Analyst’s Bitcoin Phases in 2024
Crypto analyst Kevin Svenson has shared his price forecast for Bitcoin in 2024, outlining four key phases that the cryptocurrency may go through. These phases include a rally leading up to the BTC halving event, a subsequent downturn in Q2, a recovery in Q3, and a potential all-time high (ATH) towards the end of the year. Svenson’s analysis highlights the cyclical nature of BTC’s price movements, which are heavily influenced by its halving events. Historically, Bitcoin halvings have been a major driver for price increases. The upcoming halving, expected to happen by April 15, 2024, is predicted to be a significant catalyst for price movements.
Consolidation Period Before Halving
Another crypto expert, Michaël van de Poppe, predicts that Bitcoin will enter a period of consolidation in the coming months. He suggests that the cryptocurrency’s value could fluctuate between $48,000 and $50,000 as the halving event approaches. Van de Poppe also anticipates a final run towards resistance at $48-50K before another correction to $36-38K. Afterward, he believes that altcoins will continue to outperform Bitcoin.
Hot Take: Bitcoin’s Volatile Year Ahead
Bitcoin is expected to experience significant volatility in 2024 as it goes through various phases. The upcoming halving event is likely to be a major catalyst for price movements. Crypto analysts have provided different perspectives on how Bitcoin’s price may behave leading up to and after the halving. While some anticipate a rally followed by a pullback, others expect a consolidation period before altcoins start outperforming Bitcoin. It remains to be seen how these projections will play out, but one thing is certain: Bitcoin’s price will continue to be influenced by its halving events and the market dynamics surrounding the cryptocurrency.
By
By