Noor Trends News, Technical Analysis, Educational Tools and Recommendations
On May 15, 2024, Bitcoin was trading at approximately $62,775, up 1.8% in the last 24 hours. The US Consumer Price Index inflation data was the big event on the day, with expectations of a 3.4% year-on-year increase (slower than March’s 3.5%). Analysts speculated that a softer-than-expected CPI reading could potentially push Bitcoin above $65,000. Additionally, Bitcoin’s mean transaction fee had reversed the post-halving spike, impacting miners’ revenue. Miners were expected to liquidate around $5 billion worth of BTC in the coming months. Galaxy Digital, a crypto financial services firm, reported an increase in net income, and its positive momentum was anticipated to continue after the approval of spot Bitcoin ETFs in the United States.
Ethereum:
Ethereum’s price prediction for 2024 varied across sources. Algorithmically generated predictions indicated a decrease of 3.22% in the next month, reaching $2,989.56 by June 13, 2024. Over the subsequent six months, ETH was forecasted to gain 61.30%, potentially reaching $4,671.52 by November 10, 2024. Experts highlighted several factors contributing to Ethereum’s potential gains in 2024, including the successful Shanghai upgrade and the transition to Proof-of-Stake.
Potential approval of spot ETFs
The potential approval of spot ETFs is also an important factor to observe. These factors collectively could drive Ethereum’s price to $3,825 or higher. Technical analysis suggested a minimum cost of $2,572.77 and a maximum level of $2,994.96 for Ethereum in 2024. Notably, Ethereum’s previous all-time high was $4,878.26 on November 10, 2021.
Remember that cryptocurrency markets are highly volatile, influenced by market sentiment, macroeconomic factors, technological developments, and investor behavior. This is why investors should always stay informed and consider multiple perspectives when assessing price movements.
