• 02 November, 2024
Market News Price Analysis

Bitcoin’s Price Eyes $150,000 by 2024 Amid Strong Support at $60,000 – Here’s Why

Bitcoin’s Price Eyes $150,000 by 2024 Amid Strong Support at $60,000 – Here’s Why

Bitcoin’s price trend has captured the attention of traders and investors alike, particularly on a 4-hour timeframe chart. As per analysis by CrediBULL Crypto, Bitcoin has demonstrated a general uptrend starting from September, culminating in a peak around March. 

Post-March, however, the chart reveals a downward correction characterized by fluctuations, indicating either a bearish phase or a period of consolidation. These historical movements provide a crucial context for understanding Bitcoin’s potential future trajectory.

Key support levels identified include the $35,000 mark, highlighted by the low point in February. This level acted as a significant support and is crucial for future price stability. Another important support level is around $60,000, where recent price action suggests a potential base. 

On the resistance front, Bitcoin faces challenges around $70,000, a level that has acted as resistance during the recent downward trend. A more substantial resistance level is projected above $120,000, indicating a major hurdle for future bullish movements.

The short-term projection, indicated by a blue line on the chart, suggests a bullish reversal from the current support level of $60,000. This indicates a potential upward movement in the near future. Furthermore, medium to long-term projections are highly optimistic, with expectations of Bitcoin reaching above $150,000 by late 2024. This indicates a strong bullish trend anticipated after the current phase of consolidation.

Bitcoin/USD  4-hour price chart, Source: CrediBULL Crypto

To monitor this potential bullish trend, it’s essential to keep an eye on the $60,000 support level. If this support holds, the likelihood of an upward trend increases significantly. Additionally, breaking the resistance at $70,000 would likely confirm the start of a new bullish phase.

Bitcoin ETFs Surge as Fidelity and Grayscale Lead with Massive Inflows

As per Whale Alert, a blockchain tracker data, significant transfers of Bitcoin to and from unknown wallets and exchanges indicate ongoing market dynamics. For instance, 3,022 BTC  (approximately $185,873,027) were transferred to Coinbase, and 9,500 BTC (approximately $587,123,373) moved to a new wallet.

At press time, Bitcoin is priced at $61,474.58 with a 24-hour trading volume of $22,111,277,846. The cryptocurrency has risen by 1.20% in the last 24 hours. 

Bitcoin/USD 1-day price chart, Source: Trading view

The 1-day Relative Strength Index (RSI) of 35.89 suggests that Bitcoin may be approaching oversold conditions. This could lead to a short-term price bounce as buyers step in. However, the 1-day MACD trading below the signal line indicates potential further downward pressure in the near term.

Bolivia Lifts Ban on Bitcoin and Legalizes Crypto Trading for Banks
Read Previous

Bolivia Lifts Ban on Bitcoin and Legalizes Crypto Trading for Banks

LEASH, BONE, and SHIB Show Strong Gains in Shiba Inu Ecosystem
Read Next

LEASH, BONE, and SHIB Show Strong Gains in Shiba Inu Ecosystem