Before you get ahead of yourself and investing savings into crypto at these prices, spare yourself 5
minutes to read this article. It could just save you a few dollars!
Whilst many people on Twitter, or your next-door neighbour might be screaming we have entered a
bull market, that is not quite yet reality. For seasoned investors and anyone who was studied
economic cycles, we have all been here before. This looks to be a bear market rally, which is a
common occurrence at this stage proven time and time again from the data. I say this, but don’t get
too down, as traders we are still able to make money whichever way the markets go, and for anyone
who wants to buy some cryptocurrencies at great prices, you chance is around the corner, we
must be patient. Crypto Trading Signals are your best bet if you are looking to consistently profit from crypto.
Is 2024 the year for a ‘Bullrun’ ?
I do believe that 2024 will be the next crypto bullrun, and a huge amount of opportunities lye ahead.
Buying as these prices with a longer term perspective isn’t the end of the world. But we are always
striving to get the best entry price possible, with a better entry price, comes the potential for bigger
gains.
Now, timing the bottom is near impossible, so what areas of interest should you be looking at?
Bitcoin around $12,000, based on technical analysis looks a very strong level of support/ demand.
But this does not mean go all in at this price, it could be a good starting point though. With concepts
like Dollar cost averaging, beginning to accumulate at those prices could be a good long term bet.
If the bullrun is expected in 2024, then what should we expect this year?
With the upcoming FOMC meeting in February, this will have an impact on global markets. The two
current big resistances in Bitcoins way are, $22,500 and $24,600. Even if Bitcoin was to breakout
these two areas. I still expect to see more downside on the year as a whole. With negative interest
rates long out of sight, we shouldn’t expect these again throughout the year. Interest rates should
remain high for quite so time, we could be looking at 6-12 months minimum before the FED look to
start cutting interest rates, with this in mind, we should be expecting the ‘FED Pivot’ which I have
spoke about in previous posts. Leading up to the pivot, the economy will suffer, as unemployment
rises, and more bankruptcies come into headlines. This will have an impact on the stock market and
the cryptocurrency market.
So, why 2024? What’s the catalyst?
Bitcoin halving is in the first half of 2024, at that time we should have basic economics working in
our favour, supply and demand imbalance from the halving. But, the bull run wont start on that date
of the halving, because of the lag affect. In 2024 we will have a recovered economy, the FED will
bring back quantitative easing and the money printers will be turned back on and money will rotate
back into risk assets.
With all this in mind remember, we can still make money in any market conditions, and, as we say at the Crypto Chiefs “patience always pays!”
