Bitcoin, Ethereum, and Solana All Hit New Highs Over the Holidays – Now, Here’s What to Expect in 2024…

TL;DR

What you missed between now and Dec 22 of final yr.

The 2023 P&L for 3 key cryptocurrencies.

Some predictions on the place we’re headed.

Full Story

We’re again baaaaby!

Hope you all loved your respective breaks.

We spent our holidays looking for moments of peace and stillness in between our feverish (borderline obsessive) refreshing of CoinMarketCap’s house web page – trigger, ICYMI:

Santa got here by way of for crypto holders this yr!

Which suggests there’s rather a lot to speak about – and with that in thoughts…

As a substitute of our standard 3 article format, immediately we’re serving up a fast hearth abstract of all the value motion you’ve missed over the vacation break, 2023’s revenue/loss report, and what lies forward in 2024.

Beginning with value motion.

Right here’s what you missed between now and Dec 22 of final yr:

Bitcoin went from $43.3k, peaked at $45.9k, and is at $45.3k on the time of this writing.

Ethereum went from $2.24k, peaked at $2.44k, and is at $2.36k on the time of this writing.

Solana went from $93.1, peaked at $125.1, and is at $110 on the time of this writing.

Which is neat and all – nevertheless it will get actually thrilling once you look again on the revenue/loss report of every coin/token, on a yearly time-frame…

This is the 2023 P&L for every of the above cryptocurrencies:

Bitcoin pulled a 2.25x (going from a low of $19.6k, to a excessive of $44.1k)

Ethereum 1.78x (going from a low of $1.37k, to a excessive of $2.44k)

Solana pulled a *watch for it* 9.35x (going from a low of $13.37, to a excessive of $125.1)

Even Ethereum’s “sluggish” 78% development in 2023 is spectacular, provided that a lot of the monetary world was satisfied we have been going to see a worldwide recession in ’23.

Proper. In order that’s the place we’ve been. Now – the place’re we headed?

We’d outline the general market sentiment as “quick time period bullish, mid time period bearish, long run bullish.”

A “bearish sandwich,” if you’ll.

Right here’s how that’s being figured:

Within the quick time period…

A spot Bitcoin ETF is anticipated to be permitted within the US between now and Jan 10.

An ETF would enable BTC to be traded through the inventory market and entice all kinds of latest funding {dollars} (rising demand for Bitcoin, whereas decreasing its provide).

Right here’s our patented ‘Low IQ Math’ on that:

ETF = in all probability good for BTC’s value.

Within the medium time period…

Most analysts we observe are nonetheless anticipating a recession to hit in some unspecified time in the future (even the optimistic ones). If/when that occurs, anticipate a broad crypto unload.

Our Low IQ Math on that? Recession = unhealthy.

In the long run…

Bitcoin tends to guide the crypto market – if BTC goes up, the remainder of the market usually follows.

And this yr, there’s a spicy new ‘value go up’ cocktail being brewed for Bitcoin.

(One that would considerably improve Bitcoin’s shortage and general demand).

The recipe goes like this:

In April, the Bitcoin halving is due – which suggests the quantity of latest BTC coming into the market every day can be reduce in half (decreasing provide).

Hopefully by that time there are a number of US-based spot BTC ETFs.

This can enable institutional asset managers, household places of work, and retirement funds that solely spend money on US based mostly equities (aka shares), to allocate a few of their portfolios to Bitcoin.

(Rising demand, whereas decreasing provide).

The Federal Reserve plans to decrease rates of interest over 2024, which suggests everybody’s mortgage & credit score repayments will price much less every month – giving of us extra disposable revenue, a few of which ought to stream into Bitcoin.

(Once more, rising demand, whereas decreasing provide).

Right here’s our Low IQ Math on that cocktail recipe:

Excellent news + unhealthy information + excellent news = internet excellent news for BTC (and the remainder of the crypto market).

Alright, these are the highlights!

Tomorrow we’ll be again with our usually scheduled 3 article programming.