{"id":13693,"date":"2023-10-18T14:48:39","date_gmt":"2023-10-18T14:48:39","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13693"},"modified":"2023-10-18T14:48:41","modified_gmt":"2023-10-18T14:48:41","slug":"how-high-can-bitcoin-price-go-by-2024","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13693","title":{"rendered":"How high can Bitcoin price go by 2024?"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) is up over 70% so far in 2023, helped by a banking crisis and hopes about a spot BTC exchange-traded fund (ETF) approval in the United States.<\/p>\n<p><em>BTC\/USD daily price chart. Source: TradingView<\/em><\/p>\n<p>So, will Bitcoin price continue to climb for the rest of 2023? Cointelegraph takes a look at its chances and possible BTC price targets.  <\/p>\n<p><strong><em>Related:\u00a0BTC price models hint at $130K target after 2024 Bitcoin halving<\/em><\/strong><\/p>\n<h2>2020 Bitcoin price fractal eyes $50K<\/h2>\n<p>Bitcoin&#8217;s ongoing market trend looks very similar to its price action during the 2017-2020 period. Therefore it can repeat a key breakout moment (the greened area) for a decisive bull run, argues\u00a0popular BTC analyst Stockmoney Lizards.<\/p>\n<p><em>BTC\/USD price performance comparison between 2020 and 2023. Source: TradingView\/Stockmoney Lizards<\/em><\/p>\n<p>The 2020 breakout preceded a Bitcoin bull run to its record high of $69,000 in November 2021. If a similar breakout occurs, the analyst sees BTC&#8217;s price climbing to the $45,000-50,000 range by year&#8217;s end.<\/p>\n<p>Unlike Bitcoin&#8217;s 2020 price rally, however, Bitcoin is currently facing headwinds from the U.S. central bank&#8217;s tightening, resulting in\u00a0lower liquidity\u00a0on the market.<\/p>\n<p>Bitcoin&#8217;s price is down 40% since April 2022 when the Federal Reserve&#8217;s balance sheet reached its peak.<\/p>\n<h2>Standard Chartered also sees Bitcoin at $50K<\/h2>\n<p>Standard Chartered also\u00a0predicts\u00a0Bitcoin will reach $50,000 by the year&#8217;s end.<\/p>\n<p>Geoff Kendrick,\u00a0the global head of research and chief strategist at Standard Chartered, argues that increased miners&#8217; profitability will reduce their need to sell BTC, leading to a lower supply against potential rising demand.<\/p>\n<p>\u201cIncreased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,\u201d Kendrick stated in a report.<\/p>\n<p>Interestingly, the number of Bitcoin held by miners surged during the Ordinals hype in May 2023, stabilizin since.<\/p>\n<p><em>Bitcoin miner reserves in 2023. Source: CryptoQuant<\/em><\/p>\n<h2>Bitcoin price technical pattern hints at $32K<\/h2>\n<p>Meanwhile, one Bitcoin technical setup puts its year-end target near $32,000, also a recent price peak.\u00a0<\/p>\n<p>Notably, BTC has entered the breakout stage of its prevailing Bump-and-Run-Reversal (BARR) Bottom pattern. The BARR Bottom pattern typically resolves after the price breaks above its descending trendline resistance and rises by as much as the pattern&#8217;s maximum height, as shown below. <\/p>\n<p><em>BTC\/USD daily price chart ft. BARR breakout setup. Source: TradingView<\/em><\/p>\n<p>The same BARR Bottom pattern played out accurately in Dogecoin&#8217;s case in June 2022. BTC price will be up another 12.75% by the end of 2023 if this pattern plays out as intended.<\/p>\n<p class=\"post-content__disclaimer\">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.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/how-high-can-bitcoin-price-go-2024\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is up over 70% so far in 2023, helped by a banking crisis and hopes about a spot BTC exchange-traded fund (ETF) approval in the United States. BTC\/USD daily price chart. Source: TradingView So, will Bitcoin price continue to climb for the rest of 2023? Cointelegraph takes a look at its chances and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13693"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13693\/revisions"}],"predecessor-version":[{"id":13695,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13693\/revisions\/13695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13694"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}