Bitcoin (BTC), the world’s leading cryptocurrency, is poised for a significant price surge. One expert predicts it could reach $150,000 by the end of 2024.
This ambitious forecast comes from Jamie Coutts, a prominent analyst at Real Vision, who believes that Bitcoin is about to enter a period of extreme market activity, often referred to as a “batshit season.”
In a tweet, Coutts suggested that Bitcoin’s price will likely skyrocket if the current market conditions persist. He refers to this potential surge as entering the “banana zone,” a term coined by Real Vision’s founder and CEO, Raoul Pal, to describe market euphoria.
According to Coutts, the key to this potential rise lies in historical patterns observed in Bitcoin’s previous bull cycles. He notes that in the past, Bitcoin has reached new all-time highs within a year of the U.S. dollar index (DXY) peaking. If this pattern holds, Bitcoin could more than double its current price of around $64,000, eventually hitting the $150,000 mark by year-end.
Meanwhile, analyst “Trader Tnadigrade” pointed out on Wednesday that Bitcoin’s Relative Strength Index (RSI) has dipped into the oversold zone on the 4-hour chart, indicating a potential reversal. While the extent of the rebound is uncertain, Tnadigrade remains confident in Bitcoin’s long-term upward trajectory.
However, this bullish outlook isn’t shared by all. Analyst Alan Santana warned that the price could return to $40,000 or lower before finding a strong support level.
“Bitcoin’s baseline sits around ~$40,000. This is a major support level and very likely to be tested. The second stop would be the price at which Bitcoin traded back in September/October 2023, before the final impulse of the bullish wave that led to the $73,777 All-Time High. These are the major and most important levels to consider in the short-term.” He stated.
Elsewhere, prominent analytics firm CryptoQuant expressed skepticism about the likelihood of Bitcoin reaching such heights in the near future. In a tweet, they cited the recent activation of bears, focusing on short-term strategies that could hinder the anticipated upward momentum.
According to CryptoQuant analysts, some “stagnant metrics” within the market are beginning to show signs of recovery, but they warned that this could be a double-edged sword.
“Speculators holding coins in the range from a week to a month transferred 33,155 BTC. The slowdown in price growth suggests that quotes are capable of moving to a free rollback.” They wrote. Notably, this cautionary note suggests that while there is potential for growth, there is also a risk of a price correction, which could dampen the optimism surrounding Bitcoin’s future.
Moreover, the Bitcoin futures market reflects a sense of caution among traders. The premium on two-month contracts over spot prices has remained relatively modest, hovering around 6% annually. This indicates a reluctance among traders to increase leverage, signaling uncertainty about the market’s short-term direction.
BTC traded at $58,981 at press time, reflecting a 0.13% drop over the past 24 hours.
