Ignas: Bitcoin Rises, Altcoins Stir, Cryptocurrency Feast Expected in 2024
Twitter KOL Ignas analyzes the future trends of the cryptocurrency market. Bitcoin (BTC) is currently on the rise, absorbing all the liquidity in the market. When Bitcoin stabilizes, funds will flow into Ethereum and large cap stocks, followed by an altcoin feast! He expects Bitcoin to surpass its all-time high before the fourth quarter of 2024.
We are following the typical path to altseason playbook.$BTC is now pumping, siphoning all liquidity from the market.
When BTC settles down, money will flow to Ethereum and large caps.
And then we feast. pic.twitter.com/KroV0terCi
— Ignas | DeFi Research (@DefiIgnas) December 5, 2023
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Bitcoin BTC is only 55% away from its all-time high
Bitcoin is currently more than 24,000 points away from its previous high, which means Bitcoin needs to rise by 55% again. Ignas expects Bitcoin to hit a new all-time high by the fourth quarter of 2024, or even earlier.
Altcoins seem to be gearing up, ready to break free from Bitcoin's liquidity constraints. This weekend might be exciting! It feels like the crazy scenario of the 2020 bull market!
Price surge in selling Bitcoin for altcoins
Ignas also mentioned that if Bitcoin rises by 50% or more than double, he will sell some Bitcoin to purchase altcoins. Since the market capitalization of altcoins is smaller, it doesn't take as much money to drive up their prices by more than tenfold.
This article reflects the personal views of the KOL and does not constitute any investment advice.