FTM Weekly Analysis – Have We Hit The Bottom? Long for 2024!
FTM has been bouncing off and consolidating in its major support zone of $0.15-$0.20 since it made contact in June of 2022. After a quick bounce to the $0.60 area, the price has remained in that support zone. We have now had a third touch point on this support, and so far, the bull response is strong.
Bitcoin has also been consolidating in its support zone of $25,000-$30,000. My analysis of Bitcoin is we will see a bull run in 2024 and new all-time highs by April of 2025. If the Crypto market repeats history, the Alt market will follow Bitcoin to the upside when it finally breaks out.
FTM remains #62 in market cap as of this posting, a good spot to be in for a riskier yet probable investment. What remains an open question is; will the Alt market be strong this time around? We don't know, and that's a conversation for another post. As traders and investors, it's important to speculate about the future based on historical data *[b]first[/b]*, then inject fundamental analysis to determine the probability of a deviation from history.
[b]Key Points:[/b] 1. If FTM doesn't fall out of the top 100 in market cap during the next couple of years, I expect the price to at least reach the resistance zone of $0.55 - $1.00 by 2025, a conservative estimate of about 500% up from today's price.
2. If the alt market responds to Bitcoin's bull run in 2024-2025 reaching previous all-time highs, it's possible that FTM will also soar to its previous all-time highs of around $3.50. That is a roughly 1700% increase from today's price.
These are great outlooks on FTM, but we should always proportion our investments relative to the risk of the asset. 2 years is a long time in the market, especially in a young market like Crypto, especially with an altcoin.
As always, trade at your own risk, you are responsible for your trades, and I hope this information was helpful.
Trade wisely and let us know what you think in the comment section below!