The cryptocurrency markets have made a strong comeback in 2023. Bitcoin (BTC) and most altcoins have risen sharply from their 52-week lows, but are still languishing well below their respective all-time highs. This suggests the start of a bullish move, which still has a long way to go.
One of the most important triggers for the crypto bull market in 2024 is the approval for a spot Bitcoin exchange-traded fund by the United States Securities and Exchange Commission. If one or more Bitcoin ETFs get greenlighted in January, then it is bound to boost sentiment and set the stage for the start of a bull move.
In a bullish environment, market participants do not pay much attention to the negative news, but every positive development is cheered by pushing the price higher. Additionally, the bullish sentiment is likely to spread to altcoins as well. Hence, if Bitcoin rises, several altcoins are likely to march higher.
Crypto market data daily view. Source: Coin360
It is always tricky to predict which coins will outperform in the next bull phase because every bull market has its own set of leaders. However, it is sometimes seen that coins leading the markets out of the bear phase and holding on to their gains are the ones that are likely to do well.
The tokens chosen have risen sharply from their 52-week lows, indicating solid demand from the bulls. Let’s look at their possible target objectives on the upside and the critical support levels on the downside.
Bitcoin price analysis
Bitcoin has risen sharply from its November 2022 low of $15,460, signaling the start of a new uptrend. The momentum picked up after buyers propelled the price above $32,000.
BTC/USD weekly chart. Source: TradingView
Both moving averages are sloping up, and the relative strength index (RSI) is in the overbought zone, indicating that the bulls remain in command. Buyers will try to push the price to $48,000 and then to $52,100. This zone is likely to act as a formidable resistance in the near term, but if the bulls do not allow the price to dip below the 20-week exponential moving average ($34,000), the uptrend may continue.
A rally above $52,100 will…
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