Crypto Briefing 1/22/24 – The Forecast

Crypto Briefing 1/22/24

Crypto Briefing 1/22/24

If you are a short-term trader, we feel there is a better buying opportunity in Ethereum with a similar amount of risk. However, if you are bullish on the long-term future of Bitcoin then $41,000 is a great place to add to a position. We do not expect BTC to deliver returns like other crypto cycles, and we have a conservative price target of $80,000 to $90,000.

Ethereum has continued to hold up along with Bitcoin. On a weekly timeframe, we can see that it is still in a bullish channel, and will likely oscillate between the low and higher end of the box until a larger move occurs in the crypto market.

Coinbase is currently at a key level of support. When compared to an asset like Bitcoin, we can see that COIN typically moves in tandem with BTC during larger moves, and is often more volatile. With COIN’s all-time high at $429, its current price of $124 could be a great place to start a position, while anything beneath $80 would be where we would place our larger buy orders.

QNT may have found support at $114, but if we see a sell-off in stocks and cryptocurrencies into Q1 then expect to see QNT retest $100.