Bitcoin and Altcoins See Correction, But Bullish Catalysts on the Horizon

Bitcoin and altcoins experience a sharp fall, but experts say it's just a normal part of the market cycle

Bitcoin (BTC) closed last week with gains of 9.55%, but started the new week on a weak note, falling near $40,500. The sharp correction in Bitcoin also caused liquidations in several altcoins. According to CoinGlass data, cross-crypto long liquidations for Dec. 11 were more than $300 million.

Analysts remain optimistic about Bitcoin and altcoins due to upcoming catalysts

The corrections are unlikely to stretch longer due to several bullish catalysts in 2024. Analysts expect one or more Bitcoin exchange-traded funds to receive regulatory approval in January, which could be a game changer. That will be followed by Bitcoin halving in April, and finally, expectations of a rate cut by the United States Federal Reserve could boost risky assets. Goldman Sachs anticipates the Fed to start cutting rates in the third quarter of 2024.

Important support and resistance levels to watch in Bitcoin and altcoins

Experts analyze the charts to determine the key levels that could arrest the fall in Bitcoin and altcoins. They look at the S&P 500 Index, U.S. Dollar Index, Bitcoin, Ether, BNB, XRP, Solana, Cardano, Dogecoin, and Avalanche. The article provides a detailed analysis of each cryptocurrency's price action and potential support and resistance levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.