BTC Price Prediction: Key Highlights
1. Key support and resistance levels
Our analysis of the weekly timeframe suggests that the lowest support for BTC could likely fall around $30,000. As the royal coin rises, it may face its highest resistance at $52,000.
2. BTC market state
In February 2024, Bitcoin was observed moving closer to the overbought area on the weekly chart.
3. Bitcoin price prediction
Our AI/ML forecasting model predicts that Bitcoin’s price is expected to reach $85,000 by 2025. The forecast extends with an expectation that Bitcoin will reach $100,000, marking continued growth.
Below is a comprehensive weekly technical analysis of BTC, followed by upcoming days of the month, upcoming months and yearly forecast tables derived from our AI/ML based predictive models:
Bitcoin (BTC) Technical Analysis: Navigating 2024’s Bullish Waves
In 2023, BTC showed a remarkable recovery from its 2022 lows, displaying a year of significant volatility and growth. The Bitcoin price prediction for 2024 offers an optimistic perspective.
In February, BTC hit a low of around $21,000, marking an important support level. By mid-March, a notable price rally allowed the cryptocurrency to surpass the resistance level at $25,000, subsequently claiming it as a new support. This upward momentum continued, with the price reaching resistance at $30,000 in April. However, this led to a slight rejection, and the price pulled back to its support.
This pattern repeated in mid-June when the currency’s retest of resistance led to subsequent declines. By mid-July, the price began to decline, eventually falling back to $25,000 by mid-August.
It wasn’t until the end of October that BTC finally broke through this resistance and surpassed the critical threshold of $38,000 by the end of November. In December, the price approached the next major resistance at $45,000, which it crossed slightly in January, but failed to maintain momentum, leading to a minor decline.
Since December, BTC’s price has remained between this resistance and the support level at $40,000. At the time of writing, the coin was exchanging hands at $42,964.
As the bulls push the price back up to the $45,000 mark, it may face resistance, especially considering the previous surge in liquidations near this price point. Overcoming this could cause potential rejections of around $48,000. However, the upcoming halving event in April 2024 offers a bullish outlook, with healthy speculation that Bitcoin could reach $50,000.
Between the halving events of 2016 and 2020, Bitcoin experienced a 1,263% surge. Before that, during the 2012-2016 phase, it saw an impressive increase of 5.187%. So, the next halving may repeat a similar pattern.
Some industry experts are even more optimistic, predicting that Bitcoin could surpass its all-time high (ATH) and reach between $80,000 and $100,000. This will require the coin to cross its highest resistance at $52,000. However, our forecasting models suggest that such milestones are more likely in the next year, with a six-figure valuation possibly occurring by 2026.
Meanwhile, the broader cryptocurrency market experienced a general uptrend last year, driven by expectations of the US Securities and Exchange Commission (SEC) approving mock Bitcoin exchange-traded funds (ETFs). Still, the actual approval led to a retraction of some gains due to a sell-off trend, which speculative trading actions did not sufficiently counter.
In January 2024, Bitcoin’s value fell below $40,000, a significant decline from its near $49,000 peak on January 11, 2024. Amidst these discussions, the Grayscale Bitcoin Trust (GBTC) was highlighted due to significant outflows. However, the likelihood of a continued downward trend remains doubtful. If a downside were to occur, BTC could find support again at $38,000. Further declines could see the coin drop as low as $30,000.
BTC’s 2024 Roadmap: Key Indicators to Watch and Trade
Since March, the trading volume for BTC has remained particularly low, indicating that investors are HODLing. The Relative Strength Index (RSI) was mostly bullish, except for a dip below 50 between mid-August and September. As October closed, the RSI entered overbought territory, reaching a high of 83.22 in December. By the end of the analysis, it has fallen to 69.44, showing strong bullish sentiment but approaching overvalued territory. The Chaikin Money Flow (CMF) peaked in mid-July at 0.41, coinciding with Bitcoin’s retest of $30,000, indicating strong buying pressure. It dipped into negative values between August and mid-October, reflecting bearish sentiment, before returning to a positive value of 0.20, suggesting optimism in the market.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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