Crypto analysts are forecasting a potential upswing in Bitcoin’s price leading up to the 2024 halving, drawing parallels with historical pre-halving trends and considering macroeconomic influences such as Federal Reserve rate hikes. Analysts Miles Deutscher, known as “Mags,” and Markus Thielen from Matrixport, in addition to Twitter user @thescalpingpro, have identified similarities between the current sideways movement of Bitcoin and pre-halving patterns observed in 2015 and 2019.
As of Tuesday, Bitcoin was trading at approximately 60% below its all-time high, a position reminiscent of its value around 200 days prior to previous halving events. Historical data suggests that a price rally could commence around November 21st.
The next Bitcoin halving, which reduces the rate of new coin issuance, is expected to take place in late April or early May 2024. Traditionally, this event has triggered significant bull markets for the cryptocurrency. While some predictions fall short of expecting Bitcoin to reach $100,000 before the 2024 halving, others anticipate a substantial surge in its price in the lead-up to the event.
However, not all perspectives are optimistic. The Wolf Of All Streets has expressed reservations about the possibility of Bitcoin reaching $1 million. Despite these varying outlooks, investors are strongly advised to remain vigilant and conduct thorough research due to the inherent volatility of cryptocurrency markets.
