Another Look at BTC & The Alts (Year's Closing)
Some days back, I predicted that BTC might end up correcting from the initial price it was, some days ago to around 38k to 40k range, and currently, it's just about 41k plus, and I still feel it might get to 40k to close the year. These corrections are expected, the parabolic run from 35k was quick and galloped quite unexpectedly, howbeit, without the alts experiencing a corresponding rise with it.
However, we saw the alts plummeting in price too, despite not experiencing that corresponding pump as well. It's what it is, isn't it? The alts are mostly that way and tend to have a definite time when they do their own run. It's good to be seeing these corrections these periods, I don't know if it'll happen in January too, but I feel that January might actually be better.
The reason is that January heralds the beginning of 2024, and we all know 2024 is a pre-bull year, or maybe something more than that, and it must just begin with some pumping. However, a lot of people still don't believe that 2024 will be a good year for BTC and crypto, especially if the spot ETFs don't happen. Well, I won't exactly disagree with this.
I believe the ETF saga is extremely tricky by all means. This is because we really do not know where the SEC stands in all these. We currently don't know their position, but eventually, I feel that they can only stall, and do nothing too drastic. Of course, the halving. It's good the halving will be happening, and while it might not really be significant, it's still going to be exciting to see how the market decides to react to it.
So irrespective of the outlook, 2023 is going to end well for BTC, and not so much for alts. For Hive, again, I can't exactly say. In the previous Market, the run was parabolic, quick, and acute, and not many people expected it to happen that way. So I don't exactly know how Hive's run will be simply because there are so many things that are predicted to be a bit dicey.
What most people can exactly do is predict what they think the cost of hive will be when the market peaks, but they might not be able to predict patterns and all that. This is to say that 60% of people are only particular about the price peak, simply by looking at the price of the last bull market and how it happened.
However, looking at that pattern is also worth it, as this might influence your behavior or actions. I haven't taken a lot at the market for a while, it's been a challenging road for me, but I'll keep looking at the price action of BTC, but I'm certain it'll not close below 38k.
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I wouldn’t mind if bitty did that, I would like a little more accumulation time! Lol. 38k or lower would be nice :D but alts would bleed a lot harder likely.
Yeah I agree that alts will bleed more to be very honest. Also, I don't think it'll go lower than 38k, although many people would fancy more time to accumulate
Omo it is just confusing, lol
Some people believe that BTC next year will reach a new ATH while some don’t think that way…
It's the wave of the bull run, predictions are always like that.
I feel that the crypto market does quite well and got out of the bear markets way better than before. While 2022 was a sad year, I think that in 2023 we have seen the light at the end of the tunnel. I hope and believe that 2024 will pleasantly surprise us.
Yeah, I also believe 2024 will surprise us like you've said. It's a long road here and there. But the latter part of 2023 has been good for crypto
Few days are left to the end of the year and we will see what the market is this time it will give us all a good profit in the coming time if we are patient and its closing also looks good this time.
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For me, 2024 becoming a better year for crypto than 2023 holds weight and seems promising. I think the uncertainty about the SEC and Bitcoin spot ETFs will become clear sooner and set a good precedent for a good if not great crypto performance next year.
From what we know, Gensler might have some moves up his sleeves, especially with the spot ETFs. However I think 2024 will be a good year for crypto judging by what 2023 has been
I think it's the natural cycle of things. BTC pumping will get people more into risk-on mode and we can expect the alts to move then. The ETF is probably going to be delayed because Gensler still has a say in things.
You're right, Gensler has a say in many things, but he can only delay some things so much, it won't last forever.
Wait and watch, there is much movement, very unsettled markets everywhere.
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@joanstewart(1/10) tipped @josediccus
I think we're in for a drop, but not less that $38K. It would be nice to have a nice run up to sixty, but I don't think we're quite there yet!