Bitget, a prominent cryptocurrency exchange and digital asset trading platform, recently unveiled its forecasts for major cryptocurrencies in 2024. The company anticipates a positive trajectory for Bitcoin, Ether, and XRP, though it warns of potential challenges for DOGE.
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Bitget has stated that the Bitcoin market’s expectations for future upward movement primarily hinge on the following factors:
- The Federal Reserve’s decision to halt interest rate hikes and the timing of rate cuts.
- The approval of Bitcoin ETFs by institutions such as BlackRock.
- The Bitcoin halving.
- Regulatory easing to increase market access.
“Currently, data indicates that the Federal Reserve’s rate cut may be delayed until September 2024, and the review results for Bitcoin ETFs are likely to be postponed until 2024. The Bitcoin halving is expected in 2024, and judging from the Litecoin halving hype, it’s generating moderate interest,” Bitget explained.
Bitget further noted that a recent court ruling mandates the US SEC to reconsider Grayscale’s Bitcoin Trust conversion to an ETF. The listing of BlackRock’s Bitcoin ETF on the Depository Trust & Clearing Corporation (DTCC) has led to increased market belief that regulatory conditions are improving, increasing the likelihood of approval for Bitcoin ETFs.
In addition, the firm highlighted that the market has been consolidating at lower levels for a long time, but there is now a demand for a rebound. Bitget stressed that interest rate policies are stabilizing, and the market is expecting an upward breakthrough.
“Upward targets include $36,000, $38,000, and $42,000, with support at $32,000. However, it’s not ruled out that a new black swan event could cause Bitcoin to return to a range of $25,000 to $32,000 in volatility,” the exchange concluded.
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Bitget highlighted that Bitcoin’s market share has reached a two-year high at 51%, while Ethereum’s on-chain activity is at historic lows with daily Gas fees dropping to single digits. The exchange pointed out that Ethereum’s price has been in a weaker position than Bitcoin, primarily following Bitcoin’s volatility.
However, Bitget still expects the Kusama upgrade at the end of the year to improve the development of Layer 2 solutions, which could lead to a price increase for Ethereum in early 2024.
The exchange noted that key levels to monitor for ETH are $2,400 and $2,800, with support levels around $1,500.
According to the exchange, the likelihood of an upward trend in Ripple’s price is driven by several positive factors.
Notably, the US SEC dropped all charges against Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen. This marks their third consecutive legal victory, following the July 2023 ruling that deemed “XRP itself is not a security” and the October federal judge’s decision to dismiss the SEC’s appeal request.
“In terms of contract positions, Binance’s long-to-short ratio is 2.5894, and the long-to-short ratio of account positions is 1.3357, indicating strong bullish sentiment. It’s crucial to monitor whether the price can break through and hold above the 0.5u level. Once it stabilizes, there’s potential to break through the prior resistance zone around 0.54u,” the firm added.
Bitget, however, noted that support levels to watch are around the lows from July and September, near 0.46u. If there are no specific news catalysts, the cryptocurrency may remain in a narrow trading range, awaiting potential upward moves in Bitcoin or further developments in the news.
According to Bitget’s forecast, there is a high probability of Dogecoin price decline before the end of the year, as there are few positive factors influencing the price. In comparison to other cryptocurrencies, Dogecoin has fewer positive news and development catalysts.
However, the exchange emphasized that Binance’s long-to-short ratio of 3.2589 and the long-to-short ratio of account positions at 1.0927 suggest a bullish sentiment among traders.
Accordingly, Bitget noted that DOGE has experienced a decrease in both trading volume and price, fully retracing its 2023 gains.
“DOGE has experienced a decrease in both trading volume and price, fully retracing its 2023 gains. Monitoring the critical price support at $0.566 is crucial, as a breach could trigger accumulated selling pressure from earlier levels, potentially resulting in additional declines. Given the sustained long-term downtrend, the probability of an upward trend is relatively low,” the firm stated.
What is Bitget?
Established in 2018, Bitget is a cryptocurrency exchange platform that enables users to buy, sell, hold, and earn cryptocurrencies. Bitget supports over 500 altcoins, including Bitcoin and Ethereum. It offers a variety of services, including futures trading, copy trading, and smart trading tools.
In May, the Bitcoin, Beer, and Bitstories, co-presented by Bitget, centered on crypto trading strategies. The panel delved into the present state of the crypto industry, affirming its resilience despite the bear market. Discussion points included factors influencing trading and investment strategies, such as policy impacts, the role of institutions in fund flows, and the significance of risk mitigation.
This article is published on BitPinas: Crypto Exchange Bitget: 2024 Forecast for BTC, ETH, DOGE, XRP
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