“The tantalizing potential of Bitcoin’s price trajectory by 2024 begs the question: Could this digital currency’s meteoric rise propel it to unimaginable heights, surpassing even the wildest predictions of its staunchest supporters?”
Bitcoin has been on a strong upward trend in 2023, with its price increasing by over 70% so far. This surge has been attributed to a banking crisis and hopes of a spot Bitcoin exchange-traded fund (ETF) approval in the United States.
Analysts are optimistic about Bitcoin’s future performance for the rest of the year. One analyst, Stockmoney Lizards, suggests that Bitcoin’s current market trend resembles its price action between 2017 and 2020. If history repeats itself, Bitcoin could experience a breakout moment and potentially reach the $45,000-$50,000 range by the end of the year.
However, there are some headwinds that Bitcoin is currently facing. The tightening policies of the United States Federal Reserve have resulted in lower market liquidity, which has impacted Bitcoin’s price. Since April 2022, when the Federal Reserve’s balance sheet peaked, Bitcoin’s price has declined by 40%.
Despite these challenges, Standard Chartered, a global bank, predicts that Bitcoin will still reach $50,000 by the end of the year. They argue that increased profitability for Bitcoin miners will lead to a reduced supply, creating a favorable supply-demand dynamic that could push prices higher.
From a technical perspective, another Bitcoin price pattern suggests a year-end target of around $32,000. This pattern, known as the bump-and-run reversal (BARR) Bottom pattern, indicates that Bitcoin’s price could rise significantly if it breaks above its descending trendline resistance.
It’s important to note that this article does not provide investment advice or recommendations. Investing in Bitcoin or any other cryptocurrency carries risks, and individuals should conduct their own research before making investment decisions.
