Bitcoin (BTC) continues to circle around its highest level in 18 months, with bullish BTC price predictions emerging – how high can the bull run go, and how fast?
From plunging to $20,000 into six figures in a matter of months, there’s a lot that could happen next for Bitcoin, and November is traditionally one of Bitcoin’s best days. The most unstable month.
Sentiment among cryptocurrency traders and analysts has improved over the past month after “Uptober” led to a nearly 30% increase in BTC price.
Cointelegraph takes a look at five of the hottest targets for 2024 and beyond. Stock-to-Flow may not be a reality yet (at least not yet), but $250,000 is still on people’s radar.
Matrixport expects sales of $45,000 within two months
A lot can happen to Bitcoin in a short period of time, and with 2024 less than two months away, there’s plenty of time for new volatility in Bitcoin prices.
Some say that before the annual candle closes, BTC/USD will be 30% higher than it is currently.
The prediction comes from Matrixport, a cryptocurrency trading company founded by Jihan Wu, himself the co-founder of Bitcoin mining giant Bitmain.
Related: 4 Signs Bitcoin is Starting Its Next Bull Run
in a Blog article In late October, Matrixport doubled its year-end price target of $45,000 initially announced in January. It is based on some internal models, and Matrixport also successfully predicted Bitcoin’s October gains.
“Bitcoin is breaking through July’s $31,500 resistance, suggesting it could reach $45,000 by the end of the year,” the report concluded.
BTC/USD is currently trading around $34,500, according to data from Cointelegraph Markets Pro and Cointelegraph Markets Pro trading viewwhich means that the year-end level still needs to be pushed up by another 30%.
BitQuant: Hits record high before halving, reaches $250,000 after halving
For many, the halving is a watershed moment in every Bitcoin price cycle – but one prominent commentator believes new all-time highs will occur even before then.
In September, BitQuant said BTC/USD would break through its current peak of $69,000 before April 2024.
He told X subscribers:
“No, Bitcoin will not peak before the halving. Yes, it will reach new all-time highs before the halving. No, BTC will not reach $160,000 because each retracement will be large. This means that after the halving, in 2024, its price will peak. Yes, the target price is about $250,000.”
Both the all-time high and the post-halving $250,000 target come from Elliott Wave charts, where Bitcoin mimics the behavior of previous cycles.
However, BitQuant did make room for a total of four “pullbacks” on its way to the quarter-million mark.
“There will be a correction before breaking through the all-time high, and then another correction around $125,000. In addition, there will be two corrections after the halving, which are not shown here,” he Add to In X interaction.
Three BTC price models, a $130,000 target area
Bitcoin’s all-time high predictions are not just coming from individual market participants, Bitcoin price models are also starting to look bullish.
Last month, Cointelegraph reported on a series of prediction tools that were focused on an area around $130,000 per Bitcoin.
These come from prominent analyst CryptoCon, who nonetheless believes that six-figure BTC prices may take two years to become a reality.
“I’m ready for the price to fall, but the price of Bitcoin will reach 130,000 this cycle!” He wrote the model data in the X thread.
The concept also hinges on the halving event, with the next peak supposed to occur four years after the $69,000 swing in November 2021.
the million dollar question
It’s no secret that some believe the $1 million BTC price tag is just a matter of time.
Related: New BTC Price Breakout Has Bitcoin Traders Confirm Targets as High as $48,000
This year, Cathy Wood, founder, CEO and chief information officer of asset management company ARK Invest, doubled down on their seven-figure investment in Bitcoin together with former BitMEX CEO Arthur Hayes.
When this happens is understandably up for debate, but changing macroeconomic tides make bold predictions for Bitcoin prices even bolder.
In October, Hayes insisted that the path to $1 million per Bitcoin was “completely valid” due to macro realities.
“If people lose faith in the bond market and the fiat artificial construct that we’ve created over the last 80 to 100 years — the global economy and its structure — if we lose faith in that, there’s going to be a lot of money going out. Finding alternatives will This is something we have never seen before,” he said in a statement. interview November 1, Blockworks’ “On The Margin” podcast.
As far as Wood is concerned explain In an interview with Bloomberg on November 3, she said that she would “without a doubt” choose Bitcoin over gold as an inflation hedge.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
Svlook
