Bitcoin Price Prediction 2024: Here’s What Traders Can Expect From BTC Price

The post Bitcoin Price Prediction 2024: Here’s What Traders Can Expect From BTC Price appeared first on Coinpedia Fintech News

On Friday, major cryptocurrency tokens remained range bound as concerns about a banking crisis in the US resurfaced following the interest rate hikes implemented by the US Federal Reserve and the European Central Bank (ECB). This development has captured the attention of the cryptocurrency market and added to the ongoing uncertainty around the direction of crypto prices.

According to Bitcoinsensus, the largest cryptocurrency is on the ‘track’ and we may witness a bullish 2024-25. They provided a Rainbow chart, supporting their claims. 

Earlier, they reported that Bitcoin has recently rebounded from a support level at the higher low of the triangle pattern, and is currently encountering resistance at the $29.3K mark, which previously served as a significant support level. Whether or not Bitcoin will break out of the triangle pattern in the near future will be a crucial factor in determining its next direction.

Popular analyst Kaelo said, “Once we clear 1, a swift move to new yearly highs retesting the upper diagonal resistance in the $33K – $34K range looks pretty likely.”

After forming a base above the critical $28,000 support area, Bitcoin’s price began to rise steadily, with bullish movements observed after the US Federal Reserve’s interest rate hike to 5.25%. As a result, the bulls successfully propelled the price above the resistance zone at $28,800.

According to a crypto markets intelligence platform Santiment, Bitcoin’s outlook is bullish following the recent decision by the Federal Reserve to increase its benchmark interest rate by 25 basis points. In a recent blog post, Santiment stated that Bitcoin is showing “promising rise potential,” especially as its correlation with equities weakens.

They said, “Obviously, the outcome of interest rates now being +5% in the past 14 months is not ideal if cryptocurrency remains heavily correlated to equities as it has been for most of the past year and a half.”