Analysts predict Bitcoin will reach $108,000–$155,000 by 2024
If history repeats, Bitcoin might finish 2024 at $108,000–$155,000, according to one expert.
Bitcoin Has Performed Like Last Two Cycles.
Analyst James Van Straten reviewed BTC price behavior from the cycle low chart for the previous two cycles in a new X article. As its name implies, this chart shows price trends between cyclical lows. After the cryptocurrency exchange FTX collapsed in late 2022, the latest cycle began from the bottom.
As seen, the asset's current price performance is comparable to the prior two cycles at the same time. Analyst: “Out of all the graphs, TA etc., Bitcoin from the cycle low continues to be the most valid. Given the similarities thus far, the coin's current cycle may follow the past two.
Van Straten notes that both cycles ended September higher. This is also when the two started a long-term rally that led to bull run highs. If the current cycle follows the past two, Bitcoin may rise from here.
“If BTC were to finish EOY between the two previous cycles, which it has done for most of the current cycle, we would be looking at 108k-155k,” says the analyst.
According to the recent Bitcoin price, a rally to $108,000 would indicate a 70% rise, while one to $155,000 would indicate a 144% increase.
BTC doesn't have to rise in this range to close the year, as per historical trends. The expert argues, “if we don’t get a recession, this is entirely possible.”
In another development, market analytics firm IntoTheBlock noted in an X post that Tether's stablecoin, USDT, had achieved a new supply high.
The USDT market cap has grown dramatically, as seen in the graph. With its value around $120 billion, Tether's token has outperformed the other stablecoins.
Since USDT capital usually goes into Bitcoin, stablecoin inflows may be important. Therefore, the record rise means investors may have more dry powder to purchase BTC than ever before.
