Crypto Analyst Says Bitcoin Will Continue To Rise, ‘2024 Is A Bullish Year’

Bitcoin has continued to commerce sideways since hitting a brand new all-time excessive (ATH) of $73,750. That has raised issues that BTC’s bullish momentum on this bull run could also be shortlived. Nonetheless, crypto analyst Lark Davis has outlined the reason why BTC’s worth will hold hovering until the rest of the yr. 

Why 2024 Is A Bullish 12 months For Bitcoin

In a video posted on his X (previously Twitter) platform, Davis revealed that two different occasions, moreover the Bitcoin Halving, will push the bull market even additional and trigger BTC’S worth to maintain rising. For the primary, he highlighted that the inventory market performs positively 83% of the time in an election yr. 

Whereas recognizing that this issue normally pertains to shares, he famous that BTC has develop into a part of Wall Road (with the Spot Bitcoin ETFs and institutional curiosity). He additional claimed that BTC is shifting in keeping with conventional markets. Due to this fact, Bitcoin’s worth, just like the inventory market, might proceed to react positively forward of the US election in November. 

The second occasion he talked about is a possible lower in rates of interest primarily based on Goldman Sach’s prediction. The funding financial institution predicted that there will likely be three fee reductions this yr, with the primary more likely to are available June. Because of this traders may have extra capital to put money into threat belongings like Bitcoin and different crypto belongings. 

An injection of extra liquidity into the crypto market might probably spark a outstanding surge in BTC’s worth. That is evident in how a lot the flagship crypto’s worth skyrocketed following the launch of the Spot Bitcoin ETFs, which ushered in new cash from institutional traders. 

BTC’s Bullish Momentum To Lengthen To 2025

Crypto analyst PlanB, in his current evaluation, additionally confirmed why fears of a short-lived bull season could also be unfounded. Based on the analyst, the BTC high won’t come till someday in 2025. Curiously, he predicted that Bitcoin might rise to $1 million on the peak of the bull market. 

In the meantime, PlanB said that Bitcoin rising to $100,000 and even greater this yr is “inevitable,” which aligns with Davis’ prediction that 2024 will likely be a bullish yr for BTC. The analyst additionally tried to allay fears about Bitcoin’s worth motion, remarking that sharp worth corrections are regular even in a bull market and don’t imply the bull cycle is over. 

On the time of writing, Bitcoin is buying and selling at round $67,600, up over 3% within the final 24 hours in line with knowledge from CoinMarketCap.  

BTC bulls wrestle to carry up worth | Supply: BTCUSDT on Tradingview.com

Featured picture from Capital.com, chart from Tradingview.com