Bitcoin Faces ‘Selling the News’ Ahead of 2024 BTC All-Time High
Bitcoin (BTC) should break new all-time highs in 2024 — but a halving would punish bulls first, according to a new analysis.
In its latest market update released on February 2, trading group DecenTrader predicted a “semi-annual” BTC price behavior.
DecenTrader: Bitcoin “Tests Investors' Resolution” Ahead of Q4 All-Time High
Bitcoin has about a month of sideways price action before markets begin to react to the upcoming block subsidy halving, DecenTrader believes.
Summing up this year's BTC price roadmap, CEO and co-founder Filbfilb said they expect a buying surge two months ahead of the half-day currently estimated on April 18.
This follows another “sell the news event” – similar to the launch of Bitcoin exchange-traded funds (ETFs) in January.
“Bitcoin has 75 days left until the halving, which will happen around April 18th, 2024. If we make a simple estimate, this is important, there will be buying interest shortly before the halving. I expect this to happen no more than 6 weeks after the halving – or around the second week of March,” Philbphilb wrote.
This means that Bitcoin has 30 days to go through its correction phase before it gets the expected FOMO demand.
Speculation among analysts is that BTC/USD could take a break from the current two-year high of $49,000 before an ETF copy selloff occurs.
But after that, the road Before the end of 2024, it will open to open price gains – this phenomenon was observed during the last half year of 2020 Bitcoin.
“Bitcoin has a tendency to run forward on the news halving, so keep that in mind,” Philbphilb continued.
“Following the halving, Bitcoin took 220 – 240 days to reach new highs. I expect a similar view with Bitcoin making a trip to a new all-time high in mid-2024 to late Q4, giving some time to test the investor's correction in between.
Bitcoin Halving: Isn't This Time Different?
BTC price volatility in the coming months will make Q1 difficult for traders to navigate.
RELATED: Bitcoin Closes to 150 Days in $5K BTC Price Trading Range
As Cointelegraph reports, beyond bitcoin-specific factors, macroeconomic and geopolitical obstacles create a broader risk-asset conundrum.
These include the weakness of the US banking system – Arthur Hayes, the former CEO of the crypto exchange BitMEX, is what he saw coming to a head in March.
Others believe that a new high for BTC/USD will not be reached until the end of 2025.
For Filbfilb, there's little reason to be overly optimistic about what the coming weeks will bring.
“What's clear is that many people are convincing themselves that Bitcoin will go to new highs before the halving because ‘this time is different,'” he explained.
“I personally expect it to be no different than in the past; there is an unknown exact market cycle plan for Bitcoin, born out of investor sentiment into an asset class where many are emotionally invested – it seems unwise to expect this to end now (for good).
BTC/USD traded below $43,000 at the weekly close of February 4, according to data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
