Bitcoin Hits New Annual High of $38,000
Yesterday, the price of Bitcoin reached a new annual high, nearing $38,000, indicating some optimistic forecasting.
However, it had fallen below $36,000 the day before.
The Bull Run Hypothesis and Bitcoin’s Price Forecasting
Discussions have been ongoing about the possibility of a new bull run in late 2023. It’s worth noting that previous bull runs occurred a year after halving years. The next halving is expected in April 2024, leading many to anticipate a big bull run in late 2024 and throughout 2025.
The current BTC price trend resembles that of 2020 rather than 2019.
Comparisons with the Past
In late 2019, Bitcoin experienced a downward trend. Conversely, in late 2020, the price surged significantly.
The Current Situation
In October 2023, Bitcoin started at $27,000 and closed at $34,500 with a gain of 27%. The first half of November also ended with new annual highs and a gain of 10%, resembling the pattern seen in late 2020.
Optimistic Predictions About Bitcoin’s Price
Optimistic forecasts suggest that Bitcoin may surpass $40,000 by the end of November and possibly approach $45,000 by December. However, these are only hypotheses that need confirmation.
The Levels to Watch Out For
The first confirmation needed is the crossing of the $40,000 mark and stabilization above that threshold by the end of November. The second confirmation would be an ascent toward $45,000 in December. If these confirmations come to fruition and the price continues to rise in January, it could signify a confirmed bull run.
Hot Take: Bitcoin’s Future Price Trends
The recent surge in Bitcoin’s price has sparked optimism about a potential bull run. While short-term predictions indicate further gains, long-term expectations suggest a possible early start to the next big bull run in 2024. However, these hypotheses require confirmation as they are subject to market trends and external factors such as global liquidity conditions and economic policies. The coming months will be crucial for determining whether Bitcoin’s current strength can sustain itself and lead to a significant upward trend.
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