Sunday, 3 December 2023

Crypto News

How high can Bitcoin price go by 2024?

How high can Bitcoin price go by 2024?

Bitcoin (BTC) is up over 70% so far this year, helped by a banking crisis and hopes about a spot BTC exchange-traded fund (ETF) approval in the United States.

BTC/USD daily price chart. Source: TradingView

So will Bitcoin price continue to climb for the rest of 2023? Let’s take a look at its chances and and possible BTC price targets.

Related: BTC price models hint at $130K target after 2024 Bitcoin halving

2020 Bitcoin price fractal eyes $50K

Bitcoin’s ongoing market trend looks very similar to its price action during the 2017-2020 period. Therefore it can repeat a key breakout moment (the greened area) for a decisive bull run, argues popular BTC analyst Stockmoney Lizards.

BTC/USD price performance comparison between 2020 and 2023. Source: TradingView/Stockmoney Lizards

The 2020 breakout preceded a Bitcoin bull run to its record high of $69,000 in November 2021. If a similar breakout occurs, the analyst sees BTC’s price climbing to the $45,000-50,000 range by year’s end.

Unlike Bitcoin’s 2020 price rally, however, Bitcoin is currently facing headwinds from the U.S. central bank’s tightening, resulting in lower liquidity on the market.

Bitcoin’s price is down 40% since April 2022 when the Federal Reserve’s balance sheet reached its peak.

Standard Chartered also sees Bitcoin at $50K

Standard Chartered also predicts Bitcoin will reach $50,000 by the year’s end.

Geoff Kendrick, the global head of research and chief strategist at Standard Chartered, argues that increased miners’ profitability will reduce their need to sell BTC, leading to a lower supply against potential rising demand.

“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Kendrick stated in a report.

Interestingly, the number of Bitcoin held by miners surged during the Ordinals hype in May 2023, stabilizin since.

Bitcoin miner reserves in 2023. Source: CryptoQuant

Bitcoin price technical pattern hints at $32K

Meanwhile, one Bitcoin technical setup puts its year-end target near $32,000, also a recent price peak. 

Notably, BTC has entered the breakout stage of its prevailing Bump-and-Run-Reversal (BARR) Bottom pattern. The BARR Bottom pattern typically resolves after the price breaks above its descending trendline resistance and rises by as much as the pattern’s maximum height, as shown below.

BTC/USD daily price chart ft. BARR breakout setup. Source: TradingView

The same BARR Bottom…

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