bitcoin has continued to trade sideways since reaching a new level. all-time high (ATH) of $73,750. This has raised concerns that btc's bullish momentum in this confinement may be short-lived. However, crypto analyst Lark Davis has outlined the reasons why the price of btc will continue to rise until the rest of the year.
Why 2024 is a bullish year for bitcoin
in a video x.com/TheCryptoLark/status/1775939103185379536″ rel=”nofollow” target=”_blank”>aware On his platform x (formerly twitter), Davis revealed that two other events, in addition to the bitcoin/bitcoin-whales-buying-spree/” rel=”nofollow noopener” target=”_blank”>bitcoin Halving, will further fuel the bull market and cause the price of btc to continue to rise. For the first, he highlighted that the stock market has a positive performance 83% of the time in an election year.
While he acknowledged that this factor generally pertains to stocks, he noted that btc has become part of Wall Street (with bitcoin Spot ETFs and institutional interest). He further stated that btc is moving in line with traditional markets. Therefore, the price of bitcoin, like the stock market, could continue to react positively before the American elections in November.
The second event you mentioned is a possible interest rate cut based on Goldman Sachs' prediction. The investment bank predicted there will be three rate cuts this year, with the first likely to come in June. This means that investors will have more capital to invest in risky assets like bitcoin and other crypto assets.
An injection of more liquidity into the cryptocurrency market could cause a notable increase in the price of btc. This is evident in how much the price of the flagship cryptocurrency skyrocketed following the launch of the bitcoin Spot ETFwhich marked the beginning of new funds of bitcoin/institutional-buyers-of-bitcoin/” rel=”nofollow noopener” target=”_blank”>institutional investors.
btc The bullish momentum will extend until 2025
The cryptanalyst PlanB, in his bitcoin/bitcoin-100000-in-2024/#:~:text=bitcoin%20To%20%24100%2C000%20Is%20%E2%80%9CInevitable%E2%80%9D&text=He%20noted%20that%20the%20Bitcoin,average%20price%20level%20for%20Bitcoin.&text=However%2C%20he%20added%20that%20this,year%20but%20sometime%20in%202025.” rel=”nofollow noopener” target=”_blank”>recent analysis, also demonstrated why fears of a short-lived bull season may be unfounded. According to the analyst, the peak of btc will not come until 2025. Interestingly, he predicted that bitcoin/bitcoin-price-reach-1-million/” rel=”nofollow noopener” target=”_blank”>bitcoin could reach $1 million at the peak of the bull market.
Meanwhile, PlanB stated that bitcoin/bitcoin-100000-cardano-dead/#:~:text=Why%20Cardano%20Is%20Dead,non%2Dexistent%E2%80%9D%20on%20it.” rel=”nofollow noopener” target=”_blank”>bitcoin rises to $100,000 and even more so this year is “inevitable”, which aligns with Davis' prediction that 2024 will be a bullish year for btc. The analyst also attempted to allay fears about bitcoin's price action, noting that sharp price corrections bitcoin/bitcoin-price-crash-10-69000/” rel=”nofollow noopener” target=”_blank”>They are normal even in a bull market and it does not mean that the bull cycle is over.
At the time of writing, bitcoin is trading at around $67,600, up more than 3% in the last 24 hours, according to data from CoinMarketCap.
x/3KVuMc6h/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc bulls struggle to hold up price | Source: BTCUSDT on Tradingview.com
Featured image from Capital.com, chart from Tradingview.com
