Following Donald Trump’s presidential victory, Bitcoin (BTC) and altcoins experienced a significant rise, followed by sharp declines.
As the end of 2024 approaches, investor expectations for a new year rally have diminished, while analysts at QCP Capital have listed their expectations for Bitcoin and altcoins.
Analysts at Singapore-based cryptocurrency trading firm QCP Capital have stated that there will be fluctuations in the price of BTC as the significant expiry of an option on Bitcoin next week will affect market dynamics.
Analysts stated that Bitcoin price fluctuation will have a positive impact on altcoins and that investors are looking forward to a possible return of 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 claimed that Bitcoin’s woes 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 Drops May Continue!
FxPro’s Alex Kuptsikevich warned traders that BTC is likely to fall further, with possible drops to $90,000 or even $70,000.
The analyst added that a possible Bitcoin pullback to $90,000 could present an attractive buying opportunity for investors.
“In a possible shock scenario for Bitcoin, the price could suddenly drop to the $70,000 region.
However, a pullback to $90,000 in the coming weeks could present a good buying opportunity for buyers.
“Markets continue to digest the Federal Reserve’s tougher tone.”
*This is not investment advice.
