Ran Neuner, a well-known cryptocurrency analyst, recently suggested via the Crypto Banter platform that the altcoin market could experience a revival in the coming weeks. Highlighting Bitcoin‘s exceptional September performance, which saw nearly double-digit gains, Neuner believes this sets the stage for a notable upswing in Bitcoin during the final months of 2024.
What Boosted Bitcoin’s September Gains?
One key factor contributing to Bitcoin’s impressive September was its robust activity in the Chinese market. Neuner pointed out that a major Chinese exchange reported a 20% increase last week. China’s influential role in the cryptocurrency sector, coupled with Hong Kong’s favorable regulatory stance toward cryptocurrencies and government evaluations of Bitcoin ETFs, could result in substantial capital inflows.
How Might Bitcoin’s Rise Impact Altcoins?
Bitcoin’s upward trajectory is expected to have a beneficial ripple effect on the altcoin market. Neuner predicts significant movements for altcoins such as XRP, Solana, Near, and Injective. He noted that XRP has broken away from its long-term downward trend and may enter an upward phase if market conditions remain favorable.
Concrete insights from Neuner’s analysis include:
- Bitcoin’s strong performance in China suggests robust global demand.
- Altcoins like XRP could see significant gains if the current trends persist.
- Positive regulatory changes in Asia may attract more investors.
Neuner anticipates that the last quarter of 2024 could see Bitcoin reaching new highs, potentially benefiting the broader altcoin market. If Bitcoin receives sustained support and global economic conditions remain conducive, the cryptocurrency sector might witness continued growth. Neuner’s insights suggest that investors may find valuable opportunities in the near future, driven by potential significant movements in both Bitcoin and altcoins.
