- The future of Bitcoin is capturing everyone’s attention, especially with predictions suggesting it could surpass $80,000 by 2024.
- Bitcoin’s halving event, which will reduce the annual supply of new Bitcoin, creating a scenario where demand exceeds supply, will be a fundamental factor driving positive price predictions.
- The week started with a turbulent start as Bitcoin (BTC), a major cryptocurrency, faced a downward trend in daily trading.
Asset management firm Bitwise’s latest Bitcoin price prediction has been announced: Which scenarios will trigger the Bitcoin price rise?
Bitwise Announces Bitcoin Price Prediction
Bitwise, a significant player in crypto investments, has announced its latest Bitcoin price forecast, considering the extraordinary performance Bitcoin has shown in 2023 compared to traditional investments such as stocks, gold, and bonds.
Bitwise, a significant player in crypto investments, has announced its latest Bitcoin price forecast, considering the extraordinary performance Bitcoin has shown in 2023 compared to traditional investments such as stocks, gold, and bonds.
The remarkable surge of 128% last year has paved the way for even better news in 2024. Bitwise, as the largest crypto index fund manager, outlines two possible scenarios that could drive the Bitcoin price to $80,000.
Meanwhile, the expected launch of a spot Bitcoin ETF in early 2024 is believed to change market dynamics, attracting significant capital from both retail and institutional investors.
In addition, the Bitcoin halving event scheduled for April or May 2024, which will reduce the annual supply of new Bitcoin, creating a scenario where demand exceeds supply, will become a fundamental factor in positive price predictions.
Bitcoin Price Analysis
The week started with a turbulent start as Bitcoin (BTC), a major cryptocurrency, faced a downward trend in daily trading. Later, Bitcoin experienced a recovery of over 5%, rising from $41,034 to $43,049. Meanwhile, Bitcoin managed to stay above the 20-day exponential moving average ($40,870), but it seems that bulls are struggling to initiate a strong relief rally. The tendency to avoid buying at high levels creates a sense of FEAR.
Perhaps the observed negative divergence in the relative strength index (RSI) implies a potential slowdown in positive momentum. This raises concerns about the potential collapse of the 20-day EMA. In this scenario, there is a significant risk of the BTC/USDT pair experiencing a substantial drop to the 50-day simple moving average level ($37,707).
On the positive side, the bull camp has different plans. They want to pull the price to the strong resistance at $44,700. At this point, there will be a tough battle between buyers (bulls) and sellers (bears). If buyers win this battle, the pair could see a significant bounce and reach $48,000.
