In a recent video from The Fomo Factory, the analyst opened up about a cryptocurrency bull market in 2024, hinting at a shift towards altcoins. While acknowledging that Bitcoin prices are likely to rise higher, they believe 2024 will open up more possibilities for the altcoin market. Analysts dig into strategies, highlighting the specific altcoins under consideration and the factors that drive their selection.
The analysis begins with a review of the current state of Bitcoin. Despite the decline caused by the ETF news, Bitcoin maintains support around $42,000. Analysts have identified a key resistance area between $40,000 and $43,000, suggesting a potential sideways move. They discuss possible scenarios, indicating that if support breaks, the price will rise or fall to $37,000.
Altcoins are in the spotlight as Ethereum’s ETF is generating hype and sending ripples through the broader cryptocurrency market, which is currently hovering between $1.5 trillion and $1.7 trillion. Analysts note that market movements may remain in this range for some time, presenting both opportunities and challenges.
Experts advocate converting Bitcoin into altcoins. They suggest that buying altcoins with Bitcoin instead of traditional currencies may offer a better opportunity, even if altcoins have already made significant gains in fiat currencies. By researching altcoins against Bitcoin pairs, it shows the potential to purchase at more favorable levels.
Experts discuss specific altcoins and topics that have caught their attention. AVAX and Beam are in the spotlight, with AVAX up 2.5x from its low and Beam focusing on gaming. IMX is connected to more than 200 games and is considered a safe coin with steady growth. Forge and Quant are identified as coins that do not bring special returns but are considered safe investments.