Altcoins are expected to respond to Bitcoin’s surge
With the price of Bitcoin recently reaching a high of $44,000, the cryptocurrency community is eagerly awaiting an event that could steer or influence this bullish phase. Renowned cryptocurrency investor Brian Kelly shared his insights on potential events that could unfold in 2024, especially as Bitcoin continues to surge.
Altcoins that track Bitcoin’s momentum
brian Kelly, The CEO of BKCM LLC, a respected digital currency investment firm, highlighted the prospects for cryptocurrencies in the coming year. In an exclusive interview on CNBC’s Fast Money post-market chat show, Kelly highlighted the potential for altcoins to mirror Bitcoin’s continued upward trajectory.
He cited historical patterns and drew parallels with Ethereum’s continued rise following Bitcoin’s bull phase. Kelly emphasized his belief that altcoins could follow suit, including cryptocurrencies like Solana, which currently trades at $63.44.
His optimistic outlook suggested a correlation between Bitcoin’s trajectory and the subsequent movements of altcoins. He pinpointed early 2024, roughly January 2024, as a time when altcoins will match Bitcoin’s upward trend, particularly on speculation of the Spot Bitcoin ETF’s approval.
Kelly said Bitcoin’s recent price surge was partly due to anticipation surrounding the potential approval of a Spot Bitcoin ETF. He also presented a favorable environment for the growth of digital assets, citing factors such as the Federal Reserve’s expected reduction in austerity measures and the economic difficulties facing major countries such as Europe and Japan.
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Key Cryptocurrency Milestones to Watch in 2024
As Bitcoin approaches $60,000 and breaks through several resistance levels, the cryptocurrency space is gearing up for a significant event in 2024 that could push both Bitcoin and altcoins to new heights.
Chief among them is the U.S. Securities and Exchange Commission’s (SEC) pending decision on approval of a spot Bitcoin ETF. The decision is scheduled for January 10, 2024, marking a pivotal moment for the cryptocurrency landscape.
Another important event coming soon is the Bitcoin halving event, which is expected to occur by April 2024. This event will halve Bitcoin mining rewards, making the cryptocurrency scarcer than gold for the first time in history. Experts like Brian Kelly expect this halving to be a potential catalyst for a significant bull market that could percolate throughout the year and impact both BTC and altcoins.
Additional events scheduled for 2024 include significant legal filings such as oral arguments in the Coinbase v. U.S. SEC court case and the SEC’s decision thereon. Grayscale’s Ethereum Spot ETF Application. These events are poised to influence the direction of the cryptocurrency market and shape the landscape for the year ahead.