Bitcoin Price Prediction in 2024: Consolidation and Growth Potential

Bittime - 2024 will again be a year full of dynamics for the Bitcoin market, with quite sharp price fluctuations. After peaking around $75,000 in the first quarter, Bitcoin prices experienced a correction to the low $40,000s by mid-year. The second half of the year saw a period of consolidation around the $50,000 level. 

Bitcoin Price Prediction: RSI Indicator

Bitcoin is currently moving in a price range of $60,400 to $69,800, indicating a period of consolidation. The RSI indicator shows neutral market conditions, indicating there is room for upward momentum. The TD Sequential indicator also gives mixed signals, but tends to be bullish.

What is interesting is Bitcoin's RSI level of 54 when it is close to a record high. This is unusual, as usually the RSI is above 70 when prices approach record highs. This condition shows the potential for significant price increases without the risk of an immediate correction.

BTC Short Term Technical Analysis

In the last seven days, Bitcoin price fluctuated between $64,000 to $70,000 in four days, then fell to $62,000 in two days, and is now back up to $66,000. This significant price movement indicates increased activity and interest in the Bitcoin market.

A strong support level is established at $60,400, while the resistance level is expected to be at $72,000.

Although Bitcoin managed to break through the $66,000 level last week, its rise was slower than expected, failing to reach $70,000. However, as long as Bitcoin continues to stay within this support and resistance range, market sentiment tends to be bullish.

BTC Long Term Technical Analysis with Cup and Handle Pattern

The BTC/USD chart shows a clear cup and handle pattern. According to the Bulkowski Encyclopedia of Chart Patterns, this pattern has a 74% chance of producing a bullish move. This cup and handle pattern is important and if confirmed, could indicate an upward move.

BTC/USD chart analysis shows a classic cup and handle pattern. The bottom of the cup is round, indicating a period of consolidation with stable support. The left and right lips of the cup align at around $64,000.

According to the Bulkowski Encyclopedia of Chart Patterns, the ideal cup depth is between 12% to 33%. The depth of the cup and handle on the BTC chart is around 290%, adding to the strength of this pattern.

Bitcoin Price Prediction: Period 

• Short term (up to 3 months): $72.000
• Medium term (3-6 months): $87.200
• Long term (6+ months): $255.000

Factors Affecting Bitcoin Prices

Several factors such as global economic uncertainty, regulations and profit-taking are the causes of relatively stable market conditions.

Several key factors will influence Bitcoin prices in 2024:

• New Bitcoin Addition Adjustments (Halving): The adjustment to the number of new Bitcoins mined per block (halving) which will occur in April 2024, has the potential to push prices up. History shows that halvings are often followed by increases in Bitcoin prices.
• Adoption by Institutional Investors: The involvement of institutional investors such as hedge funds and asset managers is increasing. This can provide strong support to Bitcoin prices as it increases market legitimacy and stability.
• Regulations: A clear and supportive regulatory framework from key countries can increase consumer confidence and expand Bitcoin adoption. On the other hand, regulations that are too strict can hinder market growth.
• Global Economic Conditions: Overall global economic conditions also influence Bitcoin prices. As economic uncertainty and inflation increase, investors tend to look for alternative assets such as Bitcoin.

Bitcoin Price Predictions According to Experts

Various experts provide varying predictions about the price of Bitcoin in 2024:

Max Keiser, an outspoken Bitcoin supporter, predicts the price of Bitcoin will reach $200,000 by the end of 2024. He sees the halving as the main catalyst for price increases. Fidelity Investments has a more conservative view. They predict Bitcoin will reach $1 million in 2038, showing steady growth through 2024.

Analysts from CoinDCX acknowledge the positive impact of the halving but remain cautious due to the dynamic regulatory environment. They predict Bitcoin prices will be around $60,000 throughout the year.

Future Bitcoin Price Prediction: Unstable But Promising

Overall, 2024 holds significant growth potential for Bitcoin, supported by the halving and increasing institutional adoption. However, market volatility and regulatory uncertainty remain important considerations. Investors should conduct in-depth research, understand the risks, and have a mature investment strategy before entering the Bitcoin market.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.