The cryptocurrency market is buzzing with excitement as altcoins prepare to take flight, marking the next phase of the ongoing crypto bull run as per Negentropic, co-founders of Glassnode. After a period of consolidation following the Break-Up of the Rounding Bottom formation, the stage is set for acceleration, and crypto enthusiasts are eager to see altcoins shine.
In a recent video by The Fomo Factory, the crypto analyst shared insights into the 2024 crypto bull run, hinting at a shift towards altcoins. While Bitcoin has long been the star of the crypto world, the analyst believes that 2024 holds even more promise for the altcoin market.
Currently, Bitcoin is holding steady around the $42,000 mark, despite a recent dip triggered by ETF-related news. The analyst identifies a critical resistance zone ranging from $40,000 to $43,000, suggesting a potential period of sideways movement. They explore various scenarios, including the possibility of higher prices if Bitcoin breaks above this resistance or a dip to $37,000 if support is lost.
Altcoins are now in the spotlight, with Ethereum’s ETFs generating significant excitement and causing ripples throughout the broader cryptocurrency market. The overall market capitalization hovers between $1.5 trillion and $1.7 trillion, presenting both opportunities and challenges.
The expert recommends considering a strategic shift from Bitcoin to altcoins. They propose that converting Bitcoin into altcoins, rather than using traditional fiat currency, might offer more favorable opportunities, even if some altcoins have already seen substantial gains when measured in fiat currency. By evaluating altcoins against Bitcoin pairs, they demonstrate the potential for acquiring altcoins at more advantageous levels.
The analyst goes on to discuss specific altcoins and themes that have piqued their interest. AVAX and Beam have caught their radar, with AVAX witnessing a remarkable 2.5x increase in price, standing at $35.40 from its lowest point and Beam priced at $0.1022. IMX is highlighted as a safe coin with steady growth, boasting connections to over 200 games and price hovering at $2.05.
Forge and Quant are currently trading at $0.05877 and $117.96, respectively. These coins are mentioned as options that may not promise extraordinary returns, but they are regarded as secure investment choices.
As the crypto market continues to evolve, investors are keeping a close eye on these altcoins and themes, anticipating significant gains in the months ahead. With the potential for altcoins to outshine Bitcoin in 2024, crypto enthusiasts are preparing for an exciting and dynamic year in the world of digital assets.
Although Bitcoin continues to be a foundational element of the cryptocurrency market, the 2024 crypto bull run is anticipated to elevate altcoins to a more prominent position. Investors are gearing up to maximize their gains during this highly anticipated altcoin season through strategic planning and meticulous examination of individual altcoins.