In the crypto money world, the concept of Bitcoin prediction is a concept where there is a decrease or increase in prices. Accordingly, analysts express their opinion on the point of collapse or rally. We will now share six different BTC predictions for the future. Let’s look at the details.
Bitcoin price prediction: Wave count shows bottom near
According to the wave count, there has been a five-wave increase (white) in BTC price since June 14. If this wave count is correct, it indicates that the price is likely undergoing a correction following an ABC pattern (black). BTC price is now trading just above the 0.382 Fib retracement level (white). The Fibonacci retracement levels theory states that after a significant price change in one direction, the price is expected to partially return to a previous price level before continuing in the same direction. Hence, the price has already reached a level where the correction could potentially end.
Moreover, A:C waves have an exact ratio of 1:1.61. Due to this confluence of support levels, it is possible that the correction has already been completed. If this is true, BTC price will retrace the $30,000 level. It will also likely start a pump towards $32,000. Otherwise, the next important support would be at the $28,100 level formed by the 0.5 Fib retracement support level. Once the correction is complete, a significant upward move is to be expected.
Bitcoin prediction from Benjamin Cowen
Benjamin Cowen addressed 784,000 YouTube subscribers. He made evaluations for Bitcoin. He stated that Bitcoin tends to break the bull market support band in the first half of the pre-halving years. But he says it fell just below that later in the third quarter. Cowen defines the bull market support band as a combination of the 20-week exponential moving average (EMA) and the 21-week simple moving average (SMA). He cites the example that BTC followed the same pattern in 2011, 2015 and 2019 to prove his claim.
At this point, Cowen said, “We have three examples. Again, we can’t make any inferences from them. But normally, we see Bitcoin performing well in the pre-halving years. But later around the third quarter, we will see that it fails to hold the bull market support band. Ultimately, I think that’s the risk we have to consider. Will it play out in a similar fashion as in the previous three pre-halving years? Will he fail to hold, or will he really hold as a support for the first time?” makes the comment.
Bitcoin prediction from Tom Lee
Tom Lee, managing partner of Fundstrat Global Advisors, made statements about the 2024 price for Bitcoin. He predicts that Bitcoin (BTC) could reach six-digit numbers before the halving planned for 2024. Looking at cryptokoin.com in a research note, Lee says that the approval of a spot Bitcoin exchange-traded fund (ETF) could trigger BTC to surge to between $140,000 and $180,000 before April next year.
Such a move would represent an increase of 380% to 516% from current levels. The Fundstrat managing partner says his prediction is based on the thesis of Fundstrat’s head of crypto strategy Sean Farrell that approving a spot Bitcoin ETF will increase daily demand for Bitcoin fivefold.
BTC forecast based on CryptoQuant’s stablecoin rate metric
According to CryptoQuant’s stablecoin rate metric, Bitcoin is in the highest accumulation mode. The results have always been positive for BTC price action. As market cycler and chain analyst Cole Garner points out, the stablecoin rate for Bitfinex exchange recently hit its highest level since late 2022 when expressed in US dollars.
This was a time when markets were significantly oversold after the collapse of FTX. It’s also a time that paved the way for a resurgence that only increased the BTC price by 70% in Q1. Similar bullish implications come from the stablecoin supply ratio (SSR), which is the market cap of Bitcoin divided by the market value of all stablecoins. SSR remained low throughout the 2023 BTC price recovery. This suggests that “big players” may be waiting on the sidelines for an entry. According to CryptoQuant contributor SimonaD, this also provides an important argument for future price increases.
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