Cryptocurrency Market Forecast 2024 These Digital Currencies Expected to Achieve New AllTime Highs by the End of the Year

Renowned crypto expert Santiago R Santos recently provided his market outlook for the remainder of 2024. Here is a concise summary of his key predictions:

1. Major cryptocurrencies (BTC, ETH, SOL) will reach all-time highs by the end of the year.
2. Tokens with significant unlocks will continue to underperform. This is because the funds unlocking these tokens are focused on surpassing their previous high watermarks, resulting in less price sensitivity.

Santos believes that Bitcoin, Ethereum, and Solana will experience substantial growth due to their strong fundamentals and increasing institutional interest.

In terms of Bitcoin, it is crucial for the cryptocurrency to maintain its position at $67,000 in order to reach $73,000 within the next five days. This will pave the way for further growth, potentially reaching $85,008, a 32.26% increase from its current level. BTC’s 14-day RSI indicates bearish sentiments, with a volatility of 2.35% and a Fear & Greed Index score of 63. The 50-day SMA and 200-day SMA are currently at $66,419 and $56,501, respectively.

Ethereum and Solana are expected to perform well during the upcoming altcoin season. ETH, currently trading at $3,497.86, could see a 2.56% growth to reach $3,616.83 in 30 days. Despite a recent 4.29% drop to $131.44, SOL is aiming for $150, a 15.88% increase.

Santos predicts that tokens with large unlocks will face challenges as selling pressure leads to price suppression and market instability. However, he advises investors to keep an eye on high-quality projects like Arbitrum for signs of stabilization. Increased inflows of stablecoins could indicate a bottom for altcoins and renewed investor confidence.

On the other hand, Santos foresees a comeback for Decentralized Finance (DeFi). He believes that original DeFi projects are gaining traction and could attract more interest, particularly with the integration of real-world assets (RWAs) and the potential impact of an ETH ETF.

The performance of the ETH ETF in 2024 will play a crucial role, according to Santos. Depending on investor interest and the macroeconomic environment, ETH’s status as a risky asset could either diminish or position it as a tech-focused investment. Santos believes that strong ETF inflows could lead ETH to reach new all-time highs by December.

What are your feelings about the market? Let us know.

Tags:
Altcoins
Bitcoin
Price Analysis