DecenTrader, a known trading platform recently shared an update on February 2 about the future trajectory of Bitcoin (BTC) prices, in the upcoming year. According to their analysis Bitcoin is on track to reach record highs in 2024 following a pattern to previous years when block subsidy halvings took place. However this journey to levels might encounter obstacles that could test investors resilience.
The analysis indicates that Bitcoin prices might experience a period of sideways movement in the month as the market adjusts and prepares for the upcoming block subsidy halving. This event is expected to happen around April 18 2024. Has historically had an impact on Bitcoins value. Filbfilb, DecenTraders CEO and co founder predicts a surge in buying activity two months before the halving, which aligns with trends observed in cycles.
This anticipated increase, in buying pressure is likely to be followed by a “sell the news event ” reminiscent of what happened when spot Bitcoin exchange traded funds (ETFs) were launched this January.
Filbfilb provides details, about the timeline suggesting that Bitcoin might go through a period of correction in the 30 days before witnessing a surge in demand driven by FOMO (fear of missing out) as the halving approaches.
Despite the short term challenges there is an outlook for Bitcoin after the halving. Historical patterns indicate that Bitcoin could enter a phase of price discovery potentially reaching record highs towards the end of 2024. This trend aligns with what we observed during the halving in 2020 where it took around 220 to 240 days for Bitcoin to reach peaks.
The analysis also takes into account factors influencing Bitcoins price, such as geopolitical conditions that may introduce volatility to the market. These elements along with concerns within the US banking system highlight how complex it is to predict Bitcoins short term movements.
Filbfilbs commentary offers a grounded perspective amidst speculation about how Bitcoin will perform leading up to the halving.
He advises caution, against expectations and reminds investors of Bitcoins cyclical market dynamics, which have historically been influenced by both investor sentiment and external factors.
With the crypto community keeping an eye the upcoming months are expected to be a time, for Bitcoin. The halving event in particular holds importance as it has the potential to confirm or question established market trends.