In this article we will see some future price predictions of the crypto market, with a particular focus on Bitcoin and on altcoins like Ethereum.
There are several factors that influence the possible scenarios from now until the end of 2024, but it seems that experts agree that there will be a generally bullish second half of the year. The bull run might not be over yet.
All the details below.
The trends that could influence future price forecasts
According to the latest study by Ryan Lee, chief analyst at Bitget Research, the forecasts of the crypto market will be influenced by multiple factors.
Both Bitcoin and altcoin are wavering in uncertainty, with the latest price trend seeming to head towards retracement but without excessive violence.
At this point, it is likely that the forecasts on the evolution of prices by the end of the year will depend on the outcome of 3 very important events.
First and foremost, as Ryan Lee reminds us, the trend of the crypto industry is strongly influenced by macroeconomic dynamics on a global level.
If the Fed initiates a monetary policy of tightening easing with at least 1-2 cuts by the end of 2024, we could witness a strong return of liquidity to the market.
This is because a policy of rate cuts would push US investors to search for risk-on assets, moving away from the current high-yield bonds.
Already now we are starting to notice the first positive signs, with the money supply M3 of the USA that seems to be returning to incorporate liquidity at a positive pace after a period of stop.
Another vector of possible market shocks in the crypto market concerns the upcoming result of the U.S. presidential elections, expected in November.
The price forecasts of Bitcoin and altcoin will be more optimistic than usual if Donald Trump becomes the 47th president of the States.
Unlike Biden, in fact, the Republican is more favorable to the expansion of the crypto sector, so his win could bring a positive sentiment.
We remind that about 20% of the US population owns cryptocurrencies.
Finally, even the outcome of the spot ETH ETFs, which could potentially land on Wall Street by July 4th, will be crucial to understand the direction of the market.
If the influx of capital into the new exchange-traded funds for ether reaches the same numbers recorded by Bitcoin, there could be a strong bull in the quotations.
The increase in institutional demand for Ethereum could even push for a supply shock, also supporting the altcoin sector.
The market capitalization of the entire crypto sector and the Bitcoin dominance
Before analyzing the possible forecasts of Bitcoin and altcoins, let’s focus on the state of the total capitalization of the crypto market.
At the moment the overall value of the cryptographic token industry is 2.21 trillion dollars, up 35% since the beginning of the year.
If we take the beginning of 2023 as a reference, the growth rises to approximately 190%. From March, however, it loses 20% of the quotations.
It is clear that after the shake-up of 2024, the market capitalization has recovered significantly, reaching the high zone without surpassing it.
According to the forecasts of Bitget Research, under the influence of the key factors mentioned above, a marketcap is expected to reach between 2.5 and 3.5 trillion dollars by the end of the year.
This translates into a substantial increase in the prices of the major market assets.
It is also worth noting how the growth of Bitcoin dominance has accompanied the increase in the capitalization of the crypto sector.
Since January 2023 this index has grown by about 29%, indicating a confluence of capital around the main currency. During the same period, altcoins have lost ground in favor of stablecoins, and indeed Bitcoin.
From here on, it is possible that the dominance will continue to increase by the end of the year, with forecasts, however, talking about a possible reversal.
A strong drop in Bitcoin dominance, combined with a stable BTC price situation, could trigger a bull phase of altseason.
Indicatively, watch out for the potential break of the 50% threshold.
Crypto analysis: price predictions for Bitcoin and altcoin for the end of 2024
Having reached this point, let’s see what the price forecasts estimated by Bitget Research for the end of 2024 are.
Given the current trends and the scenarios that could influence the crypto landscape, if there are no negative surprises, we would have a positive price action in the coming months. The bull phase is expected by the end of summer or the beginning of autumn, with an acceleration of the trend in the last months of the year.
In detail, the forecasts for Bitcoin speak of a price range between 70,000 and 100,000 dollars. The breaking of the historical highs seems only a matter of time, with the asset remaining steadily above 60,000 dollars.
On the altcoin front, the tokens belonging to the ecosystems of Ethereum and Solana will have the opportunity to take advantage of the potential growth of their gas tokens.
Ethereum, as the top 2nd currency in the market, is expected in a price range between 5,000 and 8,000 dollars. In such a context, it could even overperform Bitcoin after a long period of underperformance.
It is also worth noting the possible attractiveness of memecoin in a situation of optimism in the crypto markets, which will likely manage to attract large capitals again.
#BITCOIN TO HIT 100K BY THE END OF 2024?
Standard Chartered Bank maintains its forecast from April that Bitcoin (BTC) will reach $100,000 by the end of 2024. A major factor in this prediction is the anticipated approval of several U.S.-based spot Bitcoin ETFs in the first… pic.twitter.com/TQefOBv1Ty
— The Wolf Of All Streets (@scottmelker) November 28, 2023
Even the London bank Standard Chartered agrees that Bitcoin could reach the threshold of $100,000 by the end of the year.
The same financial institution has also predicted a maximum price of 250,000 dollars at the end of the bull run of 2025.
On the altcoin front, more precisely in Ethereum, Standard Chartered is equally optimistic aiming for a maximum price of 14,000 dollars by the end of the year.
The trend of ETF spot ETH will be crucial for the outcome of the ether market: all investors are currently awaiting the start of trading for these products.
