With only a few days left until the end of the year, the cryptocurrency market displays a negative outlook, while the leading cryptocurrency Bitcoin is priced at $16,800.
What It Takes to Fire the Rally?
Hong Fana, CEO of San Francisco-based crypto asset platform Okcoin, has revealed the catalysts that could ignite the next bull run. In an interview with Kitco News, Fang stated that the growing need for robust currency systems caused by the failures of existing centralized monetary systems could ignite the next bull run in the cryptocurrency market. According to Fang, in the future, a country with a much larger economy than El Salvador will adopt cryptocurrencies.
Hong Fang said in an interview: “I think from a macro perspective, we continue to see challenges out there. I think the World Bank recently said that a dozen countries may not be able to repay their own country’s debt next year. This is the failure of the central monetary system. I suspect that the basic need for a stronger coin will continue to emerge in the background like El Salvador, but perhaps on an even larger scale.
Fang also stated that cryptocurrencies can rise thanks to the Bitcoin halving that will take place in 2024 and the projects developing on blockchain technology, and used the following expressions: “I don’t know if it is a coincidence that the past crypto currency cycles somehow overlapped with Bitcoin’s halving cycle, but this could be another catalyst. . I think the third potential catalyst is real projects. Whenever we had a bull market with Bitcoin, DeFi and NFTs, it was because many developers built projects in the last bear market.”
Indeed, many important projects have emerged and continue to emerge during the current bear market we are going through. Especially in 2023, it seems that we will encounter serious projects in the field of Web3 and artificial intelligence.
Mike McGlone Hopeful of BTC and ETH
Another person who commented on Bitcoin and Ethereum was Mike McGlone, one of the leading analysts at Bloomberg. According to McGlone, Ethereum price is poised to surpass Bitcoin in performance. McGlone explains: “Ethereum appears to be poised to outperform the first cryptocurrency, Bitcoin. Ethereum’s progress against Bitcoin was also unaffected by deflation in 2022. Many risky assets exhibited the opposite behavior.”
The seasoned analyst, however, points to a good situation for Bitcoin as well. According to McGlone, the leading cryptocurrency is preparing to outperform stocks in the near future. For this, the FED needs to change its current hawk stance. According to McGlone, who gives an example through Tesla shares, Bitcoin will outperform the auto giant’s stocks.
BTC and ETH Price Analysis
For Bitcoin, which is currently at $ 16,800, the resistance levels to be watched in the upward movements are in the $ 17,200 and $ 18,000 regions. In case of a downside break, the first of our support levels to follow is at the 16,000 level, while our second support level is in the $15,400 region.
Looking at the Ethereum side, the resistance levels to watch for the asset, which is at $1,212, with a 0.8% rise in the last 24 hours, are $1,280 and $1,355. In a possible bearish scenario, the $1,200 and $1,140 support levels are key areas to watch.
