Bitcoin ‘s market value reached the highest level in history, exceeding $1.451 Trillion. Bulls are taking an aggressive stance ahead of the halving. While the cryptocurrency shows a significant turnaround in late 2023, it remains strong in 2024.
Increasing interest in Bitcoin ETFs is thought to be the main catalyst for this rise. However, increasing withdrawals and profit takings are limiting the impact of ETF inflows. Additionally, rising global tensions, along with events such as the terrorist attack in Moscow, increase downside risks.
The upcoming Bitcoin halving is, as always, being met with a bull run. This historical event raises expectations. However, how high Bitcoin’s price will rise after the 2024 halving is worth taking a closer look at, focusing on the next big price prediction.
BTC Price Rally Reflects Bullish Dominance
With an increase of almost 300% from December 2022, Bitcoin’s bull run begins early, well before the Halving year. After the successful recovery in 2023, BTC price is forming a rolling bottom reversal on the weekly chart.
With the latest increase, the Bitcoin price rose to $ 73,000, creating a break in this trend continuation formation. However, there was a decline afterwards and an evening star formation appears to have been formed.
However, there is also an optimistic perspective that this decline could be interpreted as a retest of the bullish breakout and the price could rise again.
It is also stated that the BTC price has the potential to reach an all-time high with the upcoming BTC Halving Event. According to Fibonacci levels, the uptrend could reach the 1.618% Fib level in the first weeks of Bitcoin Halving. This means Bitcoin could rise to almost $100,000.
However, from a longer-term perspective, it is important to focus on the logarithmic price chart of BTC.
Bitcoin Will Reach $500,000
According to the logarithmic BTC price chart, the monthly time frame exhibits a rising channel in formation. Additionally, the ongoing retracement comes with a potential rounding bottom breakout.
The fact that BTC rose more than 800% in one year during the last bull run may make the $100,000 target seem relatively modest.
The main reason for this is that the bulls could potentially reach the overhead resistance of the ascending channel and even move towards the $500,000 level.
