Could Bitcoin Price Hit $250K in the Final Days of 2024?

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As a seasoned analyst with over two decades of experience in financial markets under my belt, I can confidently say that predicting Bitcoin prices can be as unpredictable as a game of roulette. While I appreciate the enthusiasm and optimism surrounding Bitcoin’s potential, I must caution against setting expectations too high.

Despite Bitcoin’s price dropping 15% from its all-time high (ATH) of $108,421.80, it seems unlikely that it will reach $250,000 by the end of 2024. Here’s a breakdown of why such a significant rally from the current $95K is highly improbable.

Can Bitcoin Price Hit $250K in 2024?

In simpler terms, it’s extremely improbable for Bitcoin’s value to reach $250K by the end of 2024. For this to happen, Bitcoin would need to increase by an additional 163% from its current year-to-date performance of 156%. This rapid surge in such a short period is not typical or supported by existing market demands, whether in the crypto or traditional markets.

Let’s explore a much more realistic outlook for Bitcoin.

BTC Technical Analysis: How High Can Bitcoin Reach in 2024?

In a previous post, we suggested that Bitcoin might bounce back soon. On a four-hour chart, BTC seems to have established a local bottom on December 20 at $92,230. Since then, it has been showing signs of strength with a higher low set at $92,465. If this lower high holds, it could indicate that the recovery rally is underway.

If Bitcoin’s momentum remains strong during the upcoming festive season, it may surpass the current value area high (VAH) of $100K and even flip this level into a potential support zone. In such a scenario, Bitcoin might strive to reach the 261.8% Fibonacci extension level, which is approximately $115,881. This move would represent a significant 20% increase in Bitcoin’s price within the next week, a substantial gain indeed.

From a technical standpoint, under an optimistic outlook, Bitcoin might reach anywhere between $120,000 to $150,000 by the end of 2024—the maximum potential it could achieve according to current analysis.

In this alternative situation, Bitcoin might dip to around $90,900 in its value range (VAL). If so, it’s likely that Bitcoin’s peak price before the end of 2024 would be somewhere between $116,000 and $120,000.

Conversely, if the $90.9K total collapses, it might lead to a significant drop of around 11%, potentially reaching the next support level at $81.1K. Such a decline could heighten the likelihood of a bear market for Bitcoin and the overall crypto market.

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2024-12-25 16:43