Following Donald Trump's presidential victory, Bitcoin (BTC) and altcoins experienced a major rise, followed by sharp declines.
As the end of 2024 approaches, investors' expectations for a new year rally have decreased, while QCP Capital analysts have listed their Bitcoin and altcoin expectations.
Analysts at Singapore-based cryptocurrency trading firm QCP Capital have stated that there will be fluctuations in the BTC price as a significant option expiration in Bitcoin next week will affect market dynamics.
Analysts stated that the price fluctuation in Bitcoin will have a positive impact on altcoins, and that investors expect a possible return from BTC to altcoins.
“All eyes will be on Bitcoin and Ethereum options this Friday when approximately $20 billion will expire. This represents almost half of the total OI on Deribit.”
Analysts who stated that the troubles in Bitcoin would trigger the rise of altcoins argued that BTC's struggle to stay above $ 100,000 could pave the way for an altcoin rally.
“As Bitcoin continues to struggle below 100K, we could see altcoins start to rally again.”
Bitcoin's Declines May Continue!
Alex Kuptsikevich from FxPro warned traders that further declines are possible for BTC, with potential drops to $90,000 or even $70,000.
The analyst added that a possible pullback in Bitcoin to $90,000 could present an attractive buying opportunity for investors.
“In a potential shock scenario for Bitcoin, the price could suddenly drop to the $70,000 region.
However, a pullback to $90,000 in the next few weeks could present a good buying opportunity to buyers.
Markets continue to digest Fed's tougher tone.”
*This is not investment advice.
