Rounding up all crypto enthusiasts – are you ready?!
Santiago R Santos, a well-known figure in the crypto world, recently shared his market outlook for the rest of 2024 – and it’s explosive! Will Bitcoin soar to new heights? Is an altcoin bloodbath on the horizon?
Dive in to see what Santos sees in the crystal ball, and get ready to adjust your crypto strategy!
My theses for the rest of 2024:
1. We end the year at ATHs for majors (BTC, ETH, SOL)
2. Tokens with big unlocks continue to underperform. Mostly because funds that are unlocking try to get back above high watermark from prior cycle so are less price sensitive (will take a 3-4x…
— Santiago R Santos | #9159 (@santiagoroel) June 21, 2024
Bitcoin, Ethereum, and Solana to Hit New Highs
Santos began on a positive note, forecasting that Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) will achieve new all-time highs by the end of 2024. He attributes this growth to their strong fundamentals and increasing institutional interest.
Bitcoin’s Path to Growth
Currently, Bitcoin needs to secure its position at $67,000 to reach $73,000 within the next five days. Achieving this would pave the way for a rise to $85,008, marking a 32.26% increase from its current level. BTC’s 14-day RSI is at 39.03, indicating bearish sentiments amidst 2.35% volatility and a Fear & Greed Index score of 63. The 50-day SMA and 200-day SMA are $66,419 and $56,501, respectively.
Altcoin Season Stars
Ethereum (ETH) and Solana (SOL) are poised for strong movements during the upcoming altcoin season. ETH, currently trading at $3,497.86, could grow 2.56% to $3,616.83 within 30 days. Despite a recent 4.29% drop to $131.44, SOL aims for $150, representing a 15.88% increase.
Challenges Ahead: Token Unlocks and Market Instability
Santos warns of challenges due to massive upcoming token unlocks, which he links to funds striving to surpass previous high watermarks. This could lead to large sell-offs, causing price suppression and market instability for these tokens. Investors should monitor high-quality S-tier projects like Arbitrum for signs of stabilization. Increased stablecoin inflows could indicate a bottom for altcoins, suggesting renewed investor confidence.
Santos sees a revival in Decentralized Finance (DeFi), noting that original DeFi projects are slowly gaining traction. He predicts increased interest, especially with the integration of real-world assets (RWAs) and the potential impact of an ETH ETF.
The Crucial Role of ETH ETF
Santos emphasizes the critical impact of the ETH ETF’s performance in 2024, outlining two potential scenarios.
Firstly, if investor interest wanes due to macroeconomic softening, ETH’s status as a risky asset could diminish. This scenario heavily depends on the broader economic environment and NVIDIA’s performance.
Conversely, strong ETF inflows could uniquely position ETH as a tech-focused investment, appealing to new investor classes. Santos believes this narrative shift could lead ETH to reach new all-time highs by December.
Feeling bullish or bearish? Let us know.
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