Let's talk about what's going down in the world of Crypto specifically: Bitcoin Specifically Ethereum in the short term and potentially for 2024 I Want to dive into how one analyst is calling out an $80,000 price Target and how another analyst is actually saying 2024 not so much the year of Bitcoin but potentially the year of Ethereum. Now to get this going, let's see what. Michael Sailor is up to adopt Bitcoin This one obviously really resonated with me being I have just adopted a cat myself and hey I'm still also long on Old Digital Gold Bitcoin Bulls I BTC Price comeback as cash inflows Echo Late 2020 Now if you missed 2020, that's kind of right before everything went to the absolute Moon So that's exciting, but just for I Guess a point of posterity? A little bit of a framework I Want to let you know where Bitcoin's at as I'm filming this 42.4k looking strong EMA Clouds to the upside, rip, rip rip. In fact, we have eight green weeks in a row, then bit of consolidation pulling back into the cloud.

In my book, this is a healthy consolidation. Looks like we have a little bit of short-term profit takers, maybe a little bit of hesitation surrounding what's going on with the Fed, the Fomc meeting, a little bit of inflation, maybe a little bit of worry related to Elizabeth Warren but nonetheless, still in my book. Healthy pullback, healthy consolidation. And if anything, as of yesterday today, we're seeing it, trying to build up some momentum to potentially once again keep going.

Now for those of you who just want to know where Bitcoin's at, obviously still number one in the world of crypto currently trading at a market cap of $830 billion followed by Ethereum and Then followed by tether. So obviously I want to be talking about all this. so let's get into the Nitty Gritty of it. What's the situation with these inflows? Bitcoin is displaying fresh Bull Run signals as BTC price strengthen produces a 7% daily gains and really everything was running after the Fomc meeting.

there's a lot of enthusiasm. a lot of Fomo equities ran Futures ran options ran Commodities ran bonds ran and yes, the world of Crypto also ran data from the coin Telegraph Markets Pro and trading view hints that upside momentum may continue as onchain metrics reset Bitcoin needed to cool off after hitting 44,000 this month. Analysts believe and after a trip to near 40,000 conditions are improving and I haven't myself been diving so much into some of the I guess technical analysts that we're going to be covering not only here, but in the next article. Um, so new to me.

Interesting to me and I wanted to share it with all of you As Coin Telegraph reported, recent selling has been driven by short-term holders or STS the more speculative cohorts among the Bitcoin investor base. as in people who have been Diamond handing it yoloing Bitcoin for a while now, they're continuing to do so. The recent price fluctuation was short-term people getting in short-term people getting out. but the Ogs are still continuing to hodal looking at the short-term BTC price action.

Meanwhile, others see the potential for further progress toward key resistance near to 50,000. So I want to talk about this price Target I Want to talk about the $80,000 price circuit and then maybe what comes after those Milestones So if you get into it, they're going to be looking at Classics such as MD and particularly RSI of how the RSI dipped further relative to price. and maybe we see a continuation from there. and that's fair.

But one thing that I really thought was exciting was the inflows. over 19.7 billion We're talking almost 20 billion are flowing into Bitcoin and Ethereum. Uh, on December 14th alone. Probably really.

if you're in America probably counting December 13th. This is around the same capital inflow we saw back in December of 2020 before Bitcoin surged from 18,000 all the way up to 65. So the money flowing in which is a very reasonable metric to be paying attention to ripping two new heights. So that's talking about in the very short term.

Where we going in a couple weeks, couple months, people eyeing up key technical levels 44, 48 and particularly 50k. Not only is that a key technical level, it's a key psychological level. So a very fair question is well, okay, where are people coming up with even higher metrics and to get into that I Want to talk about other types of analysis people have been doing. Bitcoin's Bull Run has plenty of steam left.

These indicators suggest: Bitcoin The leading cryptocurrency by market value has surged over 100 50% this year, beating traditional assets like the S&P 500 gold and the US dollar by a huge margin. That may have some investors, particularly those who have seen the previous crypto bull runs and are quote unquote anchored to the brutal bare Market of 2022. Intuitively view the cryptocurrency is being overvalued and anticipate a price slide in the coming months. Anchoring is a cognitive bias that causes investors to rely overly on recent or initial data while making future judgments.

This is the bane of existence of many activ. Traders For example, a couple weeks ago when Bitcoin was on the uprise 40K was amazing. It was awesome because we were just hitting it. But when you overshoot it and then come back to 40K at the same Financial value, people feel completely different about that's anchoring.

and it's a brutal aspect of the psychology of trading. so you have that you have recency bias. It's all basically just a special mixture that makes trading even more difficult. Believing in the AFF forementioned cognitive biases, however, could prove costly as three IND Ators tracking activity on the Bitcoin blockchain, minor flows and the 200 day moving average Suess That cryptocurrency has plenty of upside left.

so I'm very familiar with the 200 days simple moving average but it's the other two that are new to me. Just wanted to share them with all of you. The P multiple measures the US dollar value of the daily Bitcoin issued relative to the 365 day moving average of the dollar value of the issuance. The issuance here refers to the current Supply I.E minted or new coins released to the network since the last having in early of 2020 miners minted roughly 900 tokens per day.

That probably sounds like just a completely different language to you. I Like this explanation a little bit better, it's a little bit easier to understand what they're actually measuring here. In the past, readings above four have coincided with Market peaks, with values reaching as high as 10 in early bull cycles. Meanwhile, multiples of less than 0.5 have hinted at Market bottoms.

As of the time of writing this, the PE multiple stood at 1.53 well short of the Red Zone above four. So it's just all the ratio of basically miners. how much new crypto And with that ratio, you can see that. Yeah, historically it's spiked into this red region.

and then Bitcoin price fell and then obviously when it was very low, then we had Bitcoin bottom and it went from there. So the question of in the medium term does Bitcoin still have room to run according to this indicator? The answer is a resounding yes. the Zcore of Bitcoin's market value to realize Value That is the Mvrv value to realize Value ratio shows how many standard deviations the asset's market capitalization differs from its realized or fair value. So another way to put this is just like okay, over late, you can see when Bitcoin spiked that was extraordinarily High when it bottom, it was extraordinarily low.

Once again, when it spiked extraordinarily High Well, the reading this ratio, the Mvrv very low. So a second indicator to suggesting that there's still room to run at press time. The Zcore stood at 1.6 indicating that the cryptocurrency is far from being overvalued and may continue to Rally next year and then obviously the third one. This relates to a simple moving average.

The Mayor multile. The Mayor multile measures the difference between Bitcoin's going market price and the 200 day simple Moving Average aka the SMA. The assumption is that the market will revert to its mean or the 200 day simple moving average after extended bullish and or bearish Trends Push the multi above 2.4 or below 0.5 The Mayor multiple was at 1.4 meaning Bitcoin's price at 42.9k was 1.4 times the 200 day simple moving average of 30.5 Another thing, basically just suggesting there's room to run now is any indicator out there going to be the end? All be all like this is the gospel of what happens. No, so that's why you should probably use a grouping of them to see if it's telling a mixed story or all a very similar story.

And based on these three indicators, all suggesting in the medium term, let's just call it the first half of 2024, room to move and then the next logical question is like okay, where could that move to Bitcoin to Surge to 880,000 as stable coins overtake Visa in 2024. According to Bitwise, Bitcoin is poised to record a new all-time high of 80,000 in 2024, the same year, stable coins are set to collectively settle more than the payments giant Visa So Ryan r Muson I Believe the CEO of Bitwise kind of calling out his predictions of 2024 saying coinbase Revenue will double beating Wall Street estimates by at least 10x Uh, will settle more money than the payment giant visa and then the interesting one is actually all the way down here. Prediction number one: Bitcoin will trade above 880,000 setting up a new all-time high. There are two major catalysts that will help us get there: the anticipating launch of the spot Bitcoin ETF and the having of the new Bitcoin Supply at the end of April That's what Ryan M is calling out.

I'm hesitant myself to put the exact dollar value on where this new high will be, but I would in no means be surprised if we hit a new all-time high. But do you know who doesn't agree with this? JP Morgan Obviously their leader. Jamie Diamond Recently speaking with the Senate and Elizabeth Warren and all they do is use their time to talk smack on the world of crypto. So it's no surprise that JP Morgan like yeah, they have some analysts there who are a little bit more bullish, a little bit more optimistic on crypto.

but the overall tone coming from JP Morgan is actually very negative related to crypto. And even with that being said, they came off as pretty bullish on Ethereum. Wall Street Giant JP Morgan Said it is cautious about cryptocurrency markets in 2024, but expects Ether to outperform Bitcoin and other cryptocurrencies due to an upgrade that will make Ethereum blockchain more scalable. The Sec's decision on whether to approve a spot Bitcoin ETF is unlikely to.

Spur Major gains I Don't agree with that. This is all just a call out from JP Morgan They are saying it is a high chance of buy the rumor sell the news. so the reason I don't think that's going to be true is because if it is approved and I strongly believe it will be approved, there's going to be more financial inflows into Bitcoin because of the approval. So it's not just like oh, we're looking for it and then like it's a new setup.

like no, it'll be legitimately financially more buy side liquidity, at least a higher potential of it. Excessive optimism by the crypto investors arising from an impending approval of the spot Bitcoin ETF by the SEC has shifted Bitcoin to be the overbought levels not seen since during the 2021 era. Adding that the 2024 Bitcoin having event is already largely pric in it might be price in might not be price in. but that's the reasoning partly of why they think Ethereum will do better.

and the other part of that reasoning is Ether is likely to shine doing the EIP 4844 upgrade or Proto Dank Sharding. There's a development of sharding splitting the network into shards to improve transaction speed by way of Dark Sharding, which uses the shards to increase space for groups of data. Proto Dark Sharding involves adding a new transaction typed to Ethereum. The Blob carrying transaction.

So Ethereum Just to wrap it up, impressive technological jumps being made in the world of sharding, not sharding. Very important for you to know. that's JP Morgan's outlook on why Ethereum might actually outperform Bitcoin Now when it comes to me, don't really care I'm in Bitcoin I'm in Ethereum I'm bullish on the major crypto plays cuz I think they are here to stay so whichever one ends up quote unquote winning out I'm going to win out regardless, but obviously just wanted to share the most recent updates of what's happening in Crypto and also just a couple price targets of where crypto could go in 2024 because we have some people saying potentially as high as 80,000 this upcoming year and if that happens, Oh man, I Can only imagine how stoked a lot of you watching this will bat.