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Top Winners and Losers of 2024
Bringing all crypto enthusiasts together – are you ready?!
Santiago R Santos, a well-known figure in the crypto world, recently shared its market prospects for the rest of 2024 – and they are explosive! Will Bitcoin reach new heights? Is an altcoin bloodbath on the horizon?
Dive in to see what Santos sees in the crystal ball and get ready to fine-tune your crypto strategy!
Bitcoin, Ethereum and Solana will reach new highs
Santos started on a positive note, predicting that Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) will reach new highs by the end of 2024. He attributes this growth to their strong fundamentals and growing institutional interest.
Bitcoin’s Path to Growth
At the moment, Bitcoin needs to secure its position at $67,000 to reach $73,000 in the next five days. Achieving this would pave the way for a rise to $85,008, marking a 32.26% increase from its current level. BTC’s 14-day RSI is at 39.03, indicating bearish sentiments amid 2.35% volatility and a Fear & Greed Index score of 63. The 50-day SMA and 200-day SMA are at US$66,419 and US$56,501, respectively.
Stars of the Altcoin Season
Ethereum (ETH) and Solana (SOL) are poised for strong moves during the upcoming altcoin season. ETH, currently trading at $3,497.86, could grow 2.56% to $3,616.83 in 30 days. Despite a recent 4.29% drop to $131.44, SOL is targeting $150, representing a 15.88% increase.
Future challenges: token unlocking and market instability
Santos warns of challenges due to massive upcoming token unlocks, which he links to funds striving to surpass previous high-water marks. This could lead to massive sell-offs, causing price suppression and market instability for these tokens. Investors should monitor high-quality S-tier projects like Arbitrum for signs of stabilization. Rising stablecoin flows could indicate a bottom for altcoins, suggesting renewed investor confidence.
Santos sees a renaissance in decentralized finance (DeFi), noting that original DeFi projects are slowly gaining traction. He foresees increased interest, especially with the integration of real-world assets (RWAs) and the potential impact of an ETH ETF.
The crucial role of the ETH ETF
Santos emphasizes the critical impact of the ETH ETF’s performance in 2024, outlining two potential scenarios.
Firstly, if investor interest wanes due to the macroeconomic slowdown, ETH’s status as a risky asset could decline. This scenario depends heavily on the broader economic environment and NVIDIA’s performance.
On the other hand, strong ETF inflows could uniquely position ETH as a technology-focused investment, attracting new classes of investors. Santos believes this narrative shift could see ETH reach new highs by December.
Read too: Crypto Market Bloodbath: Are These Altcoins Doomed?
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