The Next Bitcoin Price ‘Rocket Stage’ May Not Come Until 2024
According to some data, Bitcoin’s next 10X price surge is predicted to happen in two years. However, analyst Peter Brandt is not sure about this prediction. As reported, BTC may not surge up for two more years. In regard, Peter Brandt, a veteran trader, tweeted on April 6 about the price prediction based on historical data of Bitcoin. According to Brandt, it looks like people who own BTC will have to wait until 2024 for their next moonshot.
Bitcoin Predictions for the Future Months
Analysts have been surprised by how well Bitcoin has done over the past year. In addition, the blow-off top in Q4 2021 was much lower than expected. Furthermore, people started talking about how the price of Bitcoin changed after BTC/USD lost more than half of its modest new all-time highs (ATH). In the past, the market saw a big price rise happen once every four years. This happened after each of Bitcoin’s block subsidy division events. Meanwhile, today’s prices are more difficult to forecast due to a wide range of reasons. However, this does not imply that bulls will have their break at a later stage in the present cycle. According to Brandt’s statistics. There may not be another Bitcoin surge until May 2024, when the block halving occurs. However, based on historical trends that go beyond halves, this might still result in a 10X price increase. Besides, it is a year too early to be a blow-off top. Moreover, Brand noted that a lot of time has passed since the last two times BTC went up 10X or more. It took an average of 33 months before the next stage of the “skyrocketing” began.
Risk Factors Associated With BTC Price
Analysts believe macro causes are the major factors in keeping Bitcoin’s price low until the new rocket price hit. In theory, if the central bank is able to tighten its policies, this might put pressure on risky assets like stocks and bonds. On the other hand, a long period of high inflation and low-interest rates could affect Bitcoin to look bad in the short term. After the initial shock of these events wears off, the status quo may shift. Both former BitMEX CEO Arthur Hayes and Bloomberg analyst Mike McGlone are more bullish on Bitcoin in the long term than in the short term. According to some statistics, BTC is considered a risk-on. On the other hand, Gold is a secure sanctuary. Correspondingly, this year will be the first serious market test of Bitcoin as a theoretical safe haven. This was predicted by Willy Woo in 2022 February. As reported, in a war situation, risk-off is the initial market response, followed by safe-havens. https://crypto-academy.org/the-next-bitcoin-price-rocket-2024/?feed_id=3676