Bitcoin or Ethereum? Which cryptocurrency will make Max profitable in this bull market?
The cryptocurrency industry ended 2023 on a positive note with a significant increase in market valuation. Additionally, during this period, Bitcoin price added more than 108% to the portfolio, highlighting the increased adoption of Bitcoin in the market.
On the other hand, many altcoins make investors several times richer through investment, and investor interest in them has increased. Moreover, the market is patiently waiting for the upcoming alt season, which is expected to play a big role in the cryptocurrency industry this year.
Overall, Bitcoin’s dominance has increased significantly over the past year and stands at 51.9% at the time of this writing. With a series of events scheduled for this fiscal year, the cryptocurrency industry is entering a new phase and on its way to achieving new milestones.
Bitcoin Analysis:
After recording notable gains over the past year, the price of market leader Bitcoin started the year in a neutral trend, trading sideways for a short period of time. The star cryptocurrency recorded significant volatility following the approval of the Spot ETF, but the rally was short-lived as the market took bearish influence.
BTC price ended the month with a return of +0.73%, indicating weak price action and marking it as a neutral month for Bitcoin price. Positively, the next Bitcoin halving is scheduled to take place this year and is expected to play a significant role in the industry given the current market sentiment.
Due to the upcoming halving, the BTC price is expected to reach a new all-time high (ATH), surpassing the previous price of $69,186.30 recorded in November 2021.
Bitcoin price is currently trading continuously after hitting a high, forming a rounding bottom pattern. If the industry continues to trend with sentiment favoring the market, BTC price will experience a breakout rally reaching around $58,000 in the third quarter.
MACD, a technical indicator, shows a rising green histogram, indicating increasing buying and selling pressure in the market. The average also shows a bullish curve, suggesting that prices will continue to gain value in the future.
Positively, Cross EMA 50/200 days has been acting as support for Bitcoin price for over 6 months, indicating strong bullish influence for the coin in the market. If the market continues to gain momentum and upcoming events are favorable for the cryptocurrency industry, the BTC price is expected to hit $100,000 by the end of the year.
Ethereum Analysis:
The altcoin has struggled to gain momentum in the first months of the year, indicating weak investor interest in it. Additionally, the price of altcoin leader Ethereum has struggled to keep the price above support levels, adding just under $65 (+5%) to the portfolio.
On the other hand, Ethereum coin has successfully formed a symmetrical triangle pattern and has been trading for some time. Moreover, the price of ETH is hovering near the resistance line and is on the verge of a test, the outcome of which is unpredictable.
MACD (Moving Average Convergence Divergence) shows a decrease in the green histogram, which indicates increased selling pressure in the market. Moreover, the averages have a high probability of bearish convergence as the lines and trades are very close to each other.
The price of Ethereum has set a primary goal of regaining the $3,500 level within this year. With market volatility increasing and altcoin season likely to begin soon, the Ethereum price is expected to experience massive price swings in the coming days.
Bullrun 2024 Prediction:
Several factors play an important role in the price momentum of a token in the industry. Some factors influence the price action of the industry on a large scale, while others are limited to specific categories or cryptocurrency tokens.
Some of the key factors that are expected to play a significant role in shaping the future of the industry are the US presidential election and the long-term role of spot Bitcoin ETF trading in the market.
This year’s US presidential election is considered one of the most important events of the year as it is expected to play a big role in shaping the future of the financial system and have a major impact on the industry.
Following the Securities and Exchange Commission’s (SEC) approval of a Bitcoin spot ETF, the cryptocurrency industry saw a significant increase in value, with Ethereum Classic recording the highest increase. In the long term, the ETF is said to have an impact on Bitcoin’s price action as the market rapidly adopts this new technology.
conclusion:
The cryptocurrency industry has witnessed massive price fluctuations in previous bull markets and the same is expected in the market this time around. While both internal and external factors play a significant role in price movements, the market has recorded an increase in adoption process with large influx of both users and market liquidity.
The Bitcoin price target is $100,000, which would represent a 112% return considering the current BTC price ($47,130). Ethereum price, on the other hand, has a key target of $3,500, which could lead to a 101% return by the end of the year if there is favorable sentiment in the industry.
memo:
This article has been published for informational and educational purposes only. This article does not cover any trading or investment tips and does not promote news of any kind. This industry is very volatile, so be sure to do your research before investing.