Bitcoin, Ethereum, and Solana Price Prediction for 2024. Can 2024 be the year of Crypto ETF bull markets?

  • If the psychological level of $40,400 stays as support, the price of Bitcoin might increase by 10% to the five-day supply zone.
  • If Ethereum’s price holds onto its crucial support level of $2,119, it may rise by 10% to $2,331.
  • Solana’s price in 2024 may fall between $120 and $190 as per experts. 

A high likelihood of a spot Bitcoin ETF approval currently looms over the market. The impact that such approval would have on the value of Bitcoin has become more speculative as a result of this news.

Above all, approving a spot Bitcoin ETF may signal a turning point in institutional interest in cryptocurrencies. This would attract significant trading firms and provide US businesses with a regulated entry into the cryptocurrency market thereby improving market dynamics and liquidity as a result.

Bitcoin Price Prediction for 2024

A variety of projections have been made regarding prices. When the ETF is approved, Bitcoin’s price is conservatively predicted to range from $44,000 to $100,000. A more optimistic viewpoint, however, points to a possible increase to $180,000 or perhaps $1,000,000, driven by institutional supply and demand forces.

Blockstream CEO Adam Back predicted that the value of Bitcoin would rise significantly, possibly reaching $100,000. 

BTC 5-day chart. Pic Source: Trading View

In the short term, as long as the psychological level of $40,400 holds as support, the price of Bitcoin may rise and face the five-day supply zone that lies between $44,094 and $48,421. The uptrend would be confirmed if a five-day candlestick close was above this order block’s mean threshold, or midline. That would be a 10% increase over the existing levels.

A sufficient level of purchasing pressure to turn the supply zone into a bullish breaker above $50,000 would set the stage for a price test of $54,000 for Bitcoin. The King of cryptocurrencies may rise much further to recapture the last year’s highs above $69,000 and beyond. 

Conversely, if the supply zone continues to act as a barrier, the price of Bitcoin may decline further. If the five-day candlestick close falls below $40,000, the bullish view would be invalidated.

Ethereum Price Prediction for 2024

This year, ETH recovered to $2,400. Because of a positive tendency, several analysts predict that ETH will rise to $6,000 by 2024.

According to experts, ETH may also hit $8,500 by 2026, supported by future Ethereum upgrades. In the medium term, this is expected to happen between the price levels of $3,500–$3,900.

JPMorgan Managing Director Nikolaos Panigirtzoglou has also suggested that upcoming upgrades might drive ETH’s price up to $8,000 by 2026, while Ethereum might overtake Bitcoin in 2024 itself.

Ethereum is protecting the crucial $2,119 support level, which, should it hold, may trigger a 10% increase to $2,331.

ETH 5-day price chart. Pic Source: Trading View

Similar to BTC, the RSI is gaining momentum as more bulls enter the market, and the AO and MACD are both staying in the bullish zone. If this continues, the price of Ethereum might quickly return to the ascending parallel channel’s protection, where the rise would be resumed.

However, more seller momentum might cause the price of Ethereum to continue falling, hitting the supply zone that was formed in mid-April and is currently a bullish breaker. The fall’s continuation would be confirmed if it broke and closed below its five-day moving average of $2,079, which is its midline.

If selling pressure picks up, the price of Ethereum can hit the $1,900 support level. A strong candlestick closure below this mark would render the optimistic assessment worthless.

Solana Price Prediction for 2024

Based on prevailing market conditions and the present trend, analysts project that Solana’s price in 2024 may fall between $120 and $190. By the end of the year, Solana might hit a high of $190 if it can successfully traverse the difficulties of the cryptocurrency scene, including resolving consensus problems and continuing its progressive development.

If the market mood does not improve, Solana may ultimately settle at a more cautious price of about $70. Even though this is a long way from the desired $300 threshold, it’s important to keep in mind that price fluctuations in cryptocurrency markets can be influenced by a variety of variables.

Considering that SOL’s indicators have been in “overbought” levels for some time, it’s debatable whether Solana is in a situation where it should correct for a few days before rising once more.

Solana 5-day price chart. Pic Source: Trading View

After spending a few weeks nearer 70, its relative strength index is currently declining below 50, indicating that it is losing steam.

It appears from recent SOL on-chain transfer data that some whales are taking advantage of the current decline to purchase SOL at a relative discount. This suggests that the price of Solana will likely increase once more very soon, supported by the overall prospects of the market.

Regarding SOL’s internals, the coin has performed exceptionally well in 2023, primarily because to Solana’s comeback and further expansion as a blockchain platform.

The proliferation of NFTs on Solana’s network has played a significant role in the company’s comeback, with fresh issuances climbing sharply this month.

Therefore, it is highly likely that the price of Solana may reach $100 in the coming weeks and then surpass $120 by the end of January.

Cryptocurrency prices can be highly volatile and are also influenced by several factors such as market demand, regulatory developments, technological advancements, and macroeconomic trends.

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

Leave a Reply