In the last month of 2023, BTC displayed the expected performance, but as the annual closing approaches, it prefers to stay calm. ETH, on the other hand, achieved much more modest gains. Investors who caught the opportunity to gain dozens of times in many altcoins in 2023 are now eagerly waiting for the halving year. Moreover, 2024 starts with the excitement of a spot Bitcoin ETF.
Bitcoin (BTC) 2024 Price Target
Bitcoin sharply rose in 2023 from its lowest level in November 2022, which was $15,460. After BTC surpassed $17,000 following the announcement between AVAX and AWS, it fluctuated throughout the year but its direction was consistently upwards. BTC continued rapid resistance attacks until the December peak when it reached the $31,800 resistance level. Bulls unexpectedly overcame the $31,800 and $36,000 resistance levels.
However, the $44,700 level proved challenging for BTC, and after 8 weeks, it recorded its first red candle. The RSI is still strong and pointing upwards, indicating that targets above $48,000 remain relevant for the bulls.
If we do not see a drop below the 20-day moving average of $34,000, the $52,100 level could be tested in January. A rally beyond this would indicate the completion of the formation and then a move towards the new ATH target of $88,740 could begin.
Although bears will put up a strong defense at the last ATH region of $69,000, they have failed to hold in such movements in the past. In the opposite scenario, closures below $41,300 could lead to sales down to $38,079 and $34,000, and then to $32,000.
Ethereum (ETH) 2024 Price Target
ETH sharply rose from its lowest level in June 2022, which was $880, but investors still have not achieved satisfactory profits. While most altcoins have nearly tripled in price, ETH continues to linger around $2,200 despite the BlackRock ETF application. The volume fiasco of futures ETFs plays a significant role in this contrast.
Bulls are trying to keep the ETH price above $2,143, and a rising triangle pattern has formed. Its target is $3,406, and if the increase continues, levels between $4,000 and $4,868 could be tested in 2024. However, closures below $2,143 could trigger a pullback to $1,900, so panic sales would not be surprising.
