Bitcoin emerges from its post-halving “danger zone” as experts predict reduced volatility and steady growth until 2024.
As the post-halving sell-off phase comes to an end, market analysts are sharing their insights on Bitcoin’s future trajectory and important price levels to monitor. Rekt Capital’s latest analysis suggests that the precarious phase that typically follows a Bitcoin halving is over, signaling a period of price stabilization and potential growth.
Comparative charts from 2016 and projections for 2024 reveal similar patterns in price movements. In 2016, a significant spike in volume, approximately 603K BTC, coincided with notable price fluctuations, including a critical drop of 17.87% around July 11, 2016. This drop was followed by a recovery phase that led to a parabolic increase in Bitcoin’s price. The analysis illustrates the different phases of post-halving market behavior, capturing the transition from a sharp price decline to a strong recovery and growth phase.
Looking ahead to 2024, Rekt Capital predicts similar price movements. The analysis emphasizes the “Post-Halving Danger Zone,” where the chart indicates a significant dip in Bitcoin’s price, marked by a 6.44% decrease. This decline aligns with patterns observed in previous cycles.
Michaël van de Poppe, CIO and founder of MN Trading Consultancy, offers a shorter-term perspective on Bitcoin’s price movements. With Bitcoin currently trading around $61,855.36, it is hovering near crucial thresholds. Van de Poppe highlights the possibility of a fall to a range between $52,000 and $55,000 if the support around $60,500 is broken. On the other hand, surpassing the $63K barrier could trigger a rally towards previous highs.
Recent trading data indicates significant selling pressure on Bitcoin, reflected in the price decline over the past 24 hours. Short-term indicators such as the Exponential Moving Average (EMA) and Moving Average Convergence Divergence (MACD) suggest a bearish sentiment. The EMA is currently above the closing price, and the MACD histogram reflects bearish momentum.
Prominent figures in the industry, including Jack Dorsey, former CEO of Twitter, and Ki Young Ju, CEO of CryptoQuant, have expressed bullish long-term outlooks for Bitcoin. Dorsey speculates that Bitcoin could reach or even exceed $1 million by 2030, citing the collaborative nature of the Bitcoin community as a driving force. Ki Young Ju’s analysis, based on network fundamentals, supports a sustainable price of $265,000. He notes the correlation between the network’s hash rate and its market cap as a bullish signal for Bitcoin’s valuation.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.