WEEKLY CRYPTO MARKET REPORT

 

NASDAQ – Global leading Tech Index

The NASDAQ Index gained 54% for the year 2023 and closed above the last year’s high of 16,514. It has formed a bullish engulfing candlestick pattern on the yearly time frame, It is expected to continue the upward momentum in 2024. The immediate support is expected at 16,800 level and immediate resistance is expected around 17,220 levels in the coming week

The top gainers for the week were NetEase, Advanced Micro & Moderna gaining 6%, 6% and 5% respectively

The tech stocks and crypto markets recovered and closed the year 2023 near the highs of previous year’s opening price which is a sign of strength. We can expect 2024 year to be a positive year for both crypto and tech stocks as it is a election year in the USA and interest rate hike is expected to halt in 2024

 

CRYPTO

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market continues to stay in the GREED zone. Compared to last week, the Fear & Greed Index has decreased from  “73” to “65”

 

BITCOIN

aSOPR 

aSOPR for this week is equal to 1 which means investors are selling their Bitcoins at breakeven.

 

CVDD-TERMINAL PRICE CHART INDICATOR

The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement. As per the above model, Bitcoin’s cycle top price prediction is around $1,10,000

 

When confidence is high and price is low then there is an attractive risk/reward to invest in Bitcoin at that time (green zone). When confidence is low and price is high then risk/reward is unattractive (red zone). Investing in Bitcoin during periods where Reserve Risk is in the green zone has produced outsized returns over time.

 

Bitcoin chart

$BTC gained by 156% in the last year(2023). It is expected to continue the upward momentum. As highlighted on the chart, Bitcoin gained in all the halving years previously. Bitcoin halving is scheduled in Apr 2024 and we are expecting this year to be a positive year for Bitcoin.

 

ETH/BTC

ETH/BTC has been on a downtrend in 2023. It corrected by 25% against BTC in the last year. ETH looks very attractive at this point wrt risk-reward and is expected to outperform Bitcoin in 2024.

 

Tokens with high Relative Strength in the market

The top gainers for the week were BSV, SEI & ICP tokens gaining 119%, 56% & 39% respectively

 

XMINT BOT

XMINT token listed on India’s biggest exchange, delivered 10X gains within just 10 months of listing.

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

 

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