Bitcoin

Bitcoin will reach $80,000 in 2024

Published

8 months ago

29 May, 2024

I know I know. You probably expected me to set a higher target price for Bitcoin (CRYPTO: BTC). After all, everyone is doing it.

Fundstrat Global Advisors partner Tom Lee sees $150,000 per coin as a “base case” in 2024.
Great Britain analysts central monetary bank Chartered Standard recently agreed with Fundstrat’s $150,000 predictionand said they expect another step up to $250,000 next year.
Ark Invest’s Cathie Wood used to think Bitcoin would hit $600,000 in 2024, on track for a $1.5 million target by 2030. She hasn’t updated the short-term target recently, but her 2030 target now is $3.8 million per Bitcoin.

And to be fair, I myself have set a $150,000 price target for Bitcoin – but not for this year. I expect this milestone to be reached in 2025 or 2026. Bitcoin’s four-year cycle of price increases suggests another dramatic price gain following the halving of mining rewards in April – but don’t expect this increase to materialize immediately.

Bitcoin price movements after halvings 1, 2 and 3

Firstly, there is a clear pattern to be found on Bitcoin price charts after each halving.

From the summer of 2012 to the fall of 2013, the price of Bitcoin saw significant growth. On November 28, 2012, Bitcoin underwent its first halving, at around the price of US$12 per digital currency. In late November 2013, the price of Bitcoin peaked at approximately $1,100 in the first halving cycle.
On July 9, 2016, with its price around $650, Bitcoin passed its second halving. In December 2017, its price peaked at nearly $20,000, before falling to around $6,500 in April 2018. This was the peak period of Bitcoin’s second halving cycle.
On May 11, 2020, it was time for Bitcoin’s third halving, with the price hovering around $9,000, as the world grappled with the impact of COVID-19 for the first time. In November 2021, the price of Bitcoin reached a new all-time high of nearly $69,000, reflecting increased institutional interest and widespread adoption.

You see the pattern, right? Each halving so far has been followed by an impressive price gain, but always after a significant delay. See how long it took Bitcoin to reach the peak of each halving cycle, counting from the date of each mining reward halving:

1 year, 1 day
1 year, 5 months, 8 days
1 year, 5 months, 30 days

From this perspective, it stands to reason that the fourth halving should result in another price spike, but not before the spring of 2025. Anything faster would be a significant acceleration of the post-halving market reaction.

The story continues

Why every Bitcoin halving is different

Of course, each halving event is unique. In 2012, the first was to map completely unknown waters. Four years later, Bitcoin investors and miners didn’t know whether the halving cycle would inspire similar market reactions twice. In 2020, COVID-19 disrupted work, but the same old pattern was still playing out in many ways.

So here we are in 2024, waiting to see exactly what the next cycle will look like. All kinds of theories have been proposed and explored, but only time will tell.

The introduction of spot Bitcoin ETFs started a surge in the price of Bitcoin a few months before the halving. Will the leading cryptocurrency simply follow its previous pattern from a higher starting point, or will the expected rise after the halving be undermined by a richer starting price?

When it comes to the exact shape of the Bitcoin futures price chart, your guess is as good as mine. Historical patterns suggest a slow burn in 2024, followed by a sharp rise in early 2025. The real world doesn’t always conform to past patterns, but the market has built a fairly consistent collection of reactions to Bitcoin’s bear cycles. half.

A metallic Bitcoin symbol standing on a dark surface. A winding red question mark extends from the base of the Bitcoin symbol.

Image source: Getty Images.

What to expect from Bitcoin in the coming years

I’m not a fan of technical analysis. Unexpected events can take the wind out of sails or take a select handful of stocks to new heights without warning. Therefore, I hesitate to provide a specific price target for Bitcoin at the end of 2024. Previous chart squiggles quickly lose all meaning in the face of real-world surprises.

However, the long-term uptrend is undeniable and is supported by the pure mathematics of Bitcoin’s inner workings. Therefore, cryptocurrency appears poised for some modest gains as the post-halving economy evolves before our eyes, whether regulators help or hinder them. A 15% gain to $80,000 seems quite reasonable, followed by the usual post-halving surge next year.

Don’t expect the coin to go to the Moon in 2024, but feel free to build a long-term Bitcoin position to take advantage of the fourth halving – followed by the fifth in 2028, the sixth in 2032, and so on.

Bitcoin’s true wealth will belong to long-term investors with great patience and a willingness to buy more Bitcoin on the inevitable dips along the way.

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Prediction: Bitcoin will reach $80,000 in 2024 was originally published by The Motley Fool

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SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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