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Wolfe Research suggests that Bitcoin investors should be patient as BTC will continue to trend sideways for a few more weeks.
Despite high hopes for 2024 and a seemingly perfect setup, Bitcoin's next big rise is not imminent, according to analysts.
Rob Ginsberg, a chart analyst at Wolfe Research, said in a statement:
“Although it has rebounded approximately 15% from the January 23 low, we see continued consolidation in the low $40,000 range over the next few weeks.”
Ginsberg also added that a breakout seems unlikely in the near term.
On the other hand, altcoins like Solana may be on the verge of a breakout, according to the analyst. Ginsberg stated that a bull flag has formed for Solana and said, “Once the moving average convergence/divergence turns positive again, we think a breakout from $100 to new highs is imminent.” He also said that several other altcoins are showing similar setups.
Solana, which rose more than 550% between September and January, has recently pulled back after having one of the best cryptocurrency performances in 2023. Ginsberg claimed that “Solana and other altcoins have rallied strongly in recent months and this outperformance will likely continue in the near term.”
Focus on altcoins has increased since the U.S. Securities and Exchange Commission gave the green light to trading in spot Bitcoin ETFs. Investors now expect a bull run in Bitcoin and expect further trading action in smaller and cheaper altcoins.
Ginsberg also emphasized that Cardano and Avalanche-related tokens will rise in the near term and that Chainlink may be ready for an exit.
*This is not investment advice.