đ Where's Bitcoin Going In 2024?
In the dynamic world of cryptocurrencies, Bitcoin (BTC-USD) is poised for a compelling journey in 2024, according to insights from Jason Appel, Investing Group Leader. Despite a potential short-term pullback, the overall sentiment remains strongly bullish.
đź Key Predictions:
đ Price Projections: Technical analysis suggests a potential surge to $100k or even $140k for Bitcoin in 2024. Corrective pullbacks, if they occur, are viewed as strategic buying opportunities.
đ Short-Term Caution: Acknowledging a possibly overheated short-term sentiment, there's a contemplation of a 20-30% pullback. However, this is seen as a temporary adjustment in the broader upward trajectory.
đĄ Insights into the Crypto Landscape:
đ Regulatory Resilience: Despite ongoing regulatory challenges in the crypto space, BTC has demonstrated resilience and maintained a robust ascent. The focus remains on the broader market trends rather than short-term regulatory shifts.đ°
Market Developments: Discussions around the potential approval of a Blackrock Bitcoin ETF and the regulatory landscape play a role, but the technical analysis takes precedence in forecasting Bitcoin's path.
đ Technical Analysis and Long-Term Outlook:
đ Successful Support Test: Bitcoin's rebound from the November 2022 low, especially breaking above the $31k-$32.5k resistance zone, indicates a successful test of longer-term support.đŻ
Price Targets: The technical stance supports the notion of reaching $100k as a minimal target and potentially soaring to $140k. Extensions beyond standard targets are seen as favorable for achieving these goals.
đ Charting the Course Ahead:
đ Pure Elliott Wave Analysis: Bitcoin's movement is described as "pure" for Elliott Wave analysis, driven more by sentiment than fundamental valuation models.
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