Bitcoin (BTC) continues to circle its highest levels in 18 months and bullish BTC price predictions are flowing in — how high can the bull market go and how fast?
From a crash to $20,000 to six figures within months, there is plenty of variety when it comes to what Bitcoin might do next, with November traditionally one of its most volatile months.
BTC/USD monthly returns (screenshot). Source: CoinGlass
The mood among crypto traders and analysts has improved over the past month after “Uptober” delivered nearly 30% BTC price gains.
Cointelegraph takes a look at five of the most popular targets for 2024 and beyond. Stock-to-Flow may not have come true — at least for now — but $250,000 is still on the radar.
Matrixport predicts $45,000 within two months
A lot can happen in Bitcoin within a short space of time, and with 2024 less than two months away, there is plenty of time for fresh BTC price volatility to take hold.
Before the yearly candle close, some say, BTC/USD will be higher than at present — to the tune of another 30%.
That prediction came from Matrixport, the cryptocurrency trading firm founded by Jihan Wu, himself co-founder of Bitcoin mining giant Bitmain.
Related: 4 signs Bitcoin is starting its next bull run
In a blog post in late October, Matrixport doubled down on a $45,000 year end price target which it originally revealed in January. It was based on a handful of in-house models, with Matrixport also successfully predicting Bitcoin’s October gains.
“Bitcoin is breaking above the July $31,500 resistance level, showing that $45,000 is achievable by year-end,” it summarized.
BTC/USD currently trades at around $34,500, per data from Cointelegraph Markets Pro and TradingView, meaning that the end-of-year level requires another 30% push.
BTC/USD 1-week chart. Source: TradingView
BitQuant: New all-time high pre-halving, $250,000 after
For many, the halving is a watershed moment in every Bitcoin price cycle — but one well-known commentator believes that new all-time highs will come even before then.
In September, BitQuant stated that BTC/USD would surpass its current $69,000 peak before April 2024.
He told X subscribers:
“No, Bitcoin is not going to top before the halving. Yes, it’s going to reach a new all-time high before the halving. No, BTC is not going to $160K because the magnitude of every pullback is large. This means it will peak after the halving, in 2024. And yes, the target price is around $250K.”
Both the all-time high and the post-halving $250,000 target came courtesy of Elliott Wave charting, with Bitcoin mimicking behavior from previous cycles.
BTC/USD annotated chart. Source: BitQuant/X
BitQuant did, however, make room for a total of four “pullbacks” on the way to the quarter million mark.
“There will be one pullback before breaking to a new all-time high, followed by another pullback around $125K. Additionally, there will be two more pullbacks after the halving, which are not demonstrated here,” he added in X interactions.
Three BTC price models, one $130,000 target zone
Bitcoin all-time high predictions are not only coming from individual market participants — BTC price models are also flipping bullish.
Last month, Cointelegraph reported on a range of forecasting tools which are all focusing on an area around $130,000 per bitcoin.
These come from popular analyst CryptoCon, who nonetheless believes that a six-figure BTC price may take two years to become reality.
“I am prepared for lower prices, but the stars are aligning at 130k for Bitcoin this cycle!” he wrote in an X thread on the model data.
The concept also hinges around halving events, and the next peak should come around four years after the $69,000 move in November 2021.
Bitcoin price model based on halving cycles. Source: CryptoCon/X
The one million dollar question
It is no secret that some believe that a $1 million BTC price tag is only a matter of time.
Related: New BTC price breakouts see Bitcoin traders confirm targets up to $48K
This year, Cathy Wood, founder, CEO and CIO of asset management firm ARK Invest, has joined former BitMEX CEO Arthur Hayes in doubling down on seven-figure Bitcoin.
When this could happen is — understandably — up for debate, but changing macroeconomic tides have emboldened what remains a daring BTC price prediction.
In October, Hayes maintained that the path to $1 million per bitcoin was “in full effect” thanks to macro reality.
“If people lose faith in the bond market and this fiat artificial construction that we’ve created over the past 80 to 100 years — this global economy and how it’s been structured — if we lose confidence in that, then the amount of money that’s going to be looking for an alternative is going to be something that we’ve never seen before,” he said in an interview with Blockworks’ “On The Margin” podcast on Nov. 1.
For her part, Wood said in an interview with Bloomberg on Nov. 3 that she would “hands down” choose Bitcoin over gold as an inflation hedge.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
