NOIDA (CoinChapter.com) — Bitcoin price speculation continues this week as the token’s price neared the $50K mark. As Bitcoin flirts with the symbolic $50,000 threshold, analysts and financial pundits continue to speculate the token’s possible rise to the $100,000 price band by the end of 2024.
For instance, CryptoQuant CEO Ki Young Ju shared his prediction on Bitcoin price action in 2024, stating that the token could reach as high as $112,000 by 2024 end. Moreover, Ju set his worst-case price target near $55,000, a price level Bitcoin has not seen since Nov. 2021.
The CryptoQuant CEO based his speculation on the influence of inflows from the US’s first spot Bitcoin exchange-traded funds (ETFs), which could attract significant institutional capital into the market.
Ju stated that ETFs’ inflows could add substantially to Bitcoin’s market cap, “potentially boosting the realized cap by $114B yearly.”
Bitcoin Price To $100,000 Speculations Club Attracts More Members
Standard Chartered Bank’s Geoff Kendrick had positioned Bitcoin’s potential ascent to $100,000 due to several macroeconomic factors in April 2023. Kendrick backed his Bitcoin price speculation for 2024 by highlighting a stabilizing risk asset market and the potential impact of regulatory changes as key drivers.
The perspective leveraging the conclusion of the Fed’s rate hikes and the upcoming Bitcoin halving event. Given the Fed’s likelihood of ceasing its rate hike policy, the chances of Kendrick’s prediction coming true have increased.
Adam Back, CEO of Blockstream.com, was more bullish, predicting that BTC price could reach a new ATH or “even $100k” before the upcoming halving event. Another crypto trader claimed that the introduction of spot Bitcoin ETFs would see shallower Bitcoin price crashes in the future.
As Bitcoin continues its dance around $50k, a pseudonymous crypto analyst ‘Stack Hodler‘ shared his BTC price speculation, noting that the run-up to the $100,000 price mark is similar to the time when BTC price was trying to break above $10,000 in 2018-20.
However, the analyst noted that the current scenario has more bullish cues favoring Bitcoin, such as institutional interest, removal of fraudulent market participants (*cough* SBF *cough*), the prospect of Federal rate cuts, etc.
Yet, not everyone is convinced. A Glassnode report claimed that Bitcoin is in a “high risk” zone, defining high risk as “a point where the market is likely in a speculative bubble.”
Per the report, Bitcoin is trading above its realized price and the 200-day SMA (Simple Moving Average), but not excessively. As such, BTC price has a higher chance of a price drop, according to Glassnode’s metrics.
BTC Price To $50,000: So Close, Yet So Far
Meanwhile, Bitcoin price’s six-day-long blitz, which saw the token rally to its highest since June 2022, ended on Feb. 12, after bears pushed BTC down by 2.2% from its daily high near $48,800.
Bitcoin bulls would need more incentives to conquer the price wall near $50,000. Traders would likely wait for a confirmed breakout above the immediate resistance before opening long positions near $54,150.
The oversold RSI levels might have also hurt Bitcoin price action, scoring 71.44 on the daily charts. Traders tend to view overbought RSI levels as a classic sell-signal due to an asset usually reversing its bullish trend or going into a consolidation phase when the pattern occurs.
If the selling continues, BTC price could drop to the support near $45,800. Breaching the immediate support could introduce FUD into the market, prompting panic selling and pushing Bitcoin price down to the 50-day EMA (purple wave) support near $43,000.
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