Analyst Forecasts $50,000 Level for Leading Cryptocurrency by 2024 Halving as Bitcoin, Ethereum, and Dogecoin Encounter Varied Trading Patterns Following XRP Rally Subsiding
Major cryptocurrencies experienced a decline on Monday evening, despite the recent legal victory by Ripple against the SEC. Bitcoin and Ethereum saw a decrease in prices, with Bitcoin dropping to around $30,200. This is a stark contrast to the surge that Bitcoin experienced last week after the U.S. District Court ruled in favor of Ripple.
At the same time, the global crypto market capitalization stood at $1.21 trillion, showing a decrease of 0.25% over the last day. Meanwhile, US stocks saw a boost as Wall Street awaited quarterly reports from major global corporations. The S&P 500 rose by 0.39%, while the Nasdaq Composite saw a notable increase of 0.93%.
Analysts have noted that Bitcoin remains anchored until there are updates on the latest Bitcoin exchange-traded-fund (ETF) applications. Edward Moya, a senior analyst at OANDA, highlighted that the top Bitcoin ETF applications are reaching a deadline for receiving final comments.
Crypto analyst Michael Van de Poppe predicts a downward trend for Bitcoin, with the price possibly declining to around $29,500 or even as low as $29,000. He also pointed out potential price levels to watch out for, such as $32,500, $34,000, and $38,000, which could serve as future targets for Bitcoin.
Another analyst named PlanB predicts a surge in Bitcoin’s price as it approaches its next halving event. Based on the 200-week moving average, PlanB estimates that Bitcoin could reach between $40,000 and $50,000 at the halving in 2024.
Overall, the cryptocurrency market saw a decline in prices on Monday, despite the recent legal victory for Ripple. Bitcoin and Ethereum experienced decreases, while the global crypto market capitalization slightly decreased. Analysts have different predictions for Bitcoin’s future price, with some expecting a downward trend and others anticipating a surge as the halving event approaches.