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Bitcoin could potentially double in value by the end of 2024.

In light of the upcoming Halving and the entry of institutional investors into the crypto sector, there are increasing predictions in the market for Bitcoin to surpass the psychological barrier of $100,000 – a six-figure threshold that, according to some major banks and hedge funds, could be crossed as early as this year.

Recently, Standard Chartered, once one of the biggest critics of Bitcoin, raised its 12-month price target for Bitcoin by 50% to $150,000. According to the investment bank, the peak of the current BullRun will be $250,000, expected in 2025, followed by a correction to stabilize around $200,000. -The bank also expects Ethereum to rise to $8,000 if Ethereum spot ETFs are approved by the SEC.

Over the weekend, levels of $150,000 were also mentioned by some hedge fund managers on Wall Street. Despite Bitcoin’s price rising by over 60% since the beginning of the year and surpassing its previous all-time high of $69,050 with new ATH levels of $74,000, this is still only half the target levels set by hedge funds and Standard Chartered.

What’s most impressive about the current BullRun is that it occurred before the fourth Halving, expected to take place this month.

-A significant factor contributing to the substantial price increase is the approval of Spot Bitcoin ETFs, which are attracting record capital inflows into the sector. Demand from funds further thins the market, significantly boosting demand for Bitcoin.

Following this month’s halving, the supply of Bitcoin will be halved, which could provide a strong fundamental boost to further price increases and the continuation of the current Bull Run.

According to historical trends, significant price increases in Bitcoin typically occur after the halving – averaging about 9 months after the event. So perhaps around the Christmas holidays or early 2025, we may see the first crossing of Bitcoin above the six-figure threshold of $100,000.

TECHNICAL OUTLOOK FOR BITCOIN AT THE MOMENT – DAILY CHART:

  • Long-term trend and consolidation range over the past week, just below ATH levels.
  • In mid-February, the price made an aggressive breakout of the primary trend channel’s resistance line, forming a new accelerated long-term trend channel.
  • The correction after reaching ATH levels retraced to the 23.6% Fibonacci level, confirming the sustainability of the current trend.
  • The DeMarker Oscillator is heading towards overbought territory – a breakthrough above 70 would support buy-side traders for a test of the $74,000 levels.
  • Another trigger for a new price increase could be a breakout and close above $72,000 (resistance line of the consolidation range).
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Alternatively:

A breakthrough and close below $68,000 would increase selling pressure, and Bitcoin would correct to the $62,000-$60,000 levels, where we have a clustering of multiple supports (23.6% Fibonacci, 65-day moving average, and the former resistance line of the long-term trend channel). It’s precisely around these levels that traders will be looking for buying opportunities ahead of the halving, if price action signals the end of the corrective impulse.


 Head Dealer Alexander Alexandrov

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