Bitcoin (BTC) prices rebounded to a two-year high of around $49,000 on Thursday after 11 Bitcoin exchange-traded funds (ETFs) began trading on their respective stock exchanges. However, the flagship coin fell about 6% in the early Asian session on Friday, trading at around $46,000.
Nonetheless, the increase in Bitcoin trading volume suggests that a macro bull rally is here for the next two years. Moreover, the weekly 50 and 200 moving averages (MAs) formed golden crosses for the first time in Bitcoin history.
Bitcoin price prediction for 2024
A popular cryptocurrency analyst compared the current Bitcoin price breakout to the last two bull markets in 2017 and 2021. With the Bitcoin price reaching a critical resistance level of around $49,000, analyst Crypto Jebb is confident that the flagship coin will reach $52,000 in the coming year. 6 months. Moreover, when Bitcoin first retested the $781 resistance level in June 2016, the asset fell more than 40% in 50 days and took six months to get back to the same level.
Likewise, when the price of Bitcoin retested the resistance level around $14,000 during the 2021 bull market, the commodity fell nearly 70% and took nine months to get back to the same level. As a result, the cryptocurrency analyst highlighted that the Bitcoin price could comfortably reach $100,000 by the end of this year.
“Within 90 days of an ATH breach, the price of Bitcoin historically rose 50% higher than the ATH. So, from August to October this year, Bitcoin price will probably be trading around $100,000,” the analyst said.
In general, cryptocurrency analysts say 2024 will be a very bullish year for Bitcoin due to the upcoming halving and spot ETF FOMO, in addition to the expected federal funds rate cut.
However, in case of a Bitcoin price correction following the spot ETF approval event, analysts are confident of a solid support level around $31,800.