Is Bitcoin Close to the Expected Level?
The price of Bitcoin after repeated attempts finally broke above $ 17,000 and showed a high intermediate mark at $ 17,285. The price saw a huge inflow of buying which strengthened the bulls to breach the intermediate targets. In the coming days, the price of BTC may retrace the previous trends that triggered a significant advance to show a higher level.
Meanwhile, the price is close to repeating the rally it suffered in 2018/19 and if it is true, then the BTC currency may be there. The price has bounced and changed as of 2018 and is expected to reach $50,000 by the end of the first half of 2023.
The price after hitting the high of 2018, slid and traded in a descending bearish triangle. It went up one by one and after it bottomed out, it went up and up again to show a level in the middle of the $13,500 range.
Bitcoin Price Forecast: Will BTC Reach Near $50,000 or Drop to $20,000 in 2024?
Also, a strong bearish wave dragged the price to show a decline near $5000 in March 2020. From there, it started a strong climb to push higher to reach the level above $60,000. However, after experiencing a slight setback, the price regained momentum to reach the current high near $70,000.
It is believed that a similar pattern will repeat itself in the next few days, as the price fell below the point where it stopped in the descending triangle. Now, the price is consolidating near the lower support and it looks like the bottom may stay.
Therefore, the price of BTC with a significant rise can eventually reach close to $50,000 and unfortunately can get a strong drop towards $20,000 somewhere in 2024. But for now, the Bitcoin price forecast for 2024 .
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