đ„đ„đ„ Bitcoin Expected To Mirror Historical Trends: Glassnode Sets $120K Price Prediction For 2024
Bitcoin (#BTCđ„đ„ ), the leading #cryptocurrency , has experienced a notable downturn of 9% in the last fourteen days, primarily attributed to diminishing excitement around exchange-traded funds (#ETFs ). Despite this, Glassnode co-founders express optimism, suggesting that the recent price corrections align with historical patterns and may propel Bitcoin to nearly double its current all-time high (ATH) of $69,000.
In their latest analysis shared on social media platform X (formerly Twitter), the co-founders of blockchain analytics firm Glassnode point to Bitcoin's movement to the 6.618 Fibonacci Extension after a Bull Flag Correction. Drawing parallels between the current correction and market conditions in late 2017 and 2020, they raise the possibility of history repeating itself in 2024, potentially pushing Bitcoin to a target of around $120,000.
The analysis references a comparable price correction following Bitcoin's breakout above the $10,000 level, initiating a bull trend that led to a $15,000 increase and the ATH of $69,000. Similarly, after surpassing the $29,000 level, Bitcoin displayed a bull flag pattern, reaching a 22-month high of $48,900 on January 11. This surge coincided with the approval of Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC).
Bitcoin's future trajectory depends on maintaining support around $40,000 and consolidating above it. Glassnode co-founders suggest potential for a $120,000 price if these conditions persist. Analyst Crypto Con relies on historical patterns, anticipating new Bitcoin highs after November 28, 2024, with projected prices of $90,000 or $130,000. Currently, BTC trades at $40,590, down 2.5% in the past 24 hours, with potential support at $37,650 if breached.
Source - newsbtc.com
