Analysts predict a rise of $60,000 before the halving and a new high by the fourth quarter
Kevin Svenson, a well-known crypto analyst, recently published his Bitcoin price forecast for 2024, providing a nuanced overview of the expected trends in the coming months. Svenson's analysis, which divides the year into different phases, offers insight into the possible ups and downs that Bitcoin could experience.
His predictions paint a picture of a year marked by significant volatility, a characteristic feature of the crypto market.
Analysts predict Bitcoin phases in 2024
Svenson's forecast is divided into four key phases: a rally leading up to the BTC halving, a subsequent downturn in the second quarter, a recovery in the third quarter, and a potential all-time high (ATH) before the end of the year. This step-by-step approach highlights the cyclical nature of BTC price movements, which is heavily influenced by the halving events.
In particular, Bitcoin halving, a process that reduces the reward for mining new blocks by half, effectively reducing the new supply of Bitcoin, has been a major driver of price increases in the past.
The upcoming BTC halving, which Svenson predicts will take place later this year by April 15, 2024, is expected to be a major catalyst for price action. According to the analyst's chart, BTC could see a rally that would take its price to around $60,000 before the halving, followed by a decline below the $47,500 area.
This pattern is consistent with historical trends observed during previous Bitcoin halvings, where a supply reduction typically leads to price increases and subsequent corrections.
After the second-quarter slump, Svenson expects a recovery period in the third quarter, where Bitcoin is expected to regain its lost ground and potentially reach a new all-time high (ATH) by the end of 2024.
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#Bitcoin | Halving price action forecast
▪ Pump to halving
▪ Entry into Q2
▪ Pump in Q3
▪ ATH before EOY
Things to keep in mind:
1.) Markets take time.
2.) Volatility is key. pic.twitter.com/5SgaFK2IHb
— Kevin Svenson (@KevinSvenson_) February 5, 2024
Current BTC trend and potential increase
Bitcoin has now fallen below the last traded mark of $43,000. Although the asset has risen 6.4% in the last two weeks, it has fallen by almost 1% in the last day.
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com
BTC's daily trading volume, on the other hand, has increased from under $10 billion to over $15 billion in the last few days.
Michaël van de Poppe, head of MN Trading, expects a period of consolidation for Bitcoin in the coming months. He believes the cryptocurrency's value could fluctuate between $48,000 and $50,000 as the halving event approaches.
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My general theory is that #Bitcoin will consolidate in the coming months.
Before the halving, a final push towards resistance at $48,000-50,000, then another correction to $36,000-38,000 and from then on #Altcoins will continue to outperform Bitcoin. pic.twitter.com/sYiqpg3T93
– Michaël van de Poppe (@CryptoMichNL) February 3, 2024
Featured image from Unsplash, chart from TradingView
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