Latest Bitcoin Price Prediction: Bearish or Bullish?

Bittime - Bitcoin prices are now in the range of $68,000 (around Rp. 1 billion) to $74,800 (around Rp. 1.1 billion), showing an upward trend. This is driven by factors such as institutional investor interest, changes in monetary policy, and market sentiment ahead of the United States elections in 2024. Check out the latest Bitcoin price predictions here!

Through analysis of technical indicators and various external factors, this article will examine whether the trend is bullish in Bitcoin. Will this largest crypto asset continue to survive or does it have the potential to experience a correction?

What Makes Bitcoin Move Bullish?

Since the last few weeks, Bitcoin has shown strength in its movement above the critical level of $68,000 (around Rp. 1 billion). This indicates that investors are optimistic about Bitcoin's long-term prospects. 

Based on the weekly Relative Strength Index (RSI) indicator which is at 60, as well as the daily candlestick pattern which is moving up strongly. There are indications that this bullish momentum may continue. 

Additionally, Bitcoin's hash rate reached a new record high at 755 million TH/s. This shows that miners continue to support the Bitcoin network with unprecedented intensity.

Analysts also noted that this week, Bitcoin managed to pass an important resistance level. This price movement shows that the price may continue to rise if it remains above this limit. 

However, there are several key levels to pay attention to, such as $72,000 (around Rp. 1.1 billion), which has the potential to be a consolidation point before the price experiences a correction or rises further.

Read also: What will be the lowest price of Bitcoin in 2024? This is Analyst Prediction

Key Indicators that Describe Market Sentiment

- NUPL and Market Sentiment: This week's market sentiment is at the "Belief/Denial" stage, indicating investors' confidence that this bull run may persist in the long term.

- Pi-Cycle Oscillator: The value is currently at 0.14, well below the hard sell point of 1.00, indicating that the market is still in a safe condition for potential price increases.

- MVRV Z-Score: This metric, which stands at 2.00, indicates that Bitcoin has not yet reached its cycle peak, giving it more room for growth before reaching the overvalued zone.

Bitcoin Weekly Price Prediction

In the short term, Bitcoin has managed to pass the crucial $68,000 resistance level, with the next target at $72,000. If this level is successfully penetrated, it is estimated that the price may rise further. 

However, if Bitcoin falls below the $68,000 level, analysts predict there will be a potential correction that takes the price towards $60,000 (Rp. 942,000,000), or even lower.

Market Sentiment Ahead of the US Election

Ahead of the US election in 2024, Bitcoin experienced a similar surge as during the previous election. In 2020, for example, Bitcoin rose by 42% within a month after the election, while in 2016, the increase reached 336% within six months. 

If history repeats itself, Bitcoin could reach $77,000 (around IDR 1.2 billion) in December 2024. Potential for a further rise to $132,000 (around IDR 2 billion) in early 2025, if there is a victory for a pro-Bitcoin candidate.

Donald Trump, one of the leading candidates, expressed his support for Bitcoin as a strategic reserve asset. If elected, it is possible that pro-Bitcoin policies could strengthen, having a positive influence on Bitcoin prices in the future. 

Additionally, the Fed's recent rate cut of 0.50% made risk assets like Bitcoin more attractive, especially with expectations of further rate cuts.

Will Bitcoin Price Head to $100,000?

With the projected price of Bitcoin estimated to reach $100,000 (around Rp. 1.5 billion) by the end of 2024. Many analysts are optimistic about Bitcoin's long-term prospects. 

The BTC/USD chart shows a "cup and handle" pattern, which historically has a bullish chance of 74%. If Bitcoin manages to break through the resistance level in this pattern, there is great potential to see the price reach the $91,000 level (around IDR 1.4 billion), even higher with positive news catalysts.

Read also: What is a Bitcoin ATM? Definition and List of Providers

Conclusion

Bitcoin price currently shows strong bullish potential, especially if it manages to maintain levels above $68,000. However, external factors such as uncertainty over the US election and global monetary policy will continue to influence price movements in the next few months. 

With continued increasing institutional interest and support from political figures, Bitcoin has the potential to reach its ambitious targets by the end of this year.

In the world of investment, there are no certainties. Investors are expected to remain alert and wise in making decisions. However, for now, Bitcoin's direction seems pretty clear: bullish, with a chance to break through previously unreached price levels.

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