Bitcoin closed above important resistance, but has been moving sideways over the past 24 hours due to the strength of the altcoins market. It is possible that the first cryptocurrency in terms of market capital might form a range from its annual low around $18,000 to a peak near its old highs.
Bitcoin (BTC), which trades at $21,600, has sideways movements in the day. The past week saw a 7% drop.
Josh Rager from the trading firm Trader, shared an idea for Bitcoin’s future value and price. For a period of time, the cryptocurrency has formed a bottom after the Halving.
The event that reduces the reward for mining a Bitcoin block, the Halving has been a consistent indicator of BTC’s future performance. Each of these events, including the Halving, has always been followed up by an enormous rally.
Bitcoin’s value rose to $20,000.00 in 2017, from $3,000 below its peak. In 2012, BTC’s price crossed the $10 barrier and rose above $100 for the first time since its inception.
Bitcoin reached its all-time highest of $69,000 at 69,000, from $3,000 as low in 2020. Each of these massive bull runs was followed by downside price action, similar to what BTC’s price has seen since late 2021, and long consolidation periods.
Bitcoin may spend many years drifting sideways within a given range, before finally breaking into the price discovery phase. Rager estimates that the new range will be between $18,000 to $48,000. BTC might trade in that area until 2024’s Halving event. Trader said:
If you zoom in you’ll notice a range could be forming from the local bottom near $18k Over the course of the next 18 months (prior to the next BTC halving) could logically retest where price broke down next $48,000 or $50k for psychological purposes. Bitcoin’s price had an upper-lower range before the BTC halving. This was prior to March’s crash. And the range high (daily/weekly close) acted as the key level that price would break before it’s first to over $60k. Similar prices could be seen around $50k.
How Bitcoin is likely to trade north of $100k in 2024
Rager stated that this prediction will come true in the next months, with Bitcoin reaching a peak at $50,000. Future predictions for cryptocurrency include a regaining previous highs, and price discovery.
But every time BTC appreciations following a Halving, it loses its profit percentage. It is therefore unlikely that cryptocurrency will reach $1,000,000, as some have predicted. Rager thinks that a price target of $200,000 is a good goal. According to Rager, the following conclusion was reached:
It’s all speculation, both in terms of price and timing. I’m not one to want to predict the price of Bitcoin but what I can say is I expect 18 more months of a large range for Bitcoin. This will be followed by fireworks following the BTC-Halving Ceremony in March/April 2024 and on through 2025.