Bitcoin’s price trajectory has lately been a hot topic in the crypto market especially with forthcoming Bitcoin halving event. Altcoin Sherpa, a top cryptocurrency analyst, in a tweet post, shared their thoughts on the anticipated peak for Bitcoin (BTC) in 2024.
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Accelerated Cycle and Timing Speculations
In the post, Altcoin Sherpa acknowledged the widespread discussions surrounding an accelerated cycle for Bitcoin, suggesting that the top could occur in 2024 instead of the previously predicted 2025. However, they expressed uncertainty about pinpointing the exact timing of the peak.
“Lots of talk about accelerated cycle and that the top will be in 2024, not 2025 for $BTC. I’m not so sure when we top,” they stated.
Altcoin Sherpa delved into the historical cycles of Bitcoin, drawing comparisons between the current market dynamics and previous bull runs. They highlighted the 365-day period from the $10,000 breakout to the $60,000 double top in 2021, as well as the shorter 2017 cycle, where Bitcoin surged from $1,000 to $20,000 in less than a year before retracing.
Market Structure and Catalysts
Moreover, the analyst acknowledged the different market structure this time, with the introduction of a Bitcoin Exchange-Traded Fund (ETF) and the halving cycles playing a significant role. They speculated that the ETF might have accelerated the cycle faster than usual, as investors rushed to front-run the news.
Potential Bullish Catalysts for 2024
He further identified several bullish catalysts that could fuel further growth in 2024. These include the US presidential election, lower interest rates later in the year, the potential launch of an Ethereum (ETH) ETF, and other favorable developments within the cryptocurrency space.
While acknowledging the strength of the current bull run, Altcoin Sherpa emphasized the importance of a cooling-off period in the summer of 2024. They suggested that a more sustainable move could prolong the rally, cautioning that the faster Bitcoin reaches levels like $100,000 or $200,000, the closer it may be to the end of the cycle.
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Show more +Altcoin Sherpa expressed a cautiously optimistic stance, intending to “take it level to level and still stay max long for a while.” They believe there is still ample time left in the current cycle but urged investors to remain vigilant for potential warning signs and indicators as the market approaches its peak.
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