Markets are turning hopeful, with a positive round for Bitcoin spot ETFs boosting sentiment. The market responded positively, with the major tokens in the top 10 maintaining support above critical levels. Amid soaring optimism, some cryptocurrencies are feared to experience significant declines in the first quarter of 2024. Despite these bearish claims, the cryptocurrency market is still believed to be bullish in the long term.
The market has seen a drastic shift in momentum towards other tokens such as Solana, Avalanche, etc. Meanwhile, other major cryptocurrencies continue to fall below key resistance levels. So, the current trading setup suggests that some of these are close to their respective support levels and could experience a notable downside.
With this, will the possibility of strength disappear?
Ryan Selkis, founder and CEO of analytics platform Messari, observed and presented a bearish narrative.
However, the CEO believes that Bitcoin, Ethereum, and Solana prices could rise by the end of 2024. What is the reason for the decline? How low can these prices go in the first quarter of 2024?
Bitcoin is going through a pre-halving phase, so a sideways trend is likely for some time. Moreover, since Ethereum largely follows the star cryptocurrency, this may also have an impact on its price. Additionally, according to some reports from top analysts, SOL price is surging because most of the tokens are not on the market and are being held by insiders. Therefore, significant volatility is expected towards the end of this month and the first few days of 2024.