The markets are turning to be hopeful as the positive rounds around the Bitcoin spot ETF have lifted sentiments. The markets have reacted positively as the major tokens within the top 10 have been sustaining above-critical support. Amid the soaring optimism, some of the cryptos are feared to undergo a significant pullback during the first quarter of 2024. Despite the bearish claim, the crypto markets are believed to remain under bullish influence in the long term.
The markets have witnessed a steep shift in momentum towards other tokens like Solana, Avalanche, etc., and a few more. Meanwhile, the other major cryptos continue to chop below the pivotal resistance. Therefore, the current trade set-up suggests some of them may undergo a notable pullback, close to their respective support.
With this, will the possibility of a bull run come to an end?
The bearish narrative has been observed and set forth by the founder and CEO of the analytical platform Messari, Ryan Selkis.
However, the CEO believes Bitcoin, Ethereum, and Solana prices may increase by the end of 2024. What’s the reason behind the bearish narrative? How low could these prices drop in Q1 2024?
Bitcoin is undergoing a pre-halving phase, and hence the possibility of a sideways trend could prevail for a while. Besides, Ethereum does follow the star crypto to a large extent, which may also impact the price. Additionally, according to some reports by top analysts, the SOL price is surging because the majority of the tokens are not available on the market and are held by insiders. Therefore, significant volatility is expected by the end of the month and also in the first few days of 2024.