Analyst Predicts Altcoins Will Outperform Bitcoin in 2024
Crypto analyst Jason Pizzino believes that altcoins will outshine Bitcoin (BTC) this year due to two major upcoming events: the Bitcoin halving and the US presidential election. Pizzino suggests that the halving, scheduled for April 18th, could temporarily pause any ongoing market correction. However, he believes that the election could have an even greater impact on the crypto space.
Pizzino points out that historical data shows that markets tend to become highly volatile during elections, with significant price movements occurring a month or two before or during the election period. He advises crypto investors to stay alert in the third quarter of 2024.
In terms of short-term predictions, Pizzino expects Bitcoin to correct to around $37,000. At the time of writing, BTC is trading at $39,922 and has experienced a 3% decline in the past 24 hours.
While Pizzino believes that both BTC and Ethereum (ETH) will see gains this year, he anticipates that altcoins will outperform these top two cryptocurrencies during the later stages of the bull market cycle.
Hot Take: Altcoins Set to Shine in 2024 Crypto Market
Analyst Jason Pizzino predicts that altcoins will surpass Bitcoin in performance this year as two major events unfold: the Bitcoin halving and the US presidential election. Pizzino argues that while the halving may temporarily halt any ongoing market correction, it is the election that holds even greater potential for the crypto space. Drawing from historical data, he suggests that markets tend to go “ballistic” during elections, with significant price movements occurring in the months leading up to or during this period. As such, Pizzino advises crypto investors to remain vigilant in the third quarter of 2024. While Bitcoin and Ethereum are expected to see gains, Pizzino believes that altcoins will offer even greater opportunities during the later stages of the bull market.
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