Bitget Released report predicting BTC, ETH, Doge and XRP prices for 2024 at the end of 2023 after a year of stagnant market situation. and started sending good signals during Q4 recently.
In the report, a total of 4 coins will be analyzed including: Bitcoin Ethereum Doge and XRP What are the details? Let’s see.
BTC predictions for the new year 2024
The market’s expectations for future upward movement are It depends on whether the Federal Reserve stops raising interest rates and the timing of rate cuts, approval of Bitcoin ETFs from institutions like BlackRock, Bitcoin Halving, and relaxation of regulations for market access.
Currently, data indicates that the Federal Reserve’s interest rate cut It may be delayed until September 2024, and the results of the Bitcoin ETF review are likely to be postponed until 2024 as well. In addition, there is also a Bitcoin Halving expected to occur in 2024. With the Litecoin Halving trend, it can be said that Bitcoin Halving has received only moderate interest.
A recent court decision directed the SEC to reconsider whether Grayscale’s GBTC should be converted into an ETF. BlackRock’s listing of the Bitcoin ETF (IBTC) on DTCC also gives the market confidence that regulatory conditions are in place. that is developing This increases the chances of Bitcoin ETF approval as well. However, it must be said that the market has been resting from a low price base for a long time. and has already tested the highest resistance level Due to false news regarding approval in the past
This time the market is likely to rebound. And market expectations are quite optimistic. With a policy regarding stable interest rates This caused the market to enter another uptrend and Bitcoin has already broken through the resistance level at $32,000. Price targets in the aforementioned uptrend include $36,000, $38,000, and $42,000, with support at $32,000.
However, it is undeniable that a new Black Swan event is still possible and could send Bitcoin back into the volatile $25,000 to $32,000 range.
ETH Predictions for New Year 2024
Bitcoin’s market share is currently at a two-year high of 51%, but Ethereum’s on-chain execution is at an all-time low. The daily gas fee is reduced to just one digit. It can be further said that the price of Ethereum is completely different from Bitcoin. It is at a weaker point and is ready to change based on Bitcoin’s fluctuations.
It is expected that this situation will improve with the upgrade of Kusama at the end of the year, which will also enhance the overall development of Layer-2 solutions. Ethereum has a chance to break above $2,100, with key levels to watch at $2,400 and $2,800. Support on the downside is around $1,500.
Doge Predictions for the New Year 2024
There aren’t many positive factors influencing Doge prices before the end of the year. And this token still has a high chance of its price falling as well.
In terms of news and developments, it can be said that Dogecoin has fewer factors affecting its price compared to other cryptocurrencies.
In terms of contract positions, it was found that the Long-to-Short Ratio (Long-to-Short Ratio) on Binance was 3.2589 and the Long-to-Short Ratio (Long-to-Short Ratio) for account positions was 1.0927, indicating belief. Bullish level confidence among traders
Both the trading volume and price of DOGE are in a downtrend. The token price is likely to return to its base level before any gains occur in 2023, so it is important to keep an eye on support around $0.566. Because if the token continues to fall below this level Selling pressure accumulated from previous levels may manifest itself. This will lead to prices falling even lower. However, considering the long-term downtrend, It is expected that the chances of an uptrend in Doge are quite low.
XRP predictions for the new year 2024
There are several positive factors influencing XRP price before the end of the year. And this token has a high chance of entering an uptrend as well.
Ripple announced that the US Securities and Exchange Commission (SEC) has dismissed all charges against the company’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The victory was the third consecutive win for Garlinghouse, Larsen and Ripple.
This comes after a July 2023 ruling declaring that “XRP tokens are not securities” and a subsequent decision by a US federal judge in October. It decided to dismiss the SEC’s appeal. In the near future, it seems that Ripple will not have any negative factors related to these legal issues.
In terms of contract positions, the Long-to-Short Ratio on Binance is 2.5894 and the Long-to-Short Ratio for account positions is 1.3357, which indicates confidence. Strong Bullish Level
It is important to monitor whether the token price can break through and stay above the $0.5 level. However, if the price stabilizes, It is expected that the price will break through the previous resistance zone around $0.54.
For during the downtrend The support to watch for is around the July and September lows of $0.46. If there is no specific catalyst for the move, the XRP token is likely to stay within the trading range. Continue to narrow by waiting for Bitcoin’s price to increase. Or are there any additional developments in the news?
After Bitget released this report, there are about 2 months left before the end of 2023. Let’s wait and see whether next year will be a year for Bull Run or not, or whether it will be Bear for another year.