Bitcoin is predicted to experience unprecedented growth and opportunities in 2024, according to many reports and analysts who have dissected micro and macro trends, forecasting a bright future for the world’s largest crypto and other related assets.
The price of Bitcoin may surpass $50,000 by the middle of 2024, retracing the wave patterns that previously propelled the cryptocurrency to all-time highs.
Analyst words on Bitcoin
The founder of 10x Research, Markus Thielen, mentioned in one of his notes on Monday that Bitcoin will be taking fresh bets on a bullish market and break above the $43,000 mark, requiring re-engagement of long positions from the perspective of risk management. Thielen also said that the potential catalyst could be centered around the falling impact of Grayscale GBTC on BTC prices.
When Bitcoin traded at $40,100 after reversing higher from $38,500, it was once more predicted to surge. As of now, Bitcoin is trading at 43,000, and analysts have received supplementary data points that instill confidence in them to forecast its end-of-year target for 2024, Thielen continued. His optimistic outlook is supported by the Elliott Wave theory, which posits that asset prices fluctuate in waves rather than adhering to straightforward patterns. Predicting future price movements is possible through the analysis of repetitive wave patterns.
The optimistic market for Bitcoin has undergone five wave patterns since 2023. It has experienced a recent decline, falling from around $49,000 to $38,500. The fifth phase, which began in January 2024, has the potential to cause Bitcoin prices to surpass $50,000.
MVRV hints for Bitcoin’s future
Bitcoin is expected to witness rapid gains of around 50%, as hinted by the market value to realize value (MVRV) metric. This is possible if the market condition and behavior repeat the bull runs in 2016 and 2020 that pushed the Bitcoin price to all-time highs.
A popular commentator on social media, Ali, believes that according to the MVRV classic tool, when the metric deviates considerably from the mean value, there is a possibility of coinciding with bear market bottoms and bull market tops.
Currently, the MVRV for BTC/USD is approaching the mean level value, crossing from both below and above in a similar way that happened in 2016 and 2020. Bitcoin strongly rebounded during previous bull markets after crossing the MVRV mean pricing level.
Bitcoin gives optimism for February 2024
Bitcoin has performed exceptionally well in January 2024, gaining 0.6% within the first month. According to our BTC price prediction, Bitcoin is expected to show impressive resilience and reach a maximum of $43,690 by the end of February. Experts believe that Bitcoin will continue with its great performance with anticipation and optimism surrounding the Bitcoin halving event in mid-2024, which will drive confidence among Bitcoin investors for the rest of the year.
A surge of optimism surrounds BTC prices in 2024, as the subsequent Bitcoin halving is anticipated to transpire in the middle of the year. Furthermore, the Elliott Wave Theory predicts that subsequent BTC price movements will be consistent with the bullish trajectory that has pervaded the remainder of the year.