2023-9-16 12:30 |
In a recent Twitter thread, top-notch analyst and technical analysis expert BitQuant laid out his predictions for Bitcoin’s performance leading up to and beyond the much-anticipated halving event in 2024. His insights offer a nuanced perspective on Bitcoin’s future, challenging some prevailing narratives in the crypto community.
Halving Event: A New All-Time High, but Not the PeakBitQuant dispels the notion that Bitcoin will reach its peak before the next halving event. Contrary to popular belief, he asserts that Bitcoin will hit a new all-time high before the halving but will not top out then. “No, Bitcoin is not going to top before the halving. Yes, it’s going to reach a new all-time high before the halving,” BitQuant tweeted.
The well-known trader further elaborates that Bitcoin will only reach the often-speculated price of $160,000 after the halving. According to him, the magnitude of Bitcoin’s pullbacks suggests that the cryptocurrency will peak after the halving event, with a target price of around $250,000. This perspective offers a more extended timeframe for investors and challenges the rush to predict a peak before the halving.
The $60K Barrier: A Two-Month HurdleBitQuant also touched upon the psychological and technical barrier of $60,000 for Bitcoin. He predicts that once Bitcoin reaches this price level, it will likely take at least two months to break through and establish a new all-time high. “When Bitcoin reaches $60K, it will likely require at least 2 months to break that level and reach a new all-time high,” he stated.
This prediction implies a more gradual climb for Bitcoin, tempering expectations for those anticipating rapid gains. It also provides traders a timeframe to watch closely for potential breakouts or pullbacks.
Probable Targets: $80K by February 2024In early 2024, BitQuant set a more specific target for Bitcoin. Given the factors he has analyzed, he believes that an $80,000 price level by February 2024 is more probable. “Therefore, $80K by February 2024 is more probable,” he concluded in his Twitter thread.
This forecast aligns with his earlier points about the post-halving peak and the time required to break the $60,000 level. It offers a balanced outlook that considers both bullish enthusiasm and market realities.
BitQuant’s analysis provides a comprehensive and nuanced view of Bitcoin’s potential trajectory. As we approach the 2024 halving, his insights serve as a valuable guide for investors and traders alike, challenging conventional wisdom and offering a more measured approach to Bitcoin’s future.
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The post Top Analyst Predicts Bitcoin ATH Before 2024 Halving – Updates Outlook on BTC appeared first on CaptainAltcoin.
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