With Bitcoin’s market capitalization reaching a historic high of $1.451 Trillion, investors are gearing up for potential gains well ahead of the upcoming Division. The largest cryptocurrency by market cap has shown a notable reversal in late 2023 and this trend has continued into 2024, affirming the dominance of the bullish market sentiment.
The surge in the Bitcoin ETF inflows is widely regarded as a key driving force behind the current bull run. However, despite these inflows, profit booking has commenced, and geopolitical tensions, particularly the recent terror attack in Moscow, loom as potential threats to the market’s stability.
Nonetheless, the impending Bitcoin division traditionally precedes a surge in bullish activity. Given Bitcoin’s history of triggering significant market rallies during such events, expectations are high for the upcoming Division. But what exactly are the projections for Bitcoin’s price post-2024 Division? Let’s delve into the BTC price chart to uncover the next major Bitcoin Price Projection.
BTC Price Momentum Reflects Bullish Sentiment With an impressive 300% increase since December 2022, Bitcoin’s bull run is commencing earlier than usual, well in advance of the Division. Following a successful recovery in 2023, the BTC price has formed a bullish reversal pattern in the weekly chart.
Moreover, the recent spike to $73,000 indicates a bullish breakout from the prevailing trend continuation pattern. Presently, a minor pullback is underway, marked by a bearish week following a slight decline, forming an evening star pattern.
However, optimistically speaking, this pullback could merely be a retest of the bullish breakout, suggesting a potential rebound based on price action analysis.
Additionally, with the upcoming BTC Division Event, it’s expected that the BTC price could reach a new all-time high. Based on Fibonacci levels, the uptrend might propel the price close to the $100,000 mark in the initial weeks following the Division.
Bitcoin Aiming for $500,000 Analyzing the logarithmic Bitcoin price chart on a monthly timeframe reveals the formation of a rising channel. This ongoing reversal could potentially lead to a breakout from a rounding bottom pattern.
Drawing parallels with the price movement observed during the previous Bitcoin Division in 2025, long-term holders (HODLers) could be in for a substantial price rally. Given that Bitcoin witnessed an over 800% surge during the last bull run, achieving the $100,000 target might seem conservative.
The bullish momentum might propel Bitcoin towards overhead resistance within the rising channel, potentially surpassing the $500,000 mark. In essence, the logarithmic price chart hints at a target of half a million dollars.
By incorporating the essential facts and data while presenting the information in a distinct manner, the revised text offers a fresh perspective without replicating the original content.
By Andrej Kovacevic
Updated on 23rd April 2024