In a recent Twitter thread, top-notch analyst and technical analysis expert BitQuant laid out his predictions for Bitcoin’s performance leading up to and beyond the much-anticipated halving event in 2024. His insights offer a nuanced perspective on Bitcoin’s future, challenging some prevailing narratives in the crypto community.
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Halving Event: A New All-Time High, but Not the Peak
BitQuant dispels the notion that Bitcoin will reach its peak before the next halving event. Contrary to popular belief, he asserts that Bitcoin will hit a new all-time high before the halving but will not top out then. “No, Bitcoin is not going to top before the halving. Yes, it’s going to reach a new all-time high before the halving,” BitQuant tweeted.
The well-known trader further elaborates that Bitcoin will only reach the often-speculated price of $160,000 after the halving. According to him, the magnitude of Bitcoin’s pullbacks suggests that the cryptocurrency will peak after the halving event, with a target price of around $250,000. This perspective offers a more extended timeframe for investors and challenges the rush to predict a peak before the halving.
The $60K Barrier: A Two-Month Hurdle
BitQuant also touched upon the psychological and technical barrier of $60,000 for Bitcoin. He predicts that once Bitcoin reaches this price level, it will likely take at least two months to break through and establish a new all-time high. “When Bitcoin reaches $60K, it will likely require at least 2 months to break that level and reach a new all-time high,” he stated.
This prediction implies a more gradual climb for Bitcoin, tempering expectations for those anticipating rapid gains. It also provides traders a timeframe to watch closely for potential breakouts or pullbacks.
Probable Targets: $80K by February 2024
In early 2024, BitQuant set a more specific target for Bitcoin. Given the factors he has analyzed, he believes that an $80,000 price level by February 2024 is more probable. “Therefore, $80K by February 2024 is more probable,” he concluded in his Twitter thread.
This forecast aligns with his earlier points about the post-halving peak and the time required to break the $60,000 level. It offers a balanced outlook that considers both bullish enthusiasm and market realities.
BitQuant’s analysis provides a comprehensive and nuanced view of Bitcoin’s potential trajectory. As we approach the 2024 halving, his insights serve as a valuable guide for investors and traders alike, challenging conventional wisdom and offering a more measured approach to Bitcoin’s future.
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