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Time is running out, and we are moving from the busy agenda of 2023 to the sleepless days of 2024. As the year ends, the excitement over ETFs seems to slow down time, and some investors claim it has been December for two months. There’s no need to worry; we will have entered the new year by Monday, and in 10 days, the final decision for ETFs will be announced. So, what are the expectations for BTC and ETH during this process?
Bitcoin (BTC) Price Prediction
Throughout December, BTC largely maintained its gains, indicating investors’ willingness to buy the dips. Indeed, last week’s CoinShares data shows that Bitcoin funds experienced an inflow of $87.6 million for the week ending December 22. This suggests that appetite continues on both centralized exchanges and the institutional front.
Since there were no significant upsetting developments on the macro front, the general consensus was that there would be increases in altcoins this week. And that is what is happening.
Bitcoin is lingering between the 20-day exponential moving average ($42,513) and the resistance level of $44,700. We have mentioned the importance of these two key regions many times before. If the breakout happens upwards as expected, a rally towards $49,178 could extend.
Indeed, the news flow is convincing investors that the direction is upwards. On the contrary, closures below $44,022 could accelerate sales towards $37,980 and $35,200.
Ethereum (ETH) Price Prediction
The anticipated rise in ETH should now begin. A few hours ago, we mentioned the possibility of an upward breakout in the ETHBTC pair. If this happens, the price will need to exceed $3,100. It is likely that the liquidity shifting to altcoins will eventually turn more towards Ether. There are several important signs, from negative inflation to increasing network activity.
Bulls maintaining the $2,200 level for ETH is a good sign, similar to BTC. Strong purchases on December 27th moved the price above the descending channel. If bulls can maintain the price above the channel, a rally above $2,403 is likely.
Conversely, if support is lost, a continuation of sales towards $1,900 and $1,750 is expected. These are the expected dual scenarios for the two major cryptocurrencies by the end of the year.
