Cryptocurrencies Price Prediction: AVAX, Crypto & Bitcoin – European Wrap 2 January

AVAX price premature rally could send the altcoin to $55 this week

Avalanche (AVAX) price is rising rapidly with renewed bullish momentum in 2024. This move comes after a sell-off on the last day of 2023. With sustained buying pressure, AVAX is likely to continue its ascent.

AVAX price has increased 12% between January 1 and the current trading level of $43. This ascent comes in the first trading week of 2024 and likely has more legs to it due to the sell-off on December 31. This move collected the liquidity resting below the December 19 swing low of $38. 

Crypto stocks tumbling at year-end was a ‘healthy’ pullback: Analyst

Major crypto and Bitcoin mining-related stocks, which tumbled as much as 17% on the last day of trading in 2023, were simply part of a “healthy pull back,” says a Bitcoin analyst.

According to Google Finance, Bitcoin mining firms were hit the hardest during the day. Shares in Marathon Digital Holdings (MARA) tumbled 16.6% to $23.5 on Dec. 29 while Riot Platforms (RIOT) fell 12.1% to $15.5.

Bitcoin ETF approval imminent? BTC above $45,000

Cryptocurrencies kick off the new year with a strong performance, with Bitcoin surging by over 5% today, surpassing the $45,000 mark and resulting in a notable week-to-date and year-to-date gain for Bitcoin, reaching almost 9%. While the exact catalyst for this upward movement remains unclear, the overarching narrative in the cryptocurrency market centers around spot Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC) currently evaluating multiple applications and with unconfirmed reports suggesting that a decision to approve these applications and facilitate the listing of spot Bitcoin ETFs could be imminent, possibly within the week.