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Bitcoin’s price has been following channel patterns with a shaky recovery for more than a week. 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, this could result in a significant increase in Bitcoins, which would continue to drive the price upwards. If there is a breakout over the channel pattern, it may be a good opportunity for potential buyers.
Will Bitcoin Price Surpass $50,000 in January 2024?
- Bitcoin’s price can remain sideways as long as the channel pattern remains intact.
- The buying momentum will accelerate at a bullish breakout of the upper trendline.
- The $17.4 billion intraday Bitcoin volume shows a 15% loss.
Bitcoin Price TradingView Chart
In December 2023, Bitcoin’s velocity began to decline, almost completely down below $45,000. This consolidation could be due to the uncertainty surrounding approval of spot Bitcoin ETFs.
On the daily timeframe chart, the channel pattern consisting of two parallel walking trendslines has emerged as a result of the consolidation. The coin price has bounced off this dynamic barrier and support several times, indicating that traders have paid attention to this structure.
The price of bitcoin is more likely to break the trendline overhead, signaling the impending direction rally. Price targets after the breakout rally could be between $52100 and $60000.
Experts predict BTC price
Experts are divided on predicting the trajectory of Bitcoin’s price in light of a possible ETF approval. According to some, a Bitcoin ETF would result in a large inflow institutional capital. This could increase market efficiency, increase trading volumes, and stabilize Bitcoin’s price, which is known to be extremely volatile.
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. Here is a list with some of the most likely outcomes:
- According to Blockstream CEO Adam Back Bitcoin will likely hit $100,000 before halving by 2024. He demonstrated his positive outlook by placing a bet on Twitter, predicting Bitcoin would reach this level before March 31, 2024.
- Bitwise predicts that Bitcoin’s price will reach $80,000 by 2024.
- Standard Chartered, a major English Bank, predicts Bitcoin will reach $100,000 in 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 Bitcoin’s value will reach $150,000 over the next two years.
- With the SEC’s approval of Bitcoin spot ETFs, JPMorgan has projected that the price of Bitcoin will reach $15,000.
- ARK Invest predicts that Bitcoin will hit $1.48 million. This is one of their highest expectations.
- Matrixport estimates that Bitcoin could reach $56,000 in 2024 if an ETF for Bitcoin is approved.
- Lark Davis predicted that the price of Bitcoin will reach above $100,000, with a potential peak of $150,000 in 2024–2025.
- Tom Lee of Fundstrat believes Bitcoin could go above $150,000 by the end 2024 and even reach $180,000.
Investors and enthusiasts are excited as the deadline for US SEC’s approval of Bitcoin ETF approaches. This significant event, if it happens, will have a major impact on Bitcoin and the cryptocurrency markets.