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Home»Bitcoin»Analysts Signal Potential New ATH for BTC
Bitcoin

Analysts Signal Potential New ATH for BTC

2024-02-12No Comments4 Mins Read
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After a tumultuous 2022, Bitcoin (BTC) is poised for a remarkable revival in 2024, according to a consensus of industry experts. This comprehensive analysis takes a closer look at the key factors driving this positive sentiment, including the most anticipated ones Bitcoin halving event, increasing institutional adoption and the introduction of spot Bitcoin exchange-traded funds (ETFs).

The halving event: a catalyst for scarcity and price appreciation

The Bitcoin halving event, scheduled for April 2024, is considered a pivotal moment in the history of the cryptocurrency. This event, which happens every four years, reduces the block reward for miners by half, effectively reducing the supply of new BTC. This scarcity, coupled with steady or increasing demand, has historically led to significant price increases.

A retrospective analysis of past halving events reveals the transformative impact on Bitcoin’s value. In the year following the 2012 halving, the price of BTC skyrocketed by an astonishing 10,000%, while the 2016 halving was followed by a remarkable 2,000% increase. These historical precedents provide a compelling basis for optimism about the potential of the upcoming halving to unleash a new bull run.

Institutional adoption: a wave of trust and liquidity

Bitcoin’s growing institutional adoption represents another key driver of its bullish outlook. Institutional investors, recognizing the cryptocurrency’s potential as a hedge against inflation and currency devaluation, are increasingly allocating money to this emerging asset class.

This influx of institutional capital, coupled with the recent launch of spot Bitcoin ETFs in the United States and Hong Kong, has significantly increased Bitcoin’s accessibility and legitimacy as an investment vehicle.

Spot Bitcoin ETFs, unlike their futures counterparts, offer institutional investors the ability to buy and sell the actual cryptocurrency directly, eliminating the need for middlemen. This added flexibility, combined with the increasing regulatory clarity surrounding cryptocurrencies, is expected to attract even more institutional money to the market, further increasing demand and price appreciation.

Bitcoin currently trading at $48,204 on the daily chart: TradingView.com

Bitcoin Price Predictions: Experts Weigh In

Prominent crypto analysts and market experts have given their predictions for Bitcoin’s price trajectory in 2024. Crypto Rover, a renowned market analyst, believes that Bitcoin could start a bullish trend if it surpasses the resistance level of $48,500 and the Fibonacci level of 0.618 reaches.

I think #Bitcoin will reach a new ATH in 2024.

— Crypto Rover (@rovercrc) February 10, 2024

At the time of writing, Bitcoin was traded at $48,234 up 0.2% and 13.7% in the daily and weekly time frames, Coingecko data shows.

Once #Bitcoin breaks the barrier of $48,500, more precisely, the Fibonacci level of 0.618,

that will mark the official trend reversal to a bull market. I’m keeping a close eye on this level! pic.twitter.com/ne2SvugHRp

— Crypto Rover (@rovercrc) February 10, 2024

TradingView Chart by Crypto Rover

The CEO of analytics platform CryptoQuant, Ki Young Ju, predicts that the price of a bitcoin could rise to an astonishing $112,000 per unit by the end of the year.

#Bitcoin could reach $112,000 this year thanks to ETF inflows, reaching $55,000 at worst.https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b

— Ki Jonge Ju (@ki_young_ju) February 11, 2024

A year of transformation and growth

In light of Bitcoin’s upcoming halving, the surge in institutional adoption, and the introduction of spot Bitcoin ETFs, 2024 is emerging as a pivotal year for the cryptocurrency. While price forecasts may vary, the overwhelming consensus among experts points to significant potential for growth and appreciation.

See also  Dogecoin's next step: Analysts predict a possible 66% increase

Featured image from Adobe Stock, chart from TradingView

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.



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