Caricatures and drawings on Forex portal
Bitcoin may set new price record
Crypto market analysts are in high spirits. They are predicting a new price surge in Bitcoin. According to Crypto Rover, this could happen within the next 50 to 100 days.
According to Crypto Rover, Bitcoin could see significant growth soon. This price jump aligns with the typical post-halving cycle, which happens every four years. The analyst noted that the previous halving of the first cryptocurrency led to new all-time highs. This usually occurs a few months after the supply of new coins is reduced. Crypto Rover believes that in 2024, a similar scenario could play out.
In March this year, BTC hit a new all-time high of $73,750. This came after the US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs. Shortly after, Bitcoin underwent its halving. Though BTC did not see much action right after, experts believe that everything could change. In the last quarter of 2024, the cryptocurrency could surprise us with a price leap, according to analysts.
As of now, the technical picture shows that Bitcoin's Relative Strength Index (RSI) is at 44.98, indicating bearish sentiment. In the short term, Bitcoin may continue a gradual decline.
However, things are not looking bright for BTC right now. Over the past seven days, the leading digital asset has dropped by 8.5%, and over the past 30 days, it has lost 10.47%. Compared to its historical high, Bitcoin is down by 20.13%. Notably, in August, the first cryptocurrency peaked at $65,593.24. Its market capitalization now stands at a staggering $1.16 trillion.
Published 06 September 2024
© InstaFintech Group
![]()
© InstaFintech Group
