Will Bitcoin Price End 2024 On Positive Note?

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As a seasoned crypto investor with a decade of experience under my belt, I must say that predicting Bitcoin‘s price movements can be as unpredictable as trying to catch a greased pig at a county fair. However, based on the analysis presented here, I am cautiously optimistic about Bitcoin’s prospects for the remainder of 2024.

Today, Bitcoin’s price has risen by 0.20% and is currently valued at approximately $95,700. This figure represents a decrease of 11.29% from its highest point of $108,421.6. As we approach the close of 2024, it’s worth considering if Bitcoin will return to the $100,000 mark before the year is out.

Will Bitcoin Price End 2024 Positively?

After the Federal Reserve expressed hawkish views following their FOMC meeting, Bitcoin’s price plummeted from its all-time high of $108,421.6, decreasing by 14.93%. This significant drop established a temporary low at $92,230 on December 20, and since then, the market direction for Bitcoin has been uncertain.

Unlike some predictions, the cryptocurrency market didn’t witness the traditional year-end surge known as the Santa Claus rally in December. At present, the market’s monthly growth is approximately 0.60%. It remains to be seen whether the market will conclude December with a rise, but it’s worth noting that Bitcoin’s gains for 2024 currently stand at an impressive 129%.

Over the next few weeks, leading up to January 9 and with holidays approaching, Bitcoin prices may see increased fluctuations due to a lack of significant macroeconomic events and potential market turbulence. The recent reported sale of approximately $1.8 billion worth of BTC by investment firm BlackRock suggests that volatility could be on the rise.

According to Alex Krüger, founder of Aike Capital, he is optimistic about Bitcoin’s price throughout the rest of 2024. The increased buying by large investors (whales) and strengthening technical signals point towards a possible price surge by the end of the year.

According to Bloomberg’s top Commodity Strategist, Mike McGlone, although Bitcoin’s price has been stable lately, he anticipates it surpassing $100,000 by the year 2024. This prediction is based on robust underlying factors and an increase in institutional investment.

In summary, it’s likely that the price of Bitcoin could return to around $100K by the end of 2024, mainly because of its low liquidity and extreme volatility. This makes Bitcoin susceptible to influence from high-net-worth individuals and financial institutions. Moreover, Bitcoin is projected to finish 2024 on an optimistic note, given its impressive year-to-date growth rate of approximately 129%.

Bitcoin Whales Accumulate BTC On Dips

Based on information from data provider Santiment, they track transactions made by whales (large investors) who transfer amounts equal to or greater than $100,000. This specific index peaked during the recent 15% drop from the All-Time High (ATH), suggesting that these large investors were buying more during market dips, which is often a sign of accumulation.

As an analyst, I’m observing a promising trend in Bitcoin (BTC), which indicates a potential surge towards higher prices before the year-end. The current low liquidity or trading volume might serve as a catalyst for this upward movement, potentially propelling Bitcoin to reach the $100K mark.

BTC Technical Analysis: What’s Next for Bitcoin Price?

Based on technical analysis, Bitcoin appears to have created a higher low since December 20th, indicating that an uptrend could be developing. The crucial level or deciding factor lies at $100K, which corresponds to the highest point in the Value Area (VA) and also aligns with last month’s VAH. This could serve as a pivotal point for further Bitcoin price movements.

If this rejection occurs, it might lead to an adjustment in the Value Area Low (VAL) at approximately $90,915. Nevertheless, given the possibility of a recovery bounce starting, it’s crucial for investors to look for a clear breakout above $100,000. In a bullish market, the Bitcoin price prediction suggests a potential surge towards the $102,742 to $105,300 range.

In a highly bullish case, BTC could overcome the ATH at set up a new one at $110,000.

Conversely, a refusal at VAH for $100,000 might cause Bitcoin’s price to plummet by approximately 9%, potentially returning to the VAL of $90,915. If this critical support system collapses, it would undermine the bullish perspective and could even instigate a larger decline of around 11% to hit $81,158.

In simple terms, it’s unlikely that Bitcoin will end 2024 with a positive balance due to potential reversals from the gains made in December.

Conclusion

Furthermore, an analysis of Bitcoin’s price trends, technical indicators, and blockchain data suggests that Bitcoin’s value will likely increase as we approach 2024. The current buying spree by large investors (whales), improving technical signals, and the possibility of a strong year-end surge point towards a optimistic forecast for Bitcoin prices.

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2024-12-27 15:32