Crypto market outlook: key developments to consider in January week one (2024)

December 31, 2023 08:39 PM AEDT | By Invezz

Crypto market outlook: key developments to consider in January week one (2024) — Image source: Invezz

Market-influencing developments

The week opens with the New Year Holiday, and Optimism (OP) and DYDX could dominate alt trends as they intend to unlock $1.23M and $100M in tokens, respectively.

The United States will announce the US Manufacturing PMI on 2 January. Analysts expect a lower number of 48.2 from the previous 49.4. Further, Reuters suggest that a notice for the spot BTC ETF might come on Tuesday or Wednesday.

Investors will check how the market reacts to the Fed Minutes, Turkey inflation, US JOLTS, and SUI’s $27.95M unlock on 3 January. Meanwhile, US ADP, unemployment claims, and services PIM will come out on Thursday.

The week will close with Eurozone Inflation data, US hourly earnings, US NFP, and the United States unemployment rate.

Possible ETF notice in the coming week remains vital in setting the tone for the market early in 2024. Also, Wednesday’s Federal minutes could signal a shift from what the regulator did in early 2022. Investors should watch Friday’s US employment data as it will be crucial in determining the potential rate cut by the Federal Reserve.

A bullish 2024

Meanwhile, experts trust the cryptocurrency market will flourish in the upcoming year. Analyst Michael van de Poppe stated that a spot BTC exchange-traded fund approval would be a vital development for digital coins.

My vision for the #Bitcoin price action remains the same.

I expect we're relatively capped to the upside with the Spot ETF approval news.

Perhaps peaking at $48-52K and then a relatively calm period of sideways, range-bound price action until a new ATH in late 2024. pic.twitter.com/qc0E2oBoLc
— Michaël van de Poppe (@CryptoMichNL) December 30, 2023

He sees Bitcoin flying swiftly to the $48,000 – $52,000 range before recording range-bound and sideways price movements until it claims new all-time highs in 2024. A Bitcoin run to ATH will mean explosive surges in the altcoin market.

The post Crypto market outlook: key developments to consider in January week one (2024) appeared first on Invezz

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