Altcoins Expected to Follow Bitcoin’s Bullish Momentum
Brian Kelly, the CEO of BKCM LLC, a digital currency investment firm, has shared his insights on the future of cryptocurrencies in 2024. During an interview on CNBC’s Fast Money post-market chat show, Kelly stated that altcoins could potentially follow Bitcoin’s current upward trend. He based his predictions on historical data, noting that Ethereum has consistently followed Bitcoin’s trajectory during previous bullish phases. Kelly also mentioned specific altcoins like Solana as potential candidates for growth.
Furthermore, Kelly provided a timeline for the expected uptick in altcoins. He predicted that by early 2024, around January, altcoins would gain momentum and follow Bitcoin’s upward trajectory. This prediction is based on the anticipation surrounding the potential approval of Spot Bitcoin ETFs.
Kelly highlighted the excitement surrounding Spot Bitcoin ETFs as a major driver behind Bitcoin’s recent price surge. He also mentioned that factors such as the potential reduction of the Federal Reserve’s tightening cycle and economic challenges in regions like Europe and Japan create a favorable environment for the growth of digital assets.
Key Crypto Developments to Watch Out For in 2024
As Bitcoin approaches $60,000 and breaks through various price resistances, there are several significant events scheduled for 2024 that could lead to new all-time highs for cryptocurrencies, including altcoins.
One major event is the potential approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). The decision on this approval is set to be announced on January 10, 2024.
In addition, the Bitcoin halving event is expected to occur in April 2024. This event will result in a halving of Bitcoin mining rewards, making the cryptocurrency scarcer than gold for the first time in history. Experts, including Brian Kelly, believe that this halving could trigger a significant bull run for Bitcoin and other altcoins throughout the year.
Other events to watch out for in 2024 include the court case between Coinbase and the US SEC, as well as the SEC’s decision on Grayscale’s Ethereum Spot ETF application.
Hot Take: The Future of Altcoins
With Bitcoin’s price reaching new highs and altcoins expected to follow its bullish momentum, 2024 holds significant potential for the cryptocurrency market. As regulatory decisions regarding Spot Bitcoin ETFs and other key developments unfold, investors will closely monitor the market for opportunities. The halving event and ongoing court cases will also shape the future of cryptocurrencies. Overall, the crypto space is poised for an exciting and potentially transformative year ahead.
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