How high can the price of bitcoin go in 2024?
Bitcoin (BTC) is still more than 70% in 2023, hoping for help from the banking crisis and the approval of a BTC exchange-traded fund (ETF) in the United States.
So, will the price of Bitcoin continue to rise for the rest of 2023? Cointelegraph looks at its prospects and potential BTC price targets.
Related: BTC Price Models Hint at $130K Target After 2024 Bitcoin Halving
2020 Bitcoin price fractal eyes $50 thousand
Bitcoin's ongoing market trend looks very similar to the price action from 2017 to 2020. Therefore, the key for the decisive bull run may repeat the exit period (the green area), argues the famous BTC analyst Stockmoney Lizards.
In the year The 2020 divergence approached the record high of $69,000 in November 2021 before Bitcoin's bull run. If a similar crash occurs, the analyst predicts the price of BTC will rise to $45,000-$50,000 by the end of the year.
Contrary to the 2020 price rally, however, Bitcoin is facing headwinds from tighter controls from the United States Federal Reserve, which has kept liquidity in the market low.
Since April 2022, when the Federal Reserve's balance sheet peaked, the price of bitcoin has fallen by 40 percent.
Standard Chartered also sees Bitcoin at $50K.
Standard Chartered predicts that Bitcoin will reach $50,000 by the end of the year.
Jeff Kendrick, global head of research and chief strategist at Standard Chartered, argues that increased profitability for miners will reduce their need to sell BTC, resulting in lower supply given rising demand.
“Increased mining profitability in BTC (Bitcoin) mining means they can sell less by maintaining cash flow, reducing the net supply of BTC and pushing up BTC prices,” Kendrick said in the report.
Interestingly, during the ordinary boost in May 2023, the number of Bitcoin held by miners increased, and has stabilized since then.
The technical pattern of the price of bitcoin points to 32,000 dollars
Meanwhile, one Bitcoin technical setup puts its year-end target around $32,000, also a recent price high.
In particular, BTC has entered the bottom pattern level of the typical Burst and Run Reversal (BARR). The BARR bottom pattern is usually resolved after the price breaks above the downtrend line resistance and rises as high as the pattern high as shown below.
A similar BARR Bottom pattern played out perfectly in the case of Dogecoin in June 2022. If this pattern holds true, the price of BTC will rise another 12.75% by the end of 2023.
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.
