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Bitcoin will hit $150,000 by September, 2024.
About six months.
That’s my Bitcoin prediction.
And, thing is… it’s the prediction I’m LEAST excited about when it comes to crypto.
Don’t get me wrong.
Bitcoin is King Kong. It is — and has always been — the dominant force in crypto.
But, as the market matures, altcoins keep gaining more and more traction… pulling investors seeking higher returns and access to new opportunities into altcoins.
In 2016, Bitcoin’s market cap made up 90% of the total cryptocurrency market. Today? That number’s 50%.
We don’t expect this trend of altcoin dominance to end in 2024.
With the fourth Bitcoin halving set to occur on or around April 20th, 2024, many wonder how this event will impact the altcoin market.
To understand the potential effects of the upcoming halving on altcoins, let's start from the top.
(TLDR: This time really is different, but we can still learn from the past.)
The Whales Are HUNGRY
Just yesterday, Bitcoin just saw a massive transaction — 15,411.92 BTC.
I have a special indicator set up for these transactions. It’s usually a sign whales are hungry.
Sure enough…
According to data from crypto analytics platform Santiment, the past 24 hours have seen one of the largest accumulation periods by whales in two years.
More precise:
The 10 to 10K BTC wallet range (known as the “sharks to whales” range), which holds approximately 2/3 of the total Bitcoin supply, has accumulated coins at a rate not seen since July 2020.
This accumulation by whales and sharks suggests large holders believe Bitcoin is going to keep going up.
This confidence is further bolstered by the fact that these investors have not been deterred by the recent dip in Bitcoin's price to around $60,000.
Of course, they could “sell the news,” which would cause a sharp sell-off in both Bitcoin and altcoins.
(Not impossible. Not even implausible.)
What it Means For Altcoins
Interestingly, the accumulation of Bitcoin by whales and sharks has been accompanied by a decrease in their holdings of stablecoins like Tether (USDT) and USD Coin (USDC).
These “dry powder” reserves are often used to purchase other cryptos.
So what does that mean for the alts?
In short, huge moves are coming.Â
With the recent accumulation by whales and sharks serving as a strong bullish signal, the market is flashing optimism.
As Bitcoin rises, it's likely investors will seek out higher-risk, higher-reward opportunities in altcoins to maximize their gains.
This behavior is so predictable you can almost set a clock to it — altcoins see explosive growth following a Bitcoin rally.
While there is always the possibility of a “sell the news” event, altcoins are poised to benefit BIG from the increased attention and inflows. Especially as we inch toward the other catalysts coming in 2024.
In short, huge moves are coming.
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