CandleFocus Bitcoin Price Prediction: How High Can BTC Price Surge by DEC-2024?
2024-09-23
Author: Content Editor
The price of Bitcoin (BTC) saw an 8 percent rally last week, closing above $63,000. This surge was attributed to the U.S. Federal Reserve's rate cut and a rebound from the 50-week Moving Average. The fear of further crypto capitulation has decreased as Bitcoin's fear and greed index remains above 50 percent. Bitcoin's demand has grown alongside gold due to global geopolitical uncertainties. On-chain data analysis shows that whale investors have increased their holdings, with the Bitcoin supply on centralized exchanges dropping to multi-year lows. Bitcoin's price is expected to follow gold's bullish outlook and may reach $88,000 to $90,000 by the end of December. The fourth quarter is anticipated to be a period of impressive growth for Bitcoin, possibly closing the year at around $100,000. The bulls are in control as indicated by the rebound of the weekly Relative Strength Index and the breaking out of a falling logarithmic trend. Bitcoin's price is expected to reach a major milestone of $69,000 with a consistent close above the 200-day Moving Average.
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