own prediction that the world’s largest cryptocurrency will indeed reach $100,000 in 2024.
It is, however, important to note that the bank has been rather bullish on Bitcoin for a long time and has already predicted $100,000 BTC in 2024 in April and $50,000 BTC before the end of 2023 this summer.
Indeed, Bitcoin has several things going for it right now. There has been a wide consensus that the approval of the first-ever U.S. spot BTC exchange-traded fund (ETF) is already a “done deal” and right around the corner. Additionally, the next Bitcoin halving is expected in approximately 120 days from the time of publication.
Some, like the renowned cryptocurrency analyst Michaël van de Poppe who expressed the opinion in a recent X post, are forecasting that Bitcoin will perform strongly even without the ETF and before the halving. According to van de Poppe, it is likely that Bitcoin will soon climb to between $40,000 and $45,000.
Where will Ethereum stand in 2024?
When discussing Ethereum (ETH), Michaël van de Poppe also expressed his belief that it will rise significantly in 2024. As per the analyst, prudent traders will try to buy ETH should it fall close to $1,800 and $1,900, as the cryptocurrency is likely to start rising up to between $3,100 and $3,600 following such an event.
A breakout and a push to significantly greater values than seen in 2023 is likely in 2024. Ethereum has been performing well recently, surging 14.30% in the last 30 days. It has also been steadily rising throughout the year and is about 71.06% in the green since January 1.
Will 2024 be a good year for altcoins?
Given the current upward trend – and the overall bullish analyst forecast – it isn’t particularly surprising that many believe that 2024 will be a strong year for altcoins. This opinion was, for example, recently expressed by a pseudonymous crypto expert known as Moustache on X.
Moustache notes that, many altcoins could rise 30-100 times throughout the new year. Some altcoins have already seen major surges in the current rally. Bonk (BONK), having at one point risen more than 2,000% within only 30 days, serves as a great reminder that altcoins and meme coins still have the potential to grow rapidly – but also that they remain relatively unstable investments given that its rally has since mostly ended.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.