Anticipating Altcoins’ Response to Bitcoin’s Surge
With Bitcoin’s recent price reaching a high of $44,000, the crypto community is eagerly awaiting the events that may steer or impact this bullish phase. Renowned crypto investor Brian Kelly has shared insights into potential events that could unfold in 2024, particularly as Bitcoin continues to surge.
Altcoins to Trail Bitcoin’s Momentum
Brian Kelly, CEO of BKCM LLC, an esteemed digital currency investment firm, highlighted the prospective trajectory of cryptocurrencies for the forthcoming year. In an exclusive interview on CNBC’s Fast Money post-market chat show, Kelly highlighted the likelihood of altcoins mirroring Bitcoin’s ongoing upward trajectory.
He referenced historical patterns, drawing parallels to Ethereum’s consistent rise following Bitcoin’s bullish phases. Kelly emphasized his belief that altcoins, including cryptocurrencies like Solana, which currently trades at $63.44, could follow suit.
His optimistic outlook suggested a correlation between Bitcoin’s trajectory and the subsequent movement of altcoins. He pinpointed early 2024, approximately January, as the timeline for altcoins to align with Bitcoin’s upward trend, particularly hinging on the speculated approval of Spot Bitcoin ETFs.
Kelly attributed Bitcoin’s recent price surge partly to the anticipation surrounding the potential approval of Spot Bitcoin ETFs. He also cited factors such as the anticipated reduction in the Federal Reserve’s tightening measures and economic challenges faced by regions like Europe and major countries like Japan, suggesting a conducive environment for digital asset growth.
Key Crypto Milestones to Watch in 2024
As Bitcoin inches closer to the $60,000 mark and breaks multiple resistance levels, the crypto sphere braces for significant events in 2024 that could potentially drive both Bitcoin and altcoins to new heights.
Foremost among these is the pending decision on the approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). The decision is slated for January 10, 2024, marking a pivotal moment for the crypto landscape.
Another critical event on the horizon is the anticipated Bitcoin halving event projected to occur by April 2024. This event will halve Bitcoin mining rewards, rendering the cryptocurrency scarcer than gold for the first time in history. Experts like Brian Kelly foresee this halving as a potential catalyst for a significant bull run that could permeate throughout the year, impacting both BTC and altcoins.
Further events slated for 2024 include significant legal motions such as the oral arguments in the Coinbase versus US SEC court case and the SEC’s decision regarding Grayscale’s Ethereum Spot ETF application. These events are poised to influence the crypto market’s direction and shape the landscape in the year ahead.