Bitcoin and Ethereum Price Analysis After BlackRock’s ETF News
After the news of BlackRock’s Bitcoin Spot ETF being listed on the DTCC, Gracy Chen, managing director of Bitget, shared her insights on the price outlook for Bitcoin and Ethereum. The announcement sparked a rally in the crypto market as investors positioned themselves for the next bull run.
Chen believes that several events in 2024 will be crucial for the crypto market to reach new all-time highs. These events include interest rate cuts by the FED, bitcoin halving, and the final SEC approval of the first bitcoin spot ETF.
In terms of price targets, Chen sees Bitcoin reaching $36,000 and $38,000 in the short term, with potential targets above $42,000. Ethereum could easily reach $2,100 if Bitcoin performs well in early 2024. However, a price collapse could take Ethereum towards $1,500.
The State of the Ethereum Blockchain in 2023
In 2023, the Ethereum blockchain experienced a phase of mass disinterest despite its expanding ecosystem. The daily transaction volume on-chain remained consistently low at $1-3 billion throughout the year. This is significantly lower than previous bull run peaks where it exceeded $15 billion.
Ethereum’s fees also remained relatively low over the past year. While this may be viewed negatively by daily users, it is an incentive for those who help secure the network and can boost the price of ETH.
Hot Take: The Future of Bitcoin and Ethereum
The news of BlackRock’s ETF listing has brought optimism to the crypto market and set the stage for a potential bull run in 2024. With upcoming events and positive price outlooks from experts like Gracy Chen, Bitcoin and Ethereum have the potential to reach new highs. However, it is important to monitor market movements and key support levels to ensure the current bullish structure remains intact. As the crypto market evolves, investors should stay informed and make strategic decisions based on the latest news and analysis.
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