A comeback year, a motivational year, a solid year or should we call 2023 a year of relief or recovery? In every way 2023 has been much better for Cryptocurrency than 2022. The ghosts and horrors of 2022 have all now gone and with every passing day, the markets are turning more and more positive. Bitcoin is soaring $35k and Ethereum has breached $2000 recently. Market sentiments are on such highs that they are suggesting 'it is only the beginning for the greatest of all bull runs for Bitcoin and Ethereum'.
Yes, it's just the beginning. We are still in the accumulation zone and we still have a chance to jump on the bull wagon. The FOMO has shifted deep and once Bitcoin crosses this FOMO zone, the floodgates will open and within a few days ATHs will be slayed all around. Bitcoin will be inching closer to $100k and Ethereum will be nearing 10k levels. The only way to deny these price-marks this time for both Bitcoin and Ethereum, is only possible when SEC denies a solid 'NO' to the boses of half the wealth of the world.
Yes, the ETF applications by Blackrock, Grayscale, Fidelity and others have give the stimulation that the markets were once lacking. The fact that Bitcoin and Ethereum Spot ETFs in the U.S. can be approved any day, is the driving force behind the current market uptrend. And once these ETFs get approval, we expect that the institutional inflow will take crypto to another level. The recent meeting of Grayscale and Blackrock with the SEC has given even more force to what seems imminent.
Another driving force behind the uptrend is the halving of Bitcoin. Historically, it had been the time when bulls take over the market. However it's just indicative, not a surety. History can suggest, but it's not something that we can rely upon. But our faith in Bitcoin is huge that we only need the block reward to cut down by 50% to get Bitcoin to new limits.
With that being said, let's now focus on what should be our projections for Bitcoin and Ethereum before the End of this fruitful year. We have nearly one month to close upon 2023 and both Bitcoin and Ethereum seem to make Christmas and New Year even more festive.
All the market indicators are suggesting that Bitcoin's current uptrend will continue during the next month. This makes more sense when we consider that the bears are no longer dominant. The biggest negative news of the past month was CZ pleading guilty and had to pay enormous amount as fine. The markets and media both reacted to the news as if it were bullish and apart from BNB, no other coin felt any panic whatsoever. Can you imagine how bloody could this news be if we were under the bear market?
So, with all the sentiments suggesting that the bull market has just begun, Bitcoin will remain solidly above $35k zone. And if bulls push it it can easily soar to $45k in December. Kindly note that these price movements are only applicable if we don't see the approval of Spot ETFs before 2024.
Now, let's reason why Ethereum has been soaring recently. First and foremost the 'Bitcoin Effect'. If Bitcoin is bullish, the whole crypto market is bullish. This is how dominant something vsn be with over 50% of market share. The second reason is Ethereum's gradual transition to ETH 2.0. We all love staking, aren't we?
Another more concluding reason for the recent surge in Ethereum prices is due to two or three sentiments driving them. One is suggestive that recently 'Ethereum Whales have been buying aggressively.' The second one is that with the Bitcoin spot ETFs, ETH Spot ETFs have also entered in the race of ETFs. The third is little general and it's not Ethereum, it's the whole ecosystem of Ethereum. Recently many Ethereum based coins and tokens have entered into the bullish trajectory, and that will be plus for Ethereum in December.
So, again with all the sentiments are in favour of Ethereum getting traction from hereon. We can predict that Ethereum will most probably breach $2500 mark before 2024. Yes a little, I repeat very little chance that it will go back below $1900 anytime sooner. Again this price range is only effective if we don't see an ETF approval in 2023.
At last a bit of an alarm. Cryptocurrencies are highly volatile assets subject to market risk. So it's always better you do your own research (DYOR) before making any financial decision. I am not a financial advisor nor I am qualified to be. So be alert and chose wisely.
Finally Best of Luck for your portfolio.
As Always Thanks for Reading and Tipping
Adios ... Ciao.... Bye ... Take care ...
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