TL;DR
- Bitcoin surpasses Fair Value Layer resistance, reaching $38k, influenced by potential BTC ETF approval.
- Analysis suggests BTC could rise above $60k with no major resistance until $61,156.
- Altcoins, including Solana and Cardano, gain as Bitcoin stalls; CryptoCon warns against ignoring altcoins.
Popular cryptocurrency analyst and trader CryptoCon has said a key Bitcoin resistance is being broken to the upside, the Fair Value Layer, a popular metric that uses log regression curves to determine possible price ranges.
According to the chart below, BTC has broken the Fair Value Resistance, which is the blue layer 4 in the middle of the bottom and top layers. As we can notice, BTC broke those levels when its price surged to $38k this week, following the potential approval of a BTC ETF.
- Source: CryptoCon
The white zone ranges from $35k to around $65k. That suggests BTC could be well poised to reach levels above 60k with no apparent resistance until $61,156, where layer 5 begins.
“I don’t think we’ll quite reach that mark, but pay close attention to a situation like 2019, where price rallied over fair value layer 4. This does seem likely.”
As CryptoPotato reported, the analyst thinks Bitcoin could reach $47k by December 2023 or January 2024, based on a chart analysis using the Fibonacci MVRV. This popular metric evaluates an asset’s relative value by comparing its market capitalization to its realized capitalization.
Altcoin Season In the Horizon
While BTC stalls at $37k, a wide range of Layer-1 coins and DeFi tokens have seen tremendous bullish price action in recent weeks and months —most notably, Solana, Cardano, XRP, and Memecoins like DOGE and SHIB are also netting double digits gains.
It seems like capital is currently rotating towards altcoins as BTC pauses its hyped-up momentum. That said, CryptoCon has warned its followers that ignoring altcoins solely because Bitcoin’s dominance takes over is a critical mistake.
Some people have told you to completely ignore #Altcoins because Bitcoin dominance is going up.
And as you might have noticed, this is a critical mistake.
While Bitcoin was outperforming Alts in Green Year of the Halving Cycles Theory, many were creating their bottoms.
In Blue… pic.twitter.com/wCnhL2ixVG
— CryptoCon (@CryptoCon_) November 11, 2023
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Source: https://cryptopotato.com/realistic-bitcoin-btc-price-prediction-for-2024/