While the selling pressure in Bitcoin, which started after the spot ETF approvals, continued, BTC fell to $ 38,000 levels during the week.
At this point, while some analysts think that it originates from Grayscale, some analysts, such as CryptoQuant CEO Ki Young Ju, think that it originates from OTC, not GBTC.
In this regard, Galaxy Digital analysts led by Mike Novogratz announced their Bitcoin and cryptocurrency expectations for 2024 in their “Watch This Space” report.
Stating that they expect a significant increase in activity in the crypto and artificial intelligence sectors, analysts said that ETFs will attract significant inflows.
“There will be significant inflows into Bitcoin ETFs.
“These ETFs will also change how Bitcoin markets operate in the US.”
Evaluating the upcoming Bitcoin halving event, analysts said that they expect the halving to cause difficulties for miners and potential consolidation after the halving.
Finally, analysts stated that the FED and other central banks will adopt the monetary easing policy and stated that this policy will be positive for Bitcoin.
Analysts also examined Ethereum and stated that 2024 will be an important year for ETH.
At this point, Galaxy analysts, who expect Ethereum to further support Layer 2 platforms with the updates planned this year, predicted that Ethereum will be in competition with alternative Layer 1 altcoins such as Solana (SOL) throughout the year.
“2024 will be a very important year for Ethereum.
While ETH is expected to perform well, ETH is also expected to compete with alternative blockchains such as Solana.
Additionally, Ethereum will face stiff competition from Bitcoin.
“At this point, it will be important to watch for increased competition and differentiation between Solana and other modular blockchains such as Ethereum and Celestia in 2024.”