Happy New Year to all 32,778 of you! It’s Crypto Nutshell edition #192 bringin’ in 2024! 🎆 🥂 🥜

Wishing you all a Happy New Year filled with health, wealth and happiness!

2024 promises to be a game-changing year in the crypto world. Rest assured, you’re in the right place - we’ll be your guide. 🧭 🫡

Let us know where in the world you celebrated your new year in todays poll at the bottom of the newsletter. ⬇️

What we’ve cooked up for you today…

• 🙂 Temper your expectations (short-term)

• 🔮 8 Bitcoin Price Predictions For 2024

• 😎 We’re only just getting started

• 💰 And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

TEMPER YOUR EXPECTATIONS 🙂

BREAKING: Bitcoin ETF launch may be a ‘let down’ but could attract trillions over time

We’re all super hyped for the launch (approval?) of the Bitcoin ETFs.

However, VanEck advisor, Gabor Gurbacs, has a warning for us all. 😳

Investors may be a little disappointed with the initial performance of the ETFs.

BUT don’t underestimate their impact over the long-term.

The first gold ETF launched on November 18, 2004 (orange line in chart below).

In the eight years following the launch, the price of gold increased by 350%, going from $400 to $1,800.

Gurbacs believes Bitcoin will follow in the footsteps of gold but likely at a much faster pace.

The capped supply & halving of Bitcoin make it superior in this regard. 💪

ETF analyst James Seyffart also shared his thoughts on Gurbac’s statement:

Moral of the story:

The long-term impact of these ETFs is going to be MASSIVE.

Don’t be disappointed if we don’t instantly see god candles.

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They’re the most efficient and no B.S way to stay informed on a wide array of topics.

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8 BITCOIN 2024 PRICE PREDICTIONS 🔮

Everyone loves a good price prediction.

Although no one can tell the future, they’re a great way to gauge the general sentiment of investors. They’re also a lot of fun.

To celebrate the new year & kick-off 2024, here’s 8 Bitcoin price predictions for 2024.

This list of predictions was compiled by CNBC.

They spoke to various sophisticated investors, financial institutions and crypto companies.

One thing they all have in common?

All the predictions are predicated around the 2 major catalysts we’ll see in 2024.

These are:

1. Approval of Spot Bitcoin ETFs (January 8th - January 10th)

2. The Bitcoin Halving (April 17th)

Here’s what the big players are expecting:

1. Mark Mobius: $60,000

Mark Mobius is an American investor with decades of experience in markets. He is an expert in emerging markets and turned a $100 million dollar fund into $40 billion dollars.

His Bitcoin prediction for 2024 is $60,000.

2. Bit Mining: $75,000

Youwei Wang is the chief economist at Bit Mining - a crypto mining firm.

His Bitcoin prediction for 2024 is $75,000.

3. CoinShares: $80,000

James Butterfill is head of research at CoinShares - the leading European digital asset manager.

His Bitcoin prediction for 2024 is $80,000.

4. Nexo: $100,000

Antoni Trechev is the co-founder of Nexo - a cryptocurrency exchange.  

His Bitcoin prediction for 2024 is $100,000.

5. Standard Chartered: $100,000

Standard Chartered is an international bank worth $17.67 billion.

They predict Bitcoin will hit $100,000 in 2024.

6. Carol Alexander: $100,000

Carol Alexander is the professor of finance at the University of Sussex.

Her Bitcoin price prediction for 2024 is $100,000.

7. Matrixport: $125,000

Matrixport is a crypto financial services firm. They released a research note with two predictions.

Bitcoin will reach $63,140 by April 2024. Then, by the end of 2024, $125,000.

8. CoinFund $500,000

CoinFund is a venture capital fund. They have the highest price calls of all 8.

They predict Bitcoin will hit up to $500,000 in 2024.

The average prediction of all 8?

A Bitcoin price of $142,500.

I don’t think any of us would be disappointed with that. 🥂

But we want to hear from you:

WE’RE ONLY JUST GETTING STARTED 😎

Today we’re revisiting one of the most powerful on-chain metrics.

The Realized Cap HODL Waves (RHODL) visually breaks down the balance of wealth in the Bitcoin Network. ⚖️

RHODL weighs active supply bands by their realized USD value as a proportion of the Realized Cap.

For example, A 1y-2y age bracket with a value of 5% indicates 5% of the Realized cap USD value is derived from coins aged between 1y and 2y.

(The realized price is measured as the price a coin was last moved at)

Here’s what the colours mean:

• Warmer colours (reds, oranges, yellows): represent coins held for less than 12 months

• Cooler colours (greens and blues): represent coins held for longer than 12 months

During peak bull markets, long-term holders begin to take profits. This means they sell their coins to newer investors, which makes these coins “young” again.

When the price of Bitcoin peaks, you’ll notice that it coincides with spikes in reds and oranges. (newer investors join in on the craze).

During the 2017 peak, over 90% of the wealth was held by short-term holders. Insane. 😱

That’s why we like to think of this metric as a FOMO indicator.

Taking a look at today, the amount of short-term holders is on the rise. (slightly)

But it's still got a looong way to go before its close to the levels of 2021 & 2017.

Buckle up, we're only just getting started. 😎

CRACKING CRYPTO 🥜

U.S. drops plan to prosecute convicted SBF for over $100M in unlawful campaign donations. Prosecutors argue a second trial would involve similar evidence as the first trial, and a speedy resolution is in the public's best interest.

Web3 Watch: Crypto commercials are back. Plus, Solana Saga phones resell for thousands of dollars and the Avalanche Foundation will purchase memecoins

BTC price targets $42K 2023 close as Bitcoin OG says ETF 'not priced in'. Bitcoin is due to get "interesting" into the yearly close, order book analysis suggests, as BTC price hovers at the center of its December range.

Bitcoin Worth $1B Leaves Exchanges in Largest Single-Day Outflow in 12 Months. Net outflows from exchanges are often taken to represent investors' intention to hold coins for long-term.

WHAT WE’RE READING ✍️

Want to get even smarter? Check these out.

p.s. all completely FREE

CAN YOU CRACK THIS NUT? ✍️

Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: D) July 2017 🥳

BNB was created in July 2017 and initially worked on the Ethereum blockchain before it became the native currency of Binance’s own blockchain, the Binance Chain.

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• ELEVATOR (link) - the best eye & brain candy from the web

HOW DID WE DO? 🤷

We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)

NUTCASE REVIEW OF THE DAY 🔍

DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.