Price Analysis

Bitcoin to Reach Beyond $32,000 During the BTC-Halving in 2024! Is the Bull Market in its Early Stages?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Story Highlights
  • The aftermath of the US CPI rate led the Bitcoin price to slice through the pivotal resistance at $19,000

  • While the price is now poised to reclaim the levels above $20,000, the bears do not appear to be in a position to defend the positions at these levels

Bitcoin price maintains its bullish streak as it recorded a notable spike of nearly 7% during the past trading day, rising the price levels beyond $19,000. While the price underwent a minor rejection and dropped below these crucial levels, the probability of resuming a decent uptrend appears to be imminent.  Moreover, the bull run still appears to be in its initial stage and may consume more time than required to gain the required pace. 

After the crypto markets withstood multiple tremors throughout 2022, the majority of the cryptos appear to have become more stringent. Bitcoin price after the parabolic recovery from the losses incurred due to the FTX collapse shed light on its potential and also contradicted the predictions of a 4-digit figure by the mid of Q1 2023. 

However, only in case of an extreme bearish event, wherein yet another huge platform collapses, BTC price may still go to that level, which is largely unlikely at the moment. One of the popular analysts, Plan B who was stuck up with his prediction, has now emerged with a fresh timeline for the star crypto.

The analysts, much before the beginning of the 2021 bull run predicted the BTC price to reach $100K in the near future. Meanwhile, while the bearish action prevailed within the space, he continued to propagate his idea and his prediction.

Presently, he believes that the prices may reach beyond the upcoming Bitcoin halving which is scheduled to happen somewhere in April 2024. Post to which, the upswing may turn into a bull run that may escalate the price beyond $100K 

Besides, the fear of the revival of the bearish trend still continues as the monthly RSI is still oversold and has not reclaimed the previous bear market values of 2015 & 2018. Therefore, even if Bitcoin is turning macro bullish, it’s still a very early trend as a couple of pullbacks may be registered in the coming days. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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