The biggest cryptocurrency in the world, Bitcoin (BTC), had some volatility in April, but it encountered strong resistance near $30,000. On Sunday, Bitcoin made yet another effort to surpass $30,000 but was quickly met with intense selling pressure.
At the time of publication, the price of Bitcoin is $28,566 and its market capitalization is $553 billion, down 2.12%. Although it appears that Bitcoin is finishing the month on a fairly flat note, it has the potential to reach new highs in the coming year.
Since the start of 2023, the price of Bitcoin (BTC) has already increased by more than 75%. A four-month winning streak in Bitcoin during the past ten years has, according to historical patterns, been followed by an average increase of 260% in the year that follows, according to data from Bloomberg. The price of Bitcoin would increase as a result, reaching above $100,000.
This year, Bitcoin overcame significant macro-events and the banking crisis, operating as a genuine hedge against the established financial system. On the other side, the countdown to the Bitcoin halving begins, which is expected to occur in around a year.
If history is a lesson, the price surge for bitcoin should last through the halving event and any further events. The chief executive of CMC Invest Singapore, Christopher Forbes, told Bloomberg: “The main issue for crypto is that it’s a lightning rod for liquidity. And I believe that cryptocurrency will continue to trade strongly as soon as liquidity returns to the market, which it has and is doing right now.
Bullish Market Analysts on Bitcoin (BTC)
Analysts are bullish on the price increases of Bitcoin (BTC) during the upcoming year following its remarkable comeback and resistance to global macro events.
Standard Chartered researchers previously claimed that they anticipate the price of BTC to reach $100,000 by the end of 2024.
The upcoming Bitcoin halving event generated a lot of positive optimism. “The recent banking-sector crisis has helped to re-establish Bitcoin’s core use case as a decentralized, trustless, and scarce digital asset,” said Geoff Kendrick, head of crypto and EM FX West research at Standard Chartered.
In a similar vein, BCA Research predicted that over time, Bitcoin would partially displace Gold as a store of value. Bitcoin’s (BTC) price would increase to $160,000 even if it were to reach a market capitalization of 25% of that of gold. On the other hand, even if 1% of the value of gold bonds is transferred to Bitcoin, the price of BTC will increase to $185,000 as a result.
