Analyst Jason Pizzino Predicts Altcoins Surpassing Bitcoin in 2024 Amid Anticipation of Key Events
Renowned crypto analyst Jason Pizzino has shared insights suggesting that altcoins could take center stage and potentially outshine Bitcoin (BTC) in the coming year. Pizzino points to two major catalysts that could drive significant market movements: the Bitcoin halving and the upcoming US presidential election.
Upcoming Bitcoin Halving
In a recent YouTube video, Pizzino highlights the potential impact of the Bitcoin halving, scheduled for April 18th. He suggests that this event could act as a pause button for the ongoing market correction.
However, he places even greater emphasis on the US presidential election as a potential game-changer for the crypto space.
Drawing from historical patterns, Pizzino notes that previous elections have triggered significant market rallies, either a month or two before the event or during the election period itself. He advises investors to stay alert as the crypto markets enter the third quarter of 2024.
Short-Term Correction for Bitcoin
While Pizzino anticipates a short-term correction for Bitcoin, projecting a dip to around $37,000, he remains optimistic about the overall trajectory. As of now, Bitcoin is trading at $38,603, experiencing daily losses of less than 5.91% and a weekly decline of over 9.4%.
Looking ahead, Pizzino foresees both Bitcoin and Ethereum (ETH) gaining momentum in the current year. However, he goes a step further, predicting that altcoins will surpass the top two cryptocurrencies later in the bull market cycle.
As the crypto community eagerly awaits these anticipated events, the coming months promise to be dynamic and potentially transformative for the entire digital asset landscape.
What’s Causing the Bitcoin Price Crash?
CryptoQuant CEO Weighs In
Story Highlights
Bitcoin price dip not mainly caused by GBTC selling, but by activity in the derivative market.
Grayscale faces challenges like low trading volume, outflows, and FTX selloff, impacting market stability.
Despite concerns, a recent price recovery signals cautious optimism for Bitcoin's future path.
Recent weeks have seen a whirlwind of events in the world of Bitcoin and the broader crypto market. From the excitement of spot Bitcoin ETFs entering the US market to a subsequent cooling off of prices and the emergence of the Golden Cross, uncertainty now looms over the fate of the top cryptocurrency.
Let’s dive in deeper to understand the market’s complex state.
Expert Insights into Market Dynamics
Amidst the recent downturn in Bitcoin’s price, Ki Young Ju, the CEO of CryptoQuant, steps in to clarify concerns surrounding Grayscale’s Bitcoin Trust (GBTC). Contrary to popular belief, Ju asserts that the dip is not primarily caused by GBTC’s selling pressure but rather stems from activities in the derivative market.
In specific terms, Ju advises investors to align with institutional strategies, emphasizing that BTC’s decline is not directly tied to GBTC movements. Instead, he points to the derivative market as the key influencer of current market conditions. According to Ju, active Over-the-Counter (OTC) markets show no significant impact on prices, suggesting a potential bullish trend when on-chain OTC and spot ETF activities decrease—a signal of a re-accumulation phase.
Also Read: JPMorgan Sounds Alarm on Bitcoin ETFs: Coinbase Faces 38% Downgrade
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What’s Causing the Bitcoin Price Crash? CryptoQuant CEO Weighs In
Author: Qadir AK
Jan 24, 2024 18:00
news-image
Bitcoin Price Analysis
Story Highlights
Bitcoin price dip not mainly caused by GBTC selling, but by activity in the derivative market.
Grayscale faces challenges like low trading volume, outflows, and FTX selloff, impacting market stability.
Despite concerns, a recent price recovery signals cautious optimism for Bitcoin's future path.
Recent weeks have seen a whirlwind of events in the world of Bitcoin and the broader crypto market. From the excitement of spot Bitcoin ETFs entering the US market to a subsequent cooling off of prices and the emergence of the Golden Cross, uncertainty now looms over the fate of the top cryptocurrency.
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Let’s dive in deeper to understand the market’s complex state.
Expert Insights into Market Dynamics
Amidst the recent downturn in Bitcoin’s price, Ki Young Ju, the CEO of CryptoQuant, steps in to clarify concerns surrounding Grayscale’s Bitcoin Trust (GBTC). Contrary to popular belief, Ju asserts that the dip is not primarily caused by GBTC’s selling pressure but rather stems from activities in the derivative market.
In specific terms, Ju advises investors to align with institutional strategies, emphasizing that BTC’s decline is not directly tied to GBTC movements. Instead, he points to the derivative market as the key influencer of current market conditions. According to Ju, active Over-the-Counter (OTC) markets show no significant impact on prices, suggesting a potential bullish trend when on-chain OTC and spot ETF activities decrease—a signal of a re-accumulation phase.
Also Read: JPMorgan Sounds Alarm on Bitcoin ETFs: Coinbase Faces 38% Downgrade
What Investors Are Looking At
In the face of concerns surrounding GBTC sales, crypto market specialist Fred Krueger suggests redirecting attention to new ETFs as a more reliable performance measure. Drawing parallels between GBTC apprehensions and whales selling BTC, Krueger predicts long-term gains for financial giants like Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
Menu
200% Bonus
Track your PortfolioTrack your Portfolio Track your arrow
News
What’s Causing the Bitcoin Price Crash? CryptoQuant CEO Weighs In
Author: Qadir AK
Jan 24, 2024 18:00
news-image
Bitcoin Price Analysis
Story Highlights
Bitcoin price dip not mainly caused by GBTC selling, but by activity in the derivative market.
Grayscale faces challenges like low trading volume, outflows, and FTX selloff, impacting market stability.
Despite concerns, a recent price recovery signals cautious optimism for Bitcoin's future path.
Recent weeks have seen a whirlwind of events in the world of Bitcoin and the broader crypto market. From the excitement of spot Bitcoin ETFs entering the US market to a subsequent cooling off of prices and the emergence of the Golden Cross, uncertainty now looms over the fate of the top cryptocurrency.
Advertisement
first-banner-ad
Let’s dive in deeper to understand the market’s complex state.
Expert Insights into Market Dynamics
Amidst the recent downturn in Bitcoin’s price, Ki Young Ju, the CEO of CryptoQuant, steps in to clarify concerns surrounding Grayscale’s Bitcoin Trust (GBTC). Contrary to popular belief, Ju asserts that the dip is not primarily caused by GBTC’s selling pressure but rather stems from activities in the derivative market.
In specific terms, Ju advises investors to align with institutional strategies, emphasizing that BTC’s decline is not directly tied to GBTC movements. Instead, he points to the derivative market as the key influencer of current market conditions. According to Ju, active Over-the-Counter (OTC) markets show no significant impact on prices, suggesting a potential bullish trend when on-chain OTC and spot ETF activities decrease—a signal of a re-accumulation phase.
Also Read: JPMorgan Sounds Alarm on Bitcoin ETFs: Coinbase Faces 38% Downgrade
What Investors Are Looking At
In the face of concerns surrounding GBTC sales, crypto market specialist Fred Krueger suggests redirecting attention to new ETFs as a more reliable performance measure. Drawing parallels between GBTC apprehensions and whales selling BTC, Krueger predicts long-term gains for financial giants like BlackRock, Fidelity, and Bitwise.BlackRock, Fidelity, and Bitwise.
Adding a dose of optimism, Samson Mow anticipates that Bitcoin’s demand from various sources—individuals, corporations, nation-states, and ETFs—will overpower any selling pressure. Mow urges market participants to remain logical, focusing on the underlying mathematics rather than succumbing to dismay when prices fluctuate.
A Threat to Market Stability?
Despite its significant role in the crypto space, Grayscale has faced recent challenges, including FTX’s $1 billion GBTC selloff triggered by concerns about bankruptcy. Despite the initial boost in confidence from the approval of eleven U.S. Spot Bitcoin ETFs by the Securities and Exchange Commission (SEC), the market grapples with Grayscale’s lower trading volume compared to rivals and substantial GBTC outflows.
While the SEC’s approval initially injected a sense of optimism, the aftermath of Grayscale’s troubles continues to cast a shadow over the crypto space. Critics have gone as far as labeling GBTC a “gigantic wrecking ball of toxic waste,” highlighting the challenges ahead.
A Glimmer of Hope Ahead
Despite the hurdles, there’s a glimmer of hope in Bitcoin’s partial recovery as of January 24. Trading at $40,000.06, the cryptocurrency reflects a 2.55% surge from the previous day’s low of $39,105.51. This modest rebound hints at a tentative return of investor confidence, suggesting that the crypto rollercoaster may yet have more surprises in store.
This Might Interest You: Weekly Spot Bitcoin ETF Report: Insights After Its First Trading Week
