11:05 ▪
5
Minimum read time up to ▪
2024 could be a significant milestone in the history of Bitcoin, with the price of the famous cryptocurrency predicted to exceed $80,000. As November rapidly approaches, analysts and experts are recognizing clear signs of an impending explosion in macroeconomic indicators and chart trends. What are the root causes? What can we expect in the coming weeks and months?
favorable adjustment of economic conditions;
The basis for Bitcoin's expected rise is not limited to simple speculation. Several factors are at play, including global economic indicators. The current situation seems favorable for a significant increase in the value of cryptocurrencies.
Among these indicators, the role of US monetary policy is important. U.S. interest rates, inflation, and retail sales are all factors that directly impact the market for risk assets, including Bitcoin.
In this context, it is also important to note the inverse correlation between the US dollar and Bitcoin.
Historically, when the dollar rises, Bitcoin tends to fall. However, current trends show some divergence. While the dollar has appreciated recently, Bitcoin continues to rise.
This is an impressive display of Bitcoin's strength and shows that investors are willing to support Bitcoin's rise despite headwinds in traditional financial markets.
Bitcoin: technical analysis that speaks for itself
Technical analysis of the Bitcoin market supports the optimistic prediction. Bitcoin’s chart is currently forming a “bullish flag” which is a classic sign of trend continuation. If this pattern is confirmed, Bitcoin could reach uncharted heights.
However, it would be unwise to ignore the risk of a short-term correction. Bitcoin is currently hovering around several major resistance zones, around $68,000 to $70,000.
A slight decline may occur before a solid rebound. Important supports, especially those around $65,000, can serve as anchor points before a new rally. If these resistances are overcome, the cryptocurrency could quickly reach over $80,000.
Institutional enthusiasm for Bitcoin is also a key driver. Bitcoin spot transactions (direct purchases) are increasing significantly, but sales are decreasing.
The move shows that “whales,” or deep-pocketed institutional investors, continue to strengthen their positions, supporting high prices.
What can we expect at the end of 2024?
If Bitcoin can break through the $70,000 level, the path to $80,000 could be relatively clear. But what's interesting about this situation is that the “masses”, the general public, have not yet fully re-entered the market.
Financial institutions are leading this dance, with individual investors collectively returning only $80,000 to $100,000, driven by media coverage and public enthusiasm.
In the long term, investors should also pay attention to the “altcoin season”. Bitcoin currently dominates the cryptocurrency market, but as soon as Bitcoin's rise stabilizes, investors will start turning to altcoins, creating a new wave of opportunities in these secondary assets. Sho. Ethereum in particular is showing signs of an ascending triangle, a bullish signal that could materialize as early as November.
Finally, it is important to note that each bull market is followed by a bear market. This is an unavoidable truth in the world of cryptocurrencies. Companies that want to maximize profits must always remain vigilant and consider exit strategies in time, so that profits do not disappear the moment they appear.
In conclusion, everything seems to be in place for Bitcoin to have a great November. With favorable macroeconomic conditions and strong technical signals, it is particularly likely that the cryptocurrency will reach or exceed $80,000 by the end of 2024. However, as always in the world of cryptocurrencies, caution and expectations are still essential. Meanwhile, Donald Trump's family receives 75% of the cryptocurrency profits from the project.
Get the most out of your Cointribune experience with the Read to Earn program! Earn points every time you read an article and get access to exclusive benefits. Sign up now and get rewards.
The appeal of Bitcoin in 2017, creating important documents. This essay aims to revitalize Avance, which is the forefront of transactions and the center of virtual currency. En tant que redacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
