The post Bitwise Outlines Top Reasons Why Bitcoin Price Will Hit $80k in 2024 appeared first on Coinpedia Fintech News
The magic of Bitcoin’s future has captivated enthusiasts and investors alike, with predictions suggesting a staggering climb beyond $80,000 in 2024. In the wake of Bitcoin’s exceptional 128% surge in 2023, surpassing traditional investments like stocks, gold, and bonds, Bitwise, a prominent figure in the crypto investment arena, is optimistic about the digital currency’s trajectory.
Bitcoin Has An Exciting Future
As the largest crypto index fund manager, Bitwise paints a compelling picture of Bitcoin’s upward journey in 2024. With its remarkable performance last year setting the stage, Bitwise outlines key scenarios that could propel the Bitcoin price to unprecedented heights, reaching the coveted $80,000 mark.
Anticipation runs high as the launch of a spot Bitcoin ETF in early 2024 is poised to revolutionize the crypto landscape. This move is expected to attract significant capital from both retail and institutional investors, further fueling Bitcoin’s ascent.
Adding to the excitement is the scheduled Bitcoin halving event in April or May 2024. This event will curtail the yearly supply of new Bitcoin, establishing conditions where demand could potentially outstrip supply—a fundamental factor in the optimistic price forecast.
Also Read: Bitcoin Spot ETF: Anthony Scaramucci Predicts January Approval for “Digital Gold”
Bitcoin Price Analysis
The week kicked off with a rocky start for Bitcoin, facing a bearish trend in intraday trading. However, a resilient recovery of over 5%, soaring from $41,034 to $43,049, offered a glimmer of hope.
Despite Bitcoin managing to stay above the 20-day exponential moving average ($40,870), a hesitancy among buyers signals a looming sense of fear in the market. Negative divergence on the relative strength index (RSI) raises concerns about a potential slowdown in positive momentum, casting shadows on the 20-day EMA’s stability.
In such a scenario, there’s a risk that the BTC/USDT pair might experience a significant drop to the 50-day simple moving average ($37,707).
It’s the Bulls vs. Bears!
On the positive side, the bullish camp has different plans. They want to push the price up to the strong resistance at $44,700. At this point, there will be a tough battle between the buyers (bulls) and sellers (bears). If the buyers win this battle, the pair could see a significant jump to $48,000.
Read More: Top 10 Crypto Predictions For 2024: Bitwise Analysis
