In 2024, macro strategist Henrik Zeberg anticipates a “fantastic” bull run in the crypto market, during which the price of digital gold could reach $150,000.
Meanwhile, the expert believes traditional markets face the “worst crash since 1929,” when the Great Depression began in the United States.
According to Zeberg, the influx of new players will drive a “parabolic” dynamic in digital assets this year.
“[Bitcoin] will become truly explosive — it will go vertical. I think we will reach at least $115,000. That is my most conservative forecast. The $150,000 level is also quite achievable, and I see potential for $250,000,” the economist noted.
Zeberg added that the entry of institutional and traditional investors following the potential approval of spot Bitcoin ETFs in the US could make the first four months of 2024 “incredibly impressive” for the crypto market.
The launch of this investment product would confirm the $150,000 Bitcoin forecast, although it is not the most decisive factor, the analyst clarified.
“Everyone who missed the first or second [bull cycle] will now say: ‘Oh, I missed the first two times, but I will be in this one,'” he explained.
MN Trading founder Michaël van de Poppe wrote on X that currently “the focus is entirely skewed” towards the first cryptocurrency amid expectations of ETF approval.
#Altcoins suffering as #Bitcoin ETF week is approaching.
Not strange, as the focus is entirely skewed towards Bitcoin. After the ETF, momentum is likely coming back in altcoins.
Range remains defined on Bitcoin. Buying 10%+ dips, selling at $48-51K. pic.twitter.com/7F2yPo3ySN
— Michaël van de Poppe (@CryptoMichNL) January 8, 2024
In his view, after the ETF launch, capital will return to altcoins, and Bitcoin will trade at $48,000-$51,000.
A trader known as Trade4ddict noted that the dominance index of the first cryptocurrency has risen above 54% and is approaching the upper resistance level at 55%.
Yea $BTC dominance continues to rise above 54% and looks like it’s on the way to 55% resistance
We have to look for the few outperforming coins like $STX for new longs pic.twitter.com/tP7Od5gJmZ
— Trade4ddict (@Trade4ddict) January 8, 2024
In early January, LookIntoBitcoin founder Philip Swift observed that Bitcoin has returned to the Stock-to-Flow model range from the bear market lows.
From the bear market lows, #bitcoin price has now climbed back to the Stock-to-Flow line. pic.twitter.com/uKrDiSJcWB
— Philip Swift (@PositiveCrypto) January 3, 2024
At the time of writing, the price of digital gold exceeded $45,000. The asset’s market capitalization stands at $882 billion, according to CoinGecko.
Analysts at CryptoQuant have suggested that Bitcoin ETF approval could push the asset’s price to $54,000.
Earlier, Morgan Creek Digital co-founder Anthony Pompliano warned that the launch of the instrument would not double the price of the first cryptocurrency overnight.