Bitcoin Price Expected to Rally Ahead of 2024 Halving, Say Crypto Analysts
Potential Rally Projected by Crypto Analysts
Crypto analysts are projecting a potential rally in Bitcoin’s price leading into the 2024 halving event. This projection is based on historical pre-halving patterns and influenced by macroeconomic factors, such as Federal Reserve rate hikes. Analysts Miles Deutscher, “Mags,” and Markus Thielen from Matrixport, along with Twitter user @thescalpingpro, have noted similarities between the ongoing sideways trading of Bitcoin and pre-halving trends observed in 2015 and 2019.
Bitcoin’s Position and Historical Data
As of Tuesday, Bitcoin was trading approximately 60% below its all-time high, which is similar to its position about 200 days before previous halvings. Historical data suggests that a rally could start around November 21st.
The Impact of the Halving Event
The next Bitcoin halving event, expected to occur in late April or early May 2024, reduces the supply of new coins entering the market. This event has traditionally sparked major bull markets for the cryptocurrency. While some forecasts suggest that Bitcoin won’t reach $100K before the 2024 halving, others anticipate a significant surge in its prices leading up to the event.
Conflicting Views
However, not all views are bullish. The Wolf Of All Streets has expressed apprehension about a world where Bitcoin could hit $1M. Despite these differing predictions, investors are advised to remain vigilant and conduct comprehensive research due to the volatile nature of cryptocurrency markets.
This article provides insights into the potential rally expected in Bitcoin’s price leading up to the 2024 halving event. Crypto analysts have observed similarities between the current sideways trading of Bitcoin and previous pre-halving trends. Historical data suggests that a rally could commence around November 21st. The upcoming halving event, which reduces the supply of new coins, has traditionally triggered major bull markets for Bitcoin. While some forecasts are skeptical about Bitcoin reaching $100K before the 2024 halving, others anticipate a significant surge in prices. However, it is essential for investors to exercise caution and conduct thorough research, given the volatile nature of cryptocurrency markets.
