Altcoins
all price scenarios for Bitcoin and Altcoins
In this article we will see some future predictions on the prices of the cryptocurrency market, with a particular focus on Bitcoin and altcoins such as Ethereum.
There are several factors that influence the possible scenarios between now and the end of 2024, but it seems that experts agree that there will be a generally bullish second half of the year. The bull run may not be over yet.
All the details below.
Trends that could influence future price predictions
According to the latest study by Ryan Lee, chief analyst of Bitget Research, cryptocurrency market forecasts will be influenced by multiple factors.
Both Bitcoin and altcoins are reeling in uncertainty, with the latest price trend appearing to be heading in this direction retracement but without excessive violence.
At this point it is likely that the forecasts on the evolution of prices by the end of the year depend on the outcome of the 3 very important events.
First of all, as Ryan Lee reminds us, the performance of the crypto sector is strongly influenced by macroeconomic dynamics at a global level.
If the Powered start a restrictive monetary policy easing with at least 1-2 cuts by the end of 2024 we could see a strong return of liquidity to the market.
This is because a policy of rate cuts would push US investors to seek risky assets, moving away from current high-yield bonds.
The first positive signs are already starting to be seen, with the US M3 money supply appearing to be returning to incorporate liquidity at a positive pace after a period of stoppage.
Source: https://fred.stlouisfed.org/series/OECDMABMM301IXOBSAM#
Another vector of possible market shocks in the cryptocurrency market concerns the upcoming result of the US presidential electionsscheduled for November.
Bitcoin and altcoin price predictions will be more optimistic than usual if Donald Trump becomes the 47th president of the United States.
Unlike Biden, in fact, the Republican is more favorable to the expansion of the cryptocurrency sector, so his victory could bring positive sentiment.
Recall that approximately 20% of the US population owns cryptocurrencies.
Finally, too the result of spot ETH ETFswhich could potentially land on Wall Street by July 4th, will be crucial to understanding the direction of the market.
If the inflow of capital into the new exchange-traded funds for ether reaches the same numbers recorded by Bitcoin, there could be a strong increase in prices.
The increase in institutional demand for Ethereum could even push towards a supply shock, also supporting the altcoin sector.
The market capitalization of the entire cryptocurrency industry and the dominance of Bitcoin
Before analyzing possible predictions for Bitcoin and altcoins, let’s focus on the state of the total capitalization of the cryptocurrency market.
At the moment the overall value of the crypto token industry is $2.21 trillionup 35% since the beginning of the year.
If we take the beginning of 2023 as a reference, growth rises to around 190%. Since March, however, it has lost 20% of its prices.
It is clear that after the 2024 shock, the market capitalization has recovered significantly, reaching the high zone without exceeding it.
According to Bitget Research forecasts, under the influence of the above-mentioned key factors, a market capitalization is expected to reach between $2.5 and $3.5 trillion by the end of the year.
This translates into a substantial increase in the prices of major market assets.
It is also worth noting how Bitcoin is growing dominance accompanied the increase in the capitalization of the crypto sector.
Since January 2023 this index has grown by approximately 29%, indicating a confluence of capital around the main currency. Over the same period, altcoins have lost ground to stablecoins, particularly Bitcoin.
From here on it is possible that dominance will continue to increase by the end of the year, but forecasts speak of a possible reversal.
A sharp decline in Bitcoin dominance combined with a stable BTC price situation could trigger a bullish altseason.
As a guideline, beware of the potential exceeding of the 50% threshold.
Crypto Analysis: Price Predictions for Bitcoin and Altcoins for the End of 2024
Having reached this point, let’s see what the price forecasts estimated by Bitget Research are for the end of 2024.
Considering the current trends and scenarios that could influence the cryptocurrency landscape, if there were no negative surprises, we would have positive price action in the coming months. The bullish phase is expected by the end of summer or the beginning of autumn, with an acceleration of the trend in the last months of the year.
In detail, forecasts for Bitcoin speak of a price range between 70,000 and 100,000 dollars. The breaking of historic highs it seems only a matter of time, with the asset remaining steadily above $60,000.
On the altcoin front, the tokens belonging to the Ethereum ecosystems and Solana they will have the opportunity to exploit the potential growth of their gas tokens.
Ethereum, being the second currency on the market, it is expected in a price range between $5,000 and $8,000. In such an environment, it could even outperform Bitcoin after a long period of underperformance.
It is also worth noting the possible attractiveness of memecoin in a situation of optimism on the cryptocurrency markets, which will probably be able to attract large capital again.
#BITCOIN REACH 100,000 BY THE END OF 2024?
Standard Chartered Bank stands by its April prediction that Bitcoin (BTC) will reach $100,000 by the end of 2024. A major factor in this prediction is the early approval of several US-based Bitcoin spot ETFs in the first … pic.twitter.com/TQefOBv1Ty
— The Wolf of All Roads (@scottmelker) November 28, 2023
Even the Bank of London Standard charter agrees that Bitcoin could reach the $100,000 mark by the end of the year.
The same financial institution also predicted a maximum price of $250,000 at the end of the bull phase in 2025.
On the altcoin front, more precisely on Ethereum, Standard Chartered is equally optimistic, aiming for a maximum price of $14,000 by the end of the year.
The trend of ETF listed on the ETH exchange will be crucial to the outcome of the ether market: all investors are currently waiting for the start of trading for these products.