The price of Bitcoin has been following channel patterns for more than a month, with a shaky rebound. As investors await the US SEC’s judgment on spot Bitcoin ETFs, this consolidation appears to be a calm period before the upheaval. If accepted, there might be a significant influx of Bitcoin, which would continue the current uptrend in price. Potential buyers may have an entrance opportunity if there is a breakout above the channel pattern.
Will Bitcoin Price Surpass $50K in January 2024?
- Until the channel pattern stays intact, the price of bitcoin can stay sideways.
- The buying momentum will pick up speed at a bullish breakout from the upper trendline.
- $17.4 billion in intraday Bitcoin trading volume indicates a 15% loss.
Bitcoin Price TradingView Chart
In December 2023, Bitcoin’s velocity began to decline, almost completely down below $45,000. The uncertainty surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) may have contributed to this consolidation.
A look at the daily time frame chart reveals that the channel pattern made up of two parallel walking trendlines has emerged from the consolidation. It appears that traders have taken careful notice of this structure because the coin price has bounced back from this dynamic barrier and support multiple times.
It is therefore more likely that the price of bitcoin will break the overhead trendline, indicating the impending direction rally. Price targets for the post-breakout rally might be $52100 and $60000.
BTC Price Predictions by Experts
Experts are divided on predicting the trajectory of Bitcoin’s price in light of a possible ETF approval. According to some, an ETF would cause a large inflow of institutional capital into the Bitcoin market. This has the potential to boost market efficiency, boost trade volumes, and stabilize the price of Bitcoin, which is known for its extreme volatility.
The US SEC’s approval of spot Bitcoin ETFs might have a range of effects on the price of Bitcoin, according to predictions made by several specialists in both the mainstream and cryptocurrency industries. Below is a list of some of the most anticipated outcomes:
- According to Blockstream CEO Adam Back, Bitcoin will probably hit $100,000 before halving in 2024. He demonstrated this upbeat view by placing a wager on Twitter, predicting that Bitcoin would hit this level by March 31, 2024.
- Bitwise projects that the price of Bitcoin will have risen to $80,000 by the end of 2024,
- Major English bank Standard Chartered predicts that Bitcoin will reach $100,000 by 2024.
- Tim Draper, a venture capitalist, is more optimistic and believes that Bitcoin will hit $250,000 by year’s end.
- According to Ric Edelman, the founder of Edelman Financial Engines, the value of Bitcoin will reach $150,000 in two years.
- With the SEC’s approval of Bitcoin spot ETFs, JPMorgan has projected that the price of Bitcoin will reach $15,000.
- Predicting that Bitcoin will reach $1.48 million, ARK Invest has one of the highest expectations.
- If a spot Bitcoin ETF is authorized in 2024, Matrixport projects that the price of Bitcoin may rise to $56,000.
- Lark Davis predicted that the price of Bitcoin will reach above $100,000, with a potential peak of $150,000 in 2024–2025.
- By the end of 2024, Tom Lee of Fundstrat believes that Bitcoin may go above $150,000 and even reach $180,000.
As the deadline for US SEC approval on Bitcoin ETF is approaching, enthusiasts and investors are getting excited. If it occurs, this significant event will affect Bitcoin and the cryptocurrency market in a big way.