Bitcoin’s Price Potential for 2024: Analysts Predict Significant Gains
Bitcoin’s price could see further growth in 2023, potentially reaching $45,000-$50,000.
Key Takeaways:
- Bitcoin has surged over 70% in 2023, driven by a banking crisis and hopes of a Bitcoin ETF approval.
- Historic price fractals indicate a possible climb to $45,000-$50,000 by year-end.
- Standard Chartered also predicts Bitcoin reaching $50,000, citing increased miners’ profitability.
- Bitcoin’s technical pattern suggests a potential year-end target near $32,000, following the BARR Bottom pattern.
Bitcoin (BTC) has been on a remarkable run in 2023, surging by over 70%. The cryptocurrency’s price has been bolstered by a combination of factors, including a banking crisis and growing optimism surrounding the approval of a Bitcoin exchange-traded fund (ETF) in the United States.
2020 Bitcoin price fractal eyes $50K
Analysts are now examining the possibilities for Bitcoin’s price trajectory for the remainder of 2023 and into 2024. One notable observation is the resemblance of Bitcoin’s current market trend to its price action between 2017 and 2020. According to popular BTC analyst Stockmoney Lizards, this similarity suggests the potential for a decisive bull run, similar to the breakout that occurred in 2020. If history repeats itself, BTC could see its price surge to the range of $45,000 to $50,000 by the end of the year.
However, it’s important to note that Bitcoin is facing headwinds this time around, as the United States Federal Reserve is tightening its monetary policy, resulting in reduced liquidity in the market.
Standard Chartered also sees Bitcoin at $50K
Standard Chartered, a global banking and financial services company, also shares a bullish outlook on Bitcoin’s price. Geoff Kendrick, the global head of research and chief strategist at Standard Chartered, predicts that Bitcoin could reach $50,000 by the end of the year. Kendrick points to increased miners’ profitability, which reduces the need to sell BTC, potentially leading to lower supply against rising demand.
Intriguingly, data shows a surge in the number of Bitcoins held by miners, stabilizing since the Ordinals hype in May 2023, which could further support this prediction.
On the technical front, Bitcoin’s price chart reveals the emergence of a breakout stage for the bump-and-run reversal (BARR) Bottom pattern. This pattern typically results in significant price gains after the price breaks above its descending trendline resistance. If history repeats itself, BTC could see another 12.75% increase by the end of 2023, bringing it close to the $32,000 mark.
How high can Bitcoin price go by 2024?.
Historic price fractal, strong technicals and Bitcoin ETF approval euphoria could keep BTC prices elevated for the rest of 2023.#virtualcoincap #crypto #cryptonews #cryptocurrencies #bitcoinhttps://t.co/WoUPxUMvN1— VirtualCoinCap (@virtualcoincap) October 18, 2023
Overall
While Bitcoin’s future performance remains uncertain, the alignment of historic price fractals, favorable technical patterns, and optimism around Bitcoin ETF approval have created an intriguing landscape for cryptocurrency enthusiasts. Investors will undoubtedly keep a close eye on these developments as they unfold, with hopes for further gains in the cryptocurrency market.
