Despite the different forecasts, there is a consensus that the largest cryptocurrency will reach new highs in the next 12 months.
This has led numerous analysts to reaffirm or improve their forecasts for 2024, a year that looks historic for cryptocurrencies.
Cryptocurrencies continue with good performance in the last session of this week before Christmas with Bitcoin (BTC) cutting positions moderately to position themselves around the US$43,670. For its part, Ethereum (ETH) registers an increase of 3% in the last 24 hours and is approaching US$2,300, a level that it briefly exceeded yesterday.
The main ‘altcoins’ also show a marked upward trend this Friday. For example, Solana (SOL) appears strong and exceeds US$93, increasing 8% in the last 24 hours. XRP, which had lost its position as the fifth largest cryptocurrency to SOL, is up just over 1%, as are cardano (ADA) and dogecoin (DOGE). On the other hand, polkadot (DOT), chainlink (LINK) and polygon (MATIC) exhibit increases ranging between 4% and 8%.
Investor optimism is rampant. The latest news suggests that approval of spot exchange-traded funds (ETFs) is almost certain, and could even be sooner than expected: January 5, 2024. Although the deadline for approval of these investment products by the Securities and Exchange Commission (SEC) is January 10, lExperts believe that they will all be approved simultaneously to avoid giving competitive advantages to certain companies over others..
This has led numerous analysts to reaffirm or improve their forecasts for 2024, a year that looks historic for cryptocurrencies. QCP Capital, for example, projects that bitcoin will reach $160,000 by the end of 2024, a figure slightly higher than that estimated by Standard Chartered or Michael Novogratz, CEO of Galaxy Digital.
Despite the different final figures, there is a consensus that the cryptocurrency will reach new highs in the next 12 months.
Bitcoin: the enthusiasm for ETFs
However, this does not guarantee a smooth road. According to QCP Capital, prices could fall in the short term as investors could look to take profits at this time. “There is a risk of a possible price correction, as short-term bitcoin holders are experiencing high unrealized profit margins, something that has historically preceded price corrections,” the analysts warn.
In terms of business news, it is notable that Coinbase managed to obtain a relevant regulatory license to operate as a virtual asset service provider (VASP) in France. This registration in the neighboring country supports the commitment of the company led by Brian Armstrong to the European market, considered one of its preferred markets after the approval in April of the MiCA regulations, which provided “regulatory clarity and generated confidence in the crypto industry to invest in the region.”
Source: Ambito
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