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Cryptogambling / Analysts: Bitcoin to peak at $45K in November, surpass $70K by 2023, reach $120K by 2024

Analysts: Bitcoin to peak at $45K in November, surpass $70K by 2023, reach $120K by 2024

Publish Date: 27/10/2023
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Using Fibonacci retracement levels to predict Bitcoin’s potential growth, Crypto analyst CryptoCon predicts that the token’s price may reach $45,000 next month.

CryptoCon’s recent X post highlights Bitcoin’s strong growth potential after reaching a 16-month high.

“Welcome to Mid-Cycle phase 4. This is the time when #Bitcoin is in between heading to the cycle Mid-Top which is now about 45.5k. Price has typically come over this. Interestingly, when phase 2 is over, it’s usually a launch straight to phase 5, which means 45k could be soon!” CryptoCon said.

Bitcoin’s price has risen by 80 percent since the beginning of 2023, but it currently stands at just over $30,200, which is still less than half of its peak value of $69,000 in November 2021.

In 2022, the crypto sector suffered significant losses, with trillions of dollars vanishing as central banks raised interest rates and several crypto firms, including the FTX exchange, faced difficulties. However, the recent downfall of several traditional-style banks has contributed to the market’s recovery.

Blackrock, policies to lead Bitcoin to surpass $70,000 by 2023

Meanwhile, crypto analyst Crypto Jeb anticipates Bitcoin surpassing $70,000 by the end of 2023, attributing this projection to the influence of BlackRock’s actions and Federal Reserve policies.

Crypto Jeb pointed to the 2020 and 2021 bull market, explaining that it was driven by the pandemic and the Fed’s quantitative easing (QE) actions.

The QE program involved buying government bonds and mortgage-backed securities, injecting money into the U.S. economy. It led to more money being in the hands of people as they received stimulus payments and began investing in Bitcoin. The low-interest rates also encouraged people to borrow money for Bitcoin investments, contributing to its rising from $20,000 to $69,000.

BlackRock is working on a Bitcoin ETF, which Crypto Jeb thinks will have a significant impact. The ETF will allow people to easily invest in Bitcoin, potentially bringing in hundreds of trillions of dollars in the first year after launch. This new investment will establish Bitcoin as a credible long-term option.

According to CryptoGlobe, the Fed’s actions have strongly influenced Bitcoin’s past and will remain important. The Fed is reducing its QE measures and keeping the federal funds rate at 5.25 percent. Crypto Jeb believes the Fed might lower interest rates and bring back QE if there are more recessions. It could boost Bitcoin to new record highs.

Considering these factors, Crypto Jeb expressed optimism that Bitcoin would surpass $60,000 and could potentially reach between $70,000 and $100,000 by the end of the next year. These events might align with Bitcoin’s “halving season,” giving its price an extra lift.

Bitcoin to reach $120,000 by 2024

In July, Standard Chartered foreign exchange analyst Geoff Kendrick predicted that Bitcoin’s price might reach $50,000 this year and potentially exceed $120,000 by the end of 2024. He expressed optimism about this prediction, citing a 20 percent improvement from their earlier forecast.

In April, the bank forecasted that Bitcoin would hit $100,000 by 2024, marking the end of the “crypto winter” period.

Standard Chartered further explained that its prediction was based on the idea that bitcoin miners, responsible for creating around 900 new bitcoins daily, would eventually need to sell fewer bitcoins to cover their expenses, mainly the electricity used to run their powerful computers.

Kendrick estimated that miners had been selling all their new coins, but if the price reached $50,000, they might only sell 20 to 30 percent. He emphasized that this is similar to miners reducing their daily sales to 180-270 from 900.

“Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year,” Kendrick said.

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