NOIDA (CoinChapter.com) — ‘Will this be the year that we see the Bitcoin price hit $100K?‘ is a question on the minds of every BTC trader and fan. Every year has been the ‘chosen one,’ at least for the first few months, before turning out to be a bust.
However, an analyst has come out with a prediction stating that 2024 might see Bitcoin earning a $100,000 price tag. Yet, other analysts differ.
Analysts differ in opinion regarding the Bitcoin price target for 2024. Some, like Jacob Canfield, are extremely bullish on Bitcoin price prospects, predicting a Bitcoin hitting a $100K price tag in May when the spot Ethereum ETFs get approval.
Another X-based crypto analyst highlighted the upcoming Bitcoin halving as a potential bullish catalyst.
Crypto Chiefpriest highlighted BTC price rallies after every halving, with the 2020 one resulting in Bitcoin rising 574% in a year. If Bitcoin does rally after the 2024 halving, a similar effect to the 2020 halving could see Bitcoin rise to $260,000 per token within a year.
Other analysts beg to differ. Nick Ranga, Senior Cryptocurrency and Forex Analyst at ForexTraders.com, said in a Finder report that BTC could head below $30,000 by the end of 2024.
However, Ranga speculates that the token might rebound quickly, with Bitcoin reaching a $100,000 price tag a possibility.
Jonathan Habadou Solomon, co-founder and co-CEO at A.R.I.A. Algorithmic Ratings & Investment Analysis, believes BTC might drop to $30,000.
Bitcoin’s correlation with traditional markets, which I believe are currently overvalued, could lead to a challenging year in 2024. While I foresee the possibility of a new ATH around $80,000 in 2024, I don’t anticipate it reaching $100,000 within the year, and investors should expect some volatility along the way.
Solomon said
Per Finder’s panel, the average peak for Bitcoin sits near $87,900, while the lowest price prediction was near $35,700. Some analysts even predicted a $200,000 price for the prime crypto asset, though they had likely had a large dose of hopium.
Meanwhile, Bitcoin is rallying strongly, breaking above $46,000 on Feb. 9 after nearly four weeks of dropping below the level. BTC price has rallied nearly 10% WTD to reach a daily high near $46,365 on Feb. 9. Bitcoin is in a hurry to reach the $100,000 price tag.
The BTC price bull run now faces resistance to nearly $48,500. However, breaking above the immediate resistance might see Bitcoin price rally to the supply wall near $51,300 before retreating.
On the other hand, the BTC price might drop to the support near $44,000 if profit booking starts. Breaching the immediate support level might drop Bitcoin’s price to support near $41,100.
The RSI for BTC remained neutral, though very near the overbought threshold, with a score of 68.37 on the daily charts.
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