The future of Bitcoin is catching everyone’s eye, especially with forecasts suggesting it could go above $80,000 in 2024. Bitwise, a major player in crypto investments, thinks so, given Bitcoin’s standout performance in 2023 compared to regular investments like stocks, gold, and bonds.
Why Bitcoin Could Soar to $80K?
Bitcoin’s crazy rise of 128% last year set the stage for more good news in 2024. As Bitwise the largest crypto index fund manager outlines to possible scenario that will push bitcoin price to soar it down to $80k.
Meanwhile, the imminent launch of a spot Bitcoin ETF early in 2024 is seen as a game-changer, attracting substantial capital from both retail and institutional investors.
Apart from this, the Bitcoin halving event scheduled for April or May 2024 will reduce the yearly supply of new Bitcoin, creating a scenario where demand surpasses supply, a fundamental factor in the positive price prediction.
Bitcoin Price Analysis
A turbulent start to the week as the major cryptocurrency, Bitcoin (BTC) faced a bearish trend in intraday trading. Later Bitcoin experienced a recovery of of over 5%, from $41,034 to $43,049.
Meanwhile, Bitcoin has managed to stay above the 20-day exponential moving average ($40,870), but the bulls are struggling to initiate a robust relief rally. This reluctance to buy at higher levels indicates a sense of FEAR.
Perhaps the negative divergence observed on the relative strength index (RSI) implies a potential slowdown in positive momentum. This raises concerns about the 20-day EMA breaking down.
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).
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.
