Bitcoin, the leader of the cryptocurrency world, has attracted attention with its volatility in recent years. As we enter 2024, many investors and analysts are trying to determine Bitcoin’s future price floor. In this context, DonAlt, one of the top analysts whose name is frequently heard in the cryptocurrency market, shared his predictions about Bitcoin’s price movements.
DonAlt stands out as an analyst who accurately predicted Bitcoin’s 2022 price floor. According to the analyst, Bitcoin will go on a parabolic rise and this expected rise will be triggered by the halving event that will take place in April 2024. However, before this rise, he predicts that Bitcoin will retest the support level around $32,000.
Halving is an event that occurs every four years as an algorithmically programmed feature of Bitcoin. In this event, Bitcoin miners’ block rewards are halved, which generally results in a decrease in supply versus an increase in demand. According to DonAlt, this will push the price of Bitcoin upwards and cause a parabolic rise.
“Maybe we’ll do something like that before it drops again – say $90,000, $100,000 towards 2026 or 2025 [veya] “I wouldn’t be surprised if it reaches $110,000, but I think you can expect that on the Bitcoin front.”
NEWS CONTINUES BELOW
In addition, the cryptocurrency market has been buoyed recently by expectations of potential approval of Bitcoin exchange-traded funds (ETFs). In the short term, analyst DonAlt warns market participants to be wary of the excitement that the possible approval of BTC ETFs in the spot market will bring. The analyst notes that the approval of spot-based BTC ETFs may not be a direct bullish catalyst for Bitcoin. DonAlt states that a long wait may increase the risk and emphasizes that it is especially critical to protect the $ 32,000 level.
“It’s getting riskier and riskier. The longer you stay there, the worse it gets in my opinion. The monthly chart still looks good. All you need is this space [32.000 dolar seviyesini] to protect. If this area [32.000 dolar] If not maintained, this is where you will enter a bearish trend. “This is similar to the high timeframe signal we got here at $60,000.”
Last month, Bloomberg analyst James Seyffart said the U.S. Securities and Exchange Commission (SEC) was preparing to approve multiple spot Bitcoin ETF applications, possibly in January.
Bitcoin’s future price movements are influenced by many factors, so any prediction always involves uncertainty. While DonAlt’s analysis reflects the perspective of a major name in the cryptocurrency market, investors should make their decisions based on their own risk tolerance and research. Cryptocurrency investments should always be managed carefully and the variability of market conditions should be taken into account.
You can follow the current price movement here.