Bitcoin exits its post-halving “danger zone,” with forecasts indicating reduced volatility and a stable growth trajectory through 2024.
As Bitcoin moves beyond the post-halving selloff phase, market analysts are providing insights into its potential trajectory and critical price levels to watch.
Rekt Capital’s latest analysis points to an end of the precarious phase that typically follows the Bitcoin halving, suggesting an upcoming period of price stabilization and potential growth.
The Bitcoin Post-Halving "Danger Zone" (purple) is officially over$BTC #Crypto #Bitcoin pic.twitter.com/s2mURQmdaK
— Rekt Capital (@rektcapital) May 13, 2024
The comparative charts from 2016 and projections for 2024 show similar patterns price movements. In 2016, a significant volume spike of approximately 603K BTC coincided with notable price movements, including a critical drop of 17.87% around July 11, 2016.
This drop was followed by a recovery phase leading to a parabolic increase in Bitcoin’s price. The analysis shows the phases of post-halving market behavior, capturing the transition from a sharp price decline to a robust recovery and growth phase.
Looking ahead to 2024, Rekt Capital forecasts similar price movements. He draws particular attention to the “Post-Halving Danger Zone,” where the chart shows a notable dip in Bitcoin’s price. According to the chart, there’s a decline marked by a 6.44% drop. This decrease aligns with similar patterns observed in previous cycles.
Shorter Term Predictions
Michaël van de Poppe, CIO and founder of MN Trading Consultancy, offers a shorter-term perspective on Bitcoin’s price movements. With Bitcoin currently trading around $61,855.36, it teeters on crucial thresholds.
Van de Poppe highlights a potential fall to a range between $52,000 and $55,000 if the support around $60,500 is broken. Conversely, surpassing the $63K barrier might trigger a run toward previous highs.
Crucial decisions approaching for #Bitcoin.
The range low at $60.5-61K is still holding up for Bitcoin, through which breaking $63K is the next barrier for a new run towards the all-time high.
If $60.5K is lost, I think we'll see $52-55K as the next support zone. pic.twitter.com/VoErZ1WVQv
— Michaël van de Poppe (@CryptoMichNL) May 14, 2024
According to the latest trading data, Bitcoin’s current volume shows a significant selling pressure, which is mirrored in the price decline over the last 24 hours. The Exponential Moving Average (EMA) and Moving Average Convergence Divergence (MACD) indicators suggest a bearish sentiment in the short term. The EMA is currently above the closing price, and the MACD histogram reflects bearish momentum.
Projections from Influential Figures
Jack Dorsey, the former CEO of Twitter, and Ki Young Ju, CEO of CryptoQuant, have both indicated bullish long-term outcomes for Bitcoin. Dorsey, as previously reported by The Crypto Basic, speculates that by 2030, Bitcoin could reach or even exceed $1 million, attributing this potential to the collaborative nature of the Bitcoin community.
Similarly, Ki Young Ju’s analysis based on network fundamentals supports a sustainable price of $265,000. According to Ki Young Ju, the correlation between the network’s hash rate and its market cap offers a bullish signal for the crypto’s valuation.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
