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The year 2024 will be significant from start to finish for the crypto sector. With only four months left until Bitcoin‘s next halving event, ecosystem data shows how miners are preparing for a potential shock in the system. Moreover, there are only a few days left for a possible approval in the process for spot Bitcoin ETF applications. So, what is expected in the upcoming period?
What’s Happening on the Bitcoin Front?
The new year started with the BTC/USD pair in a good range, and according to data from TradingView, markets showed an uptick towards the $43,000 level while the start of a new 12-month candle went almost unnoticed. Volatility could have easily changed the atmosphere at the year’s end, but as during the Christmas period, there was no significant continuation of a trend. Market participants analyzing how the first weeks of the year could unfold suggested that the ongoing lack of volatility might result in a breakout surrounding the ETF decision. Among these was popular investor and social media commentator Matthew Hyland.
Popular investor Crypto Tony, in part of his year-end analysis, stated the following:
“I imagine that we will create a symmetrical triangle in the next few weeks and break out from there.”
Crypto Tony added that, like other analysts, he sees altcoins now providing more focus than Bitcoin, as Bitcoin’s dominance in the crypto market has begun to wane.
Eyes Turned to ETF Approval
This month, there’s only one thing on every crypto investor’s mind: the US spot Bitcoin ETF approval date. This potentially significant event, which will conclude on January 10th, has been shadowed by debates for years. Surprises related to the matter continued until the new year, and the process leading up to the approval of spot ETF applications, from the reshaping of the industry to ongoing meetings with US regulators, is unlike any before.
There has been much tension leading up to the final application date. A common view is that the announcement could trigger a “sell the news” event, leading to an immediate drop in Bitcoin’s price as expectations about the unknown dissipate. For such a scenario, targets often fall to the $36,000 level, while many analysts see a much longer downtrend starting from this month. Among them is the famous trader Il Capo of Crypto, who still sees the $12,000 level as a realistic Bitcoin price level to aim for in the medium term.
The trading team Stockmoney Lizards, in part of their annual predictions published on December 31st, revealed that they expect pricing in the mid-$30,000s and a possible correction in the first quarter of 2024.
Stockmoney Lizards, which has adopted one of the more positive Bitcoin price perspectives in recent months, still sees a new all-time high coming before the end of 2025.
“We also took macroeconomic factors into account. However, this is not a bad thing for Bitcoin. More and more people see Bitcoin as digital gold and an inflation-resistant asset that is a store of value in bad economic times. Therefore, we do not believe that the current bull market will end soon.”
