Some traders predict that by mid-2024, Bitcoin (BTC) values, which are going through a “acceleration phase” characterised by volatility and a strong surge, might reclaim its lifetime top price of over $69,000. Compared to current pricing of $36,500, that is an 88% increase.
According to Trading.biz analyst Cory Mitchell, “Bitcoin uptrends tend to move quickly once they get going, moving hundreds of percent often in less than a year” in a note to CoinDesk on Friday. We refer to this stage as the acceleration phase.
Mitchell estimates that “really big gains” occur about 18 months after the bottom, which suggests that the near-90 degree price spike may recur in the middle of 2024. Nov. of last year marked the bottom of the bitcoin market.
Analyst Predicts Bitcoin Acceleration: $69K Target by Mid-2024,Analyst Predicts Bitcoin Acceleration: $69K Target by Mid-2024
Mitchell warned of many pullbacks and price dumps on the route to a retake of highs. “In 2013, bitcoin rallied 1200% in approximately 100 days; in 2017, it rallied 1900% in just under a year; in late 2020, it rallied 400% in about 140 days,” Mitchell stated.
The world’s largest asset by market value has gained about 116% over the last year, perhaps allaying concerns raised by the industry’s many bankruptcies and a generally gloomy economic climate.
Spot bitcoin exchange-traded fund (ETF) registrations in the United States have contributed significantly to the recent upsurge in optimistic mood, depressing anticipation that regulated offerings may lead to massive institutional demand.
Prices for regulated instruments have increased in lockstep with growth in demand and usage. The industry leader Binance’s volume was overtaken by bitcoin futures trading on the Chicago Mercantile Exchange (CME) on Thursday, which recorded the biggest volumes globally.
Open interest, or the total amount of unfilled futures, was around $4.07 billion as of right now, up 4% over the previous day and accounting for a 24.7% market share. On the other hand, open interest on Binance decreased by 7.8% to $3.8 billion during the same time frame.
According to market analysts who spoke with CoinDesk, the increase suggests that institutional demand for bitcoin products is present.
Analyst Predicts Bitcoin Acceleration: $69K Target by Mid-2024,Analyst Predicts Bitcoin Acceleration: $69K Target by Mid-2024,Analyst Predicts Bitcoin Acceleration: $69K Target by Mid-2024, Bitcoin Crypto news, Bitcoin News