Mystery Solved: Bitcoin’s 2024 Price Revealed!

As we bid farewell to 2023, Bitcoin stands tall above the $40,000 support, fueled by the buzz around a potential ETF approval. Will this momentum endure into 2024?

Cast your vote on Bitcoin’s 2024 journey- Will it skyrocket to the ‘Maximum Bubble Territory’ or face a ‘Basically fire sale’? Vote Now- Click here

Curious about Bitcoin’s future?

Ahead of the new year, several possible bullish and bearish catalysts will greatly impact Bitcoin’s performance. The trajectory of cryptocurrencies will be significantly shaped by elements including growing institutional use, an impending halving event, regulatory modifications, and general macroeconomic trends.

Amidst this curiosity about Bitcoin’s future and its sustainability, Finbold conducted an analysis using BlockchainCenter’s rainbow price chart. This tool illustrates the cryptocurrency’s historical movements based on different moving averages (MA).

Data retrieved on December 25 from the chart indicates that Bitcoin has entered the ‘Accumulate’ phase, currently positioned in the price range between $35,907 and $46,932.

Image Source- Blockchain Center

Looking towards 2024, Finbold consulted the chart for insights into Bitcoin’s predicted valuation on the first day of the new year. Utilizing a logarithmic growth curve, the chart overlays rainbow color bands to signify market sentiment at different stages, emphasizing bullish or bearish scenarios.

In the best-case scenario, represented by the “Maximum Bubble Territory” in dark red, the chart suggests a potential price range of $180,467 to $245,226 for January 1, 2024. Conversely, in a bearish scenario, Bitcoin might trade in the ‘Basically fire sale’ phase, featuring a price range between $20,056 and $26,512.

Bitcoin should maintain its ‘Accumulate’ zone until January 1, 2024, then it would trade in the range of $36,187 to $47,292. Historical patterns indicate that 2024 could be a bullish year for Bitcoin, echoing its surge from the ‘Accumulate’ zone in September 2020 to the ‘Sell. Seriously, SELL!’ zone (red) in April 2021.

Image Source: CoinMarketCap

As of the current press time, Bitcoin is valued at $43,652, reflecting a 5% rally in the last seven days. Technical indicators from TradingView predominantly show bullish sentiments, with a ‘buy’ rating at 13 and moving averages indicating a ‘strong buy’ at 13. At 3, the oscillators edge toward the sell rating.

Image Source- TradingView

While Bitcoin aims to surpass the $45,000 mark, crucial for reaching $50,000, the impending ETF approval in January, coupled with other catalysts like the halving event and potential interest rate reductions by the Federal Reserve, fuels optimism for a sustained bull run. Analyst projections vary, acknowledging the ETF’s potential impact but also cautioning about a “buy the rumor, sell the news event.”

In this dynamic landscape, Bitcoin’s ability to retain a valuation above $43,000 remains pivotal for its journey toward higher milestones.