Bitcoin to target this price range after the 2024 BTC halving event
As Bitcoin (BTC) experiences a short-term bullish price trajectory, attention has shifted to the cryptocurrency’s ability to sustain the gains in the coming months.
Indeed, Bitcoin is supported by several key catalysts, with the recently approved spot Bitcoin exchange-traded fund (ETF) considered a long-term driver. At the same time, the upcoming halving event also complements this bullish sentiment.
To gain perspective on Bitcoin’s next movement, two crypto analysts, including Alan Santana and the one who goes by the pseudonym best_analysts on X (formerly Twitter), believe that Bitcoin’s future holds both thrilling potential and immediate turbulence.
Bullish consensus for Bitcoin
While the analysts diverge on the timing of specific price movements, they agree on the overall trajectory: a significant bull run culminating in a new all-time high in 2025, fueled by the upcoming 2024 halving event.
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In this line, in a January 28 post on X, best_analysts emphasized the significance for long-term investors to assess their positions between April and August 2025. He noted that historical price patterns suggest a potential increase in Bitcoin’s price following the fourth halving in April 2023.
As pointed out by the analyst, Bitcoin has consistently experienced surges to record highs approximately one year after the halving event, making 2025 a pivotal period to monitor.
Contrastingly, in a series of TradingView posts from January 25 to January 28, Santana highlighted the potential for Bitcoin to reach the next all-time high of $180,000, $220,000, or more in 2025.
To support this conclusion, Santana drew parallels between 2019 and the pre-halving correction in 2020, comparing them to the ongoing price movement and the anticipated halving.
He observed that in 2019, Bitcoin saw a five-month relief rally followed by a corrective phase peaking in March 2020. In 2023, it had a four-month relief rally, a prolonged consolidation, and then another four months of gains. January 2024 marked the first red month in 426 days.
“Bitcoin’s price is likely to recover the same month and then produce a long-term bull rally in preparation for a major bull-run. We have to wait to see if the next All-Time High in 2025 will stop at 180,000, 220,000 or more. <…> The future looks great for Bitcoin,” he said.
Short term correction
However, Santana painted a cautionary picture for the short term, predicting a ” major drop” towards $26,000 or even lower in February 2024. He interpreted the recent rally above $40,000 as a “dead-cat bounce,” a reprieve before a steeper decline.
The expert attributed the potential plunge to over-leveraged traders who will be liquidated, paving the way for a healthier market and a subsequent bull run in 2024.
“Regardless of these data points, even at $47,000 or $48,000 we would still have a lower high and the bearish potential would remain the same. It doesn’t matter how far up Bitcoin goes now, we will see lower prices before the major bull-market takes place,” he added.
Bitcoin ETF impact
In addition to the post-halving hype, a section of the market anticipates that the long-term effects of the spot ETF will potentially drive interest in Bitcoin. As reported by Finbold, crypto trading expert Michaël Poppe also suggested that Bitcoin could be lining up to hit a high of $500,000 once the market feels the real ETF impact.
Meanwhile, Bitcoin continues to hold above the $42,000 mark. By press time, BTC was valued at $42,373 with daily gains of almost 1.5%.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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