The year 2023 has been intense and sleep-deprived but did not turn into the nightmare that was 2022. While many altcoins dropped below their previous year’s lows, the market did not experience a psychological collapse akin to the FTX, LUNA, or 3AC era. Instead, there was a sense of hope, and those who were patient reaped the rewards in the last quarter. The question now is, what happens next?
The term “tomorrow” in the crypto context refers to short-term expectations beyond just 24 hours. As we approach 2024, investors maintain their hope, anticipating that the decisions made throughout the year will pay off in the upcoming “reward season,” signaling the start of a real crypto bull market.
Even during the toughest days of the bear market, including the day FTX collapsed, we suggested that bigger chaos was present in the crypto world. We also mentioned that downturns wouldn’t last forever and that those who took the right steps would embark on a rewarding journey from the bottom to the top. Investors, being human, have many reasons to hold onto this hopeful expectation.
Crypto analysts have their own predictions. Crypto Chase noted on social media that the short-term outlook in a 4-hour chart indicates a downtrend, with BTC potentially dropping to $40,500 in hours or days. However, he predicts a reversal with an ETF approval, expecting a rise to $46,000 within two weeks. WhalePanda also suggests a limited rise post-approval, followed by a pullback, with opinions divided between those expecting a continuous rise after the ETF news and those prepared for surprises.
Adam Back predicts a steady rise like a normal Bitcoin bull market, surpassing $70,000 by April-May and ending the year between $100,000-$120,000. Skew and CredibleCrypto pointed out the increase in offer liquidity at Coinbase towards the spot price, indicating livelier trading conditions. Lastly, Michael Poppe, founder and CEO of MN Trading, noted that the cumulative value of cryptocurrencies rose from $1 trillion to $1.62 trillion. He suggests potential consolidation around $1.85 trillion or $2.10 trillion, with Ethereum potentially outperforming Bitcoin in 2024.
As the crypto market navigates through uncertainties and predictions, investors are advised to enjoy the journey, with a cautious eye on potential peaks and consolidations, and to stay prepared for the dynamic nature of the crypto landscape.