In a recent video by The Fomo Factory, the analyst opened up about the 2024 crypto bull run, hinting a shift towards altcoins. Despite acknowledging the potential for high Bitcoin prices, they believe 2024 holds more promise for the altcoin market. The analyst delves into their strategy, highlighting specific altcoins they are considering and the factors driving their choices.
The analysis begins with a review of Bitcoin’s current situation. Despite a dip due to ETF news, Bitcoin is holding support around $42,000. The analyst identifies a critical resistance area between $40,000 and $43,000, suggesting a potential sideways movement. They discuss possible scenarios, indicating higher prices if breaking above or a dip to $37,000 if support is lost.
Altcoins are in the spotlight as Ethereum’s ETFs are generating hype, causing a ripple effect in the broader cryptocurrency market, which currently hovers between $1.5 trillion and $1.7 trillion. The analyst notes that market movements could linger in this range for a while, presenting both opportunities and challenges.
The expert advocates for converting Bitcoin into altcoins. They propose that purchasing altcoins with Bitcoin, instead of traditional currency, might provide better opportunities, even if the altcoins have already experienced significant gains in regular currency. By examining altcoins against Bitcoin pairs, they show the potential for buying at more favorable levels.
The expert discusses specific altcoins and themes that have caught their attention. AVAX and Beam are on the radar, with AVAX experiencing a 2.5x increase from its lowest point, and Beam concentrating on gaming. IMX is considered a safe coin with steady growth, connected to over 200 games. Forge and Quant are identified as coins that may not bring extraordinary returns but are seen as safe investments.