An analyst now predicts Bitcoin will skyrocket by next month as charts begin to suggest the cryptocurrency will break resistance levels.
A trader who accurately predicted the May 2021 Bitcoin collapse believes that Bitcoin (BTC) could soon be poised for explosive price movements, possibly starting next month.
Pseudonymous analyst Dave the Wave shared insights with his 146,700 followers on X, indicating that BTC might begin breaking through resistance levels as early as October 1, 2024.
According to Dave the Wave’s analysis, Bitcoin is currently trading within a triangular pattern while consolidating across a broad range.
He noted, “BTC 4th quarter fireworks?” and suggested that Bitcoin is likely to remain above its recent lows around $52,000, with a crucial moving average providing support.
He emphasized that the one-year moving average is approaching rapidly, adding context to the current multi-month correction.
By employing the Fibonacci retracement tool, Dave the Wave highlighted that Bitcoin has only retraced to the 0.236 Fibonacci level, even following last month’s dip below $50,000.
Traders often view respect for the 0.236 Fibonacci level as a positive sign, suggesting that buyers are ready to enter the market without needing prices to drop further.
“Correction, consolidation maybe… but hardly a bear market,” he remarked, indicating a bullish outlook.
Earlier this month, the analyst also shared a chart showing potential parallels between Bitcoin’s current price action and that of its previous cycle, hinting that BTC may be on the verge of a breakout reminiscent of the 2020 cycle.
With these insights, many in the crypto community are watching closely for the developments expected in the coming weeks.
Bitcoin is currently trading at $57,621.41 at the time of this publication.
For more Crypto News and updates like this, join the newsletter or opt-in for push notifications.
Also Read: Analyst Now Says A Massive Bitcoin Short Squeeze is Coming
Other Crypto News Today
An Asset Manager now makes a 2050 Bitcoin prediction of a whopping $2.9m per coin, with lows still looking rather promising.
VanEck has forecasted that by 2050, Bitcoin could potentially become a global reserve currency with a price reaching $2.9 million.
This transition is expected to stem from a decreasing trust in traditional reserve assets and a growing demand for alternatives like Bitcoin.
The firm believes issues related to Bitcoin’s scalability will be addressed through Layer-2 (L2) solutions, enhancing its efficiency.
VanEck predicts that by 2050, Bitcoin could facilitate 10% of international trade and 5% of domestic transactions, with central banks possibly holding 2.5% of their assets in Bitcoin.
Overall, VanEck envisions a significant role for Bitcoin in both international and domestic trade by that year.
According to their estimates, if Bitcoin achieves this scenario, it could drive its price to $2.9 million, elevating its market capitalization to around $61 trillion.
Additionally, VanEck anticipates that the value of Bitcoin’s Layer-2 solutions could reach $7.6 trillion, representing about 12% of Bitcoin’s total value.
It’s important to note that VanEck’s $2.9 million estimate is considered a “base case.”
In a best-case scenario, Bitcoin could soar to $52,386,207, while in a worst-case scenario, the price could drop to $130,314.
A key factor behind VanEck’s optimistic view is Bitcoin’s potential as a reserve asset.
They suggest that shifting trends in the International Monetary System (IMS) could facilitate this transition.
With major economies like the US, EU, UK, and Japan seeing a declining share of global GDP, there may be a growing move toward alternative reserve assets.
This shift is further fueled by diminishing confidence in traditional reserve currencies due to concerns over deficit spending and geopolitical instability.
Consequently, businesses and consumers might increasingly see Bitcoin as a stable and neutral medium of exchange, appreciated for its predictable monetary policy and secure property rights.
VanEck argues that these economic changes could accelerate Bitcoin’s adoption as a global reserve currency, addressing the shortcomings of conventional fiat currencies.
However, not everyone agrees with VanEck’s bullish outlook.
Crypto commentator Kal Benz has labeled the $2.9 million forecast as “bearish.”
Given that Bitcoin currently trades around $59,000, a price of $2.9 million implies an extraordinary growth of 4,815%.
Adjusted for 5% inflation, this projection would be equivalent to $856,000 today, representing a 10.7% return on investment (ROI).
When considering 5% annual monetary debasement, the value shrinks to $267,000, or a 6% ROI.
Furthermore, some market participants are expressing caution, highlighting potential risks.
A notable crypto trader has even predicted that Bitcoin’s value could plummet to as low as $16,000 if Vice President Kamala Harris wins the presidency in November, citing worries about the current administration’s regulatory approach to cryptocurrencies.
Also Read: Here Is What Experts Are Now Saying About Bitcoin’s Plunge
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Be sure to share this article with your community.
Also, thank you to all of our site sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Our readers can now donate $3 per month to support independent journalism.
For daily news and updates on your favorite stories, opt-in for push notifications.
Follow Frank Nez on X (Twitter), Instagram, or Facebook.
Support Independent Journalism ✍🏻
Support independent journalism for just $3 per month!
Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.
Thank you for your support!
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, join the newsletter or opt-in for push notifications.