Bitcoin and Ethereum have been dominating the crypto world, although there have been highs and lows facing both coins, the two coins have greatly impacted the financial industry. In November 2021 Ethereum marked its all-time high of $4.8k while Bitcoin marked its all-time high of $68.7k. These are the highest prices both coins have ever reached, but things are about to change in 2024.
The latest analysis from different crypto guru analysts suggests that 2024 will be a great year for Bitcoin and Ethereum. Bitcoin will be facing a halving will the SEC is anticipated to approve Bitcoin spot ETF which will generally escalate BTC price higher. On the other hand, JP Morgan analyst Nikolaos Panigirtzoglou said that Ethereum will re-assert itself and recapture the market shares within the crypto ecosystem.
Following last year’s disaster crypto industry, in 2023 has witnessed some of better status. Although the year was faced with lawsuits and scandals, some of the assets are slowly regaining their momentum and analysts believe that 2024 will be a great starting year. Let’s look at the overview of both coins.
Bitcoin Overview
Bitcoin managed to capture the attention of investors and individuals late this year after reaching $45k. Although this growth did not last for long, there was certainty that Bitcoin had started to gain a bullish momentum. This week the crypto market started with some resilience, although Bitcoin was strong losing only 1.8% of its price after reaching $41.4k from $43k which was marked early Monday. Currently, Bitcoin has surpassed its resistance of $43.1k and heightened to reach $44.1. Moreover, analysts suggest the BTC might face resistance again at $44.5k and manage to break out at $44.8k. Additionally, for Bitcoin to reach $50k, analysts believe it must $30k level by the end of 2023.
Ethereum Overview
2023 has not been a great year for Ether, it has recorded an 87.9% to-date increase in price. It has underperformed Bitcoin while other smart contract peer groups like AVAX and SOL are marking impressive market moves. Moreover, Ether is showing a bearish market with a key support level at $2.2k, although analysts suggest that there will be a bullish breakout at $2.5k. At the time of writing, Ether was at $2,263 with an increase of 1.9%.
Closing Thoughts
Bitcoin and Ethereum are set to perform well in 2024. There are a series of events that ascertain this, for instance, the halving and ETF approval by the SEC suggest that Bitcoin price might reach $100k as Standard Chartered Bank had predicted early this year. Bitcoin spot ETF will increase the cash flow in the crypto industry, moreover, the halving of Bitcoin will increase demand for Bitcoin and through ETFs the price of Bitcoin will still be high.
On the other hand, Ethereum’s main catalyst EIP-4844 upgrade which is set to happen during the first quarter of 2024. Additionally, the SEC if they move forward with ETH spot ETF approval will enhance the price. This regulatory approval in the U.S. market will support the token valuation.