Bitcoin's market capitalization has hit a new all-time high of $1.451 trillion, and bulls have been aggressive well in advance of the halving. The bull market will maintain its dominance as the largest cryptocurrencies per market capitalization show a notable reversal in late 2023 and continue into 2024.
The general sentiment for this bull market sees increased inflows to Bitcoin ETFs as the main catalyst. However, once profit taking begins, the ongoing pullback will ignore ETF inflows. Moreover, the terrorist attacks on Moscow have increased global tensions, and the threat of collapse is looming.
Nevertheless, the upcoming Bitcoin halving is teasing the bull market as usual. Expectations for the upcoming halving are high due to the historical record that has sparked a bull market. But how high will Bitcoin price reach after the halving in 2024? Let's take a closer look at the BTC price chart to find out the next big Bitcoin price prediction.
BTC Price Rise Reflects Bullish Advantage
Up nearly 300% since December 2022, Bitcoin's bull market started early, well before the halving. After a successful recovery in 2023, BTC price forms a round bottom reversal on the weekly chart.
TradingView
Furthermore, with the recent surge to the $73,000 mark, Bitcoin price is bullishly breaking out of this trend continuation pattern. Now, a bearish week is coming after the slump formed an evening star pattern.
However, from an optimistic perspective, this pullback is a repeat of the bullish breakout. Therefore, each price movement increases the likelihood of a rebound.
Additionally, BTC price could hit new all-time highs with the upcoming BTC halving event. According to Fibonacci levels, the uptrend could reach the 1.618% Fibonacci level in the first few weeks of Bitcoin halving. Therefore, we expect the BTC price to be close to almost $100,000.
But from a longer perspective, let's look at the logarithmic price chart of BTC.
Also read: Bitcoin, Ethereum, XRP price prediction: Are the bulls back?
Bitcoin reaches $500,000
According to the logarithmic Bitcoin price chart, the monthly timeframe shows an upward trend in channel formation. Additionally, the ongoing reversal comes with a potential round-bottom breakout.
Given that this upward trend represents a price movement similar to the Bitcoin halving in 2025, HODLers are in for a big rally. BTC witnessed its last bull run, gaining more than 800% in one year, but a similar price increase could make its $100,000 target look much smaller.
This is because the bulls may reach the overhead resistance of the ascending channel and take control of the $500,000 mark. In other words, the logarithmic price chart suggests his 500,000 target.
