Famous cryptocurrency analyst Smiley announced his predictions for the crypto market in 2024 in a recent article. Here's a breakdown of his predictions.
Price of Major Cryptocurrencies
- Bitcoin (BTC): Smiley predicts that BTC will trade between $100,000 and $120,000 in 2024.
- Ethereum (ETH): The analyst expects ETH to reach a value between $7,000 and $8,000.
- Solana (SOL): It is predicted that SOL will confirm itself as the third largest cryptocurrency and will experience a significant migration of on-chain activity.
Market Trends
- Ethereum: Smiley predicts that Ethereum will move away from on-chain activities and be accepted by institutions as a store of value (SoV) additional yield. He also expects an Ethereum ETF to be approved, but thinks it will wait until the deadline.
- Solana: Despite its growth, Smiley doesn't foresee an ETF for Solana.
Performance Estimates
- ETH vs BTC: Smiley predicts that ETH will outperform BTC.
- SOL vs ETH: The analyst expects SOL to outperform ETH.
Smiley suggests that sidelined capital and bears may have a chance to buy Bitcoin at $35,000 to $40,000, but only if the black swan event occurs.
He also claims that the bull rally will last until 2025 and Bitcoin will never trade below $30,000 again.
*This is not investment advice.