Top Crypto Predictions Likely to Shape December 2024

December is ahead, and with it, the holiday season. The market is gearing up after a year marked mainly by descending price action, corrections, and consolidation. 

impressive growth and significant milestones, investors and enthusiasts are eagerly speculating about what the final month of 2024 might bring.

Bitcoin is nearing its psychological resistance at $100,000, Ethereum is showing strong bullish momentum, and other altcoins are capturing attention with massive gains. 

Here are some of the most notable predictions that will likely come true by the end of 2024.  

Bitcoin Expected to Surpass $100,000

Bitcoin is on the brink of reaching the long-anticipated $100,000 milestone, driven by strong institutional demand and macroeconomic factors.

The approval of spot Bitcoin ETFs earlier this year has brought unprecedented inflows from retail and institutional investors, while Bitcoin’s fixed supply remains unchanged.

Corporate adoption, including Tesla’s renewed interest and increasing payment integrations, has strengthened its position as a leading asset.

On the macro front, inflation concerns and fiat currency devaluation have enhanced Bitcoin’s appeal as “digital gold.” With the reduced supply from the 2024 halving, demand has surged, pushing Bitcoin to recent highs of $99,200. 

Looking at the daily chart, we can see that the larger bull cycle for BTC started in November 2022, with its current rise from November this year being the ending wave.

Despite the signs of overextension, as seen by the daily chart, the Relative Strength Index is getting overbought, and there is still more room for the upside.

Measuring with the Fibonacci extension tool, we can see that its last high came close to 1 Fib level – the same length as the previous move.

Usually, the BTC price gets extended and has a higher momentum in its ending wave, so we can see it easily surpassing $100,000 and reaching $131,000 by the cycle’s end.

Ethereum to Hit a New Yearly High

Ethereum is gaining momentum, up 50% since the Nov. 4 low. This rally came after a 3-month sideways consolidation and is supported by strong adoption across DeFi and NFT markets.

It is fueled by layer-2 networks like Arbitrum and Optimism, which have reduced congestion and fees.

The shift to proof-of-stake (PoS) and the EIP-1559 burn mechanism have created favorable supply dynamics, with ETH becoming deflationary, which plays a huge part in the supply and demand mechanics. 

Unlike BTC, which made a new all-time high in March, ETH’s price came 18% short of its high of nearly $4,100. While some altcoins made new all-time highs in November, ETH’s increase increased to $3,700. 

ETH appears to be undervalued and hasn’t garnered the attention needed to keep up with the general market, but the tides may turn in December.

Judging by our wave analysis, ETH could make a new yearly high of $4,300 and continue to a new all-time high in 2025. 

Altcoin Season is Coming 

Signs are emerging that an altcoin season could be on the horizon, driven by several key factors. Historically, declining Bitcoin dominance has signaled the rotation of capital into altcoins, and recent data shows Bitcoin’s dominance fell from a high of 61.46% to a low of 57.84%, suggesting a potential shift. 

The long-anticipated breakout from the rising wedge finally occurred on Nov. 24, signaling that the market environment is shifting. 

At the same time, the total market capitalization of altcoins surged by 35% in November, nearing its all-time high of $1.40 trillion, highlighting increased investor interest in alternative cryptocurrencies. 

Positive sentiment following pro-crypto developments, such as regulatory clarity and the recent U.S. presidential elections, has further fueled sharp price increases in Layer 1 altcoins like XRP, ADA, and SOL.

This environment sets the stage for altcoins to outperform Bitcoin, and December marks the start of the altcoin season.

The Altcoin Season Index, currently at 63, signals a market shift favoring altcoins over Bitcoin but stops short of confirming a full-fledged altcoin season, which requires a value above 75.

Recent weeks have sharply risen from nearly 30, indicating growing momentum for altcoins like SOL, XRP, and ADA. Historically, upward moves have preceded strong altcoin performance, though reversals into Bitcoin dominance are common.

The index suggests increasing capital rotation into altcoins, with December poised as a potential turning point. Traders should watch for a break above 75 to confirm an official altcoin season with further outperformance.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.

Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.

Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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