A crypto industry expert shared his opinion and provided facts that Bitcoin’s bearish phase will end early next year, in short no big expectations from Bitcoin this year but 2023 is the best time to grab the opportunity to enjoy the Bitcoin vehicle ride in 2024.
Bitcoin, the top crypto asset by market cap, is currently 60% high year to date (YTD) and people are expecting more to increment before the end of this year, as the new year comes with several positive factors that can help to bring a better push for Bitcoin trade price.
On 18 Oct 2023, a crypto industry expert CoinsKid shared his opinion on Bitcoin’s next move on behalf of the past pattern & current situation.
According to CoinsKid’s theory, Bitcoin will show a big rally in 2024, taking into account historical data of Bitcoin trade price.
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Analyst said:
“The true top, for me, of a massive impulsive move was in April 2021. (…) Since then, we’ve been in a corrective phase of a larger cycle, and I think this cycle is looking to end roughly next year.”
According to this crypto expert, Bitcoin followed a bullish pattern in September 2016 & that was the year before the last cycle blow-off top.
CoinsKid found that the September 2016 pattern is very similar to the current year’s September and this shows that we are the last cycle blow-off top and we should be ready for the next bull cycle.
On behalf of the theory & chart pattern analysis, the crypto expert noted that Bitcoin will hit a trade price of up to $200,000 in 2024.
Here blow-off top’ means a sudden occurrence of a situation in the trade price pattern in which trade volume & price saw an increment simultaneously.
Catalysts for Bitcoin 2024 pump
However, in the present time, Bitcoin is nearly 60% high YTD but still Bitcoin is slowly moving toward more increment because of the positive sentiments.
In 2024, the main factors that will be responsible for the Bitcoin new bull run are Bitcoin halving, approval of Bitcoin spot ETF applications, US presidential election that will bring crypto-crypto-friendly US president to America.
Alongside these factors, Bitcoin investors are also considering Q4 2023 as the initial phase of the next bull run, filling the bag with Bitcoins.
Read also: XRP coin bull sentiments surging, as Ripple heading toward IPO
In this unique scenario, Bitcoin may hit $200,000 in the next year
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