Bitcoin and Ethereum Rally: Short Squeeze Fuels Market Recovery
January 28, 2024In January 2024, Bitcoin experienced volatility but ended the month with a 0.7% gain, despite dropping below $40,000.
The SEC approved the first-ever spot Bitcoin ETFs, likely to attract new investments and potentially boost Bitcoin's price.
Over 80% of Bitcoin, Ethereum, and XRP supplies are in profit, signaling potential for further price increase but also caution due to the zero-sum nature of crypto.
Bitcoin has regained ground, with a current level above $42,000 and predictions for a possible rise to $48,000, but with expected fluctuations within a $37,000 - $48,000 range.
Ethereum has recovered significantly in 2023, offering a buying opportunity while presenting both strong investment arguments and notable risks.
Shiba Inu is transitioning into a more significant cryptocurrency with community-driven projects and potential for long-term growth.
Bitcoin has shown resilience after U.S. ETF approvals and is expected to rally based on technical analysis and historical patterns.
Summary based on 44 sources