Forecast for Crypto Market Leading Gainers Losers in 2024
Article Highlights
Crypto analyst Santiago R Santos predicts that Bitcoin, Ethereum, and Solana will reach new all-time highs by the end of 2024 due to strong fundamentals and increasing institutional interest. However, some altcoins may face short-term volatility due to token unlocks and selling pressure. Santos also expects a revival in the decentralized finance (DeFi) sector, driven by interest in original DeFi projects and the potential impact of an Ethereum (ETH) exchange-traded fund (ETF). Overall, Santos’ market outlook for the rest of 2024 is optimistic, but investors should be prepared for potential challenges and fluctuations in the market.
Rewritten Article:
Get ready for a thrilling ride in the crypto world! Santiago R Santos, a prominent figure in the industry, has shared his explosive market outlook for the remainder of 2024. Will Bitcoin reach new heights? Are altcoins in for a bloodbath? Let’s take a look at Santos’ predictions and prepare our crypto strategies accordingly.
Santos’ Theses for the Rest of 2024:
1. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) will end the year at all-time highs.
2. Tokens with significant unlocks may underperform due to funds trying to surpass previous high watermarks. These funds are less sensitive to price and may take a 3-4x return.
Bitcoin, Ethereum, and Solana Set to Soar:
Santos starts on a positive note by forecasting that Bitcoin, Ethereum, and Solana will achieve new all-time highs by the end of 2024. He attributes this growth to their strong fundamentals and the increasing interest from institutional investors.
Bitcoin’s Path to Growth:
Currently, Bitcoin needs to hold its position at $67,000 in order to reach $73,000 within the next five days. If this is achieved, it could pave the way for a rise to $85,008, marking a 32.26% increase from its current level. The 14-day RSI for BTC is at 39.03, indicating bearish sentiments amidst 2.35% volatility and a Fear & Greed Index score of 63. The 50-day and 200-day simple moving averages (SMA) for Bitcoin are $66,419 and $56,501, respectively.
Altcoin Season Stars:
During the upcoming altcoin season, Ethereum (ETH) and Solana (SOL) are expected to make strong movements. ETH, currently trading at $3,497.86, could experience a 2.56% growth to $3,616.83 within 30 days. Although SOL recently dropped by 4.29% to $131.44, it aims to reach $150, representing a 15.88% increase.
Challenges Ahead: Token Unlocks and Market Instability:
Santos cautions about challenges related to upcoming token unlocks, which could lead to large sell-offs and market instability. These token unlocks are linked to funds striving to surpass previous high watermarks. Investors should keep an eye on high-quality projects like Arbitrum for signs of stabilization. Increased inflows of stablecoins may indicate a bottom for altcoins, signaling renewed investor confidence.
DeFi Revival and the Crucial Role of ETH ETF:
Santos predicts a revival in the decentralized finance (DeFi) sector, particularly with original DeFi projects gaining traction. He also highlights the potential impact of an Ethereum exchange-traded fund (ETF) and the integration of real-world assets (RWAs). The performance of the ETH ETF in 2024 will play a crucial role in shaping the market. If investor interest wanes due to macroeconomic softening, ETH’s status as a risky asset could diminish. On the other hand, strong ETF inflows could position ETH as a tech-focused investment, attracting new investor classes. Santos believes this narrative shift could propel ETH to new all-time highs by December.
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