How High Will Bitcoin Price Reach by 2024?
The recent crypto rally has seen Bitcoin (BTC) soar over 70% in 2023, as a banking crisis and hopes for a spot BTC exchange-traded fund (ETF) approval in the United States fuel its momentum. So, will the near crypto price continue to climb for the rest of 2023? Cointelegraph takes a look at its chances…
The recent crypto rally has seen Bitcoin (BTC) soar over 70% in 2023, as a banking crisis and hopes for a spot BTC exchange-traded fund (ETF) approval in the United States fuel its momentum. So, will the near crypto price continue to climb for the rest of 2023? Cointelegraph takes a look at its chances and possible BTC price targets in the high street crypto market.
As the crypto.net industry moves closer to web 3.0, investors are eagerly awaiting the Federal Reserve’s take on crypto, and the effect it will have on the web 3.0 stock price. It remains to be seen whether the recent AI developments will bring more clarity to the crypto net market.
2020 Bitcoin price fractal eyes $50K
Stockmoney Lizards, a popular BTC analyst, believes Bitcoin’s current market trend is strikingly similar to its price action between 2017 and 2020, potentially leading to a key breakout moment (the greened area) and a major bull run. If a similar breakout occurs, the analyst sees BTC’s price climbing to the $45,000-$50,000 range by year’s end.
In comparison to Bitcoin’s 2020 price rally, however, Bitcoin is currently facing headwinds from the United States Federal Reserve’s tightening, resulting in lower liquidity in the market. Crypto.net has noted that Bitcoin’s price is down 40% since April 2022 when the Federal Reserve’s balance sheet reached its peak.
As the web 3.0 stock price nears, many are wondering when the web 3.0 revolution will arrive and how recent AI and high street crypto trends will affect the crypto.net rally.
Standard Chartered also sees Bitcoin at $50K
Standard Chartered also predicts that Bitcoin will reach $50,000 by the end of the year, according to Geoff Kendrick, the global head of research and chief strategist at the bank.
Kendrick argues that increased miners’ profitability will reduce their need to sell BTC, which leads to a lower supply against potential rising demand. “Increased miner profitability per BTC (Bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” he stated in a report.
Interestingly, the number of Bitcoin held by miners surged during the crypto rally in May 2023, but has since stabilized.
Bitcoin price technical pattern hints at $32,000
Crypto.net data shows that BTC is in the breakout stage of its prevailing bump-and-run reversal (BARR) Bottom pattern, and its year-end target is near $32,000, which is a recent price peak.
The same BARR Bottom pattern was accurately observed in Dogecoin’s price rally in June 2022, suggesting that BTC could be up another 12.75% by the end of 2023.
As the Federal Reserve starts to consider crypto investments, it is becoming increasingly important to keep an eye on the web 3.0 stock price and high street crypto trends in order to predict when the next big crypto.net rally might occur.