Bitcoin price has slashed its volatility to a large extent and hence, the price variation remains within a very narrow range. From the past couple of days, the price has been capped below $16,800, displaying fewer possibilities of a firm upswing. Therefore, it appears that the price is closely accumulating gains to range extremely high in the upcoming days.
One of the well-known analysts, Invest Answers, says in his new video update, that the BTC price may soon ignite a 3x bull run. The upswing is expected to raise the price beyond the current ATH at $69,000 and hit $80,000 levels somewhere in 2024.
“ I’m sticking with a much more conservative price of $80,000 for the next cycle. That would be sometime in the year 2024.
I do believe we could hit about $61,000 by April 2024- and that is right at the halving of April/May 2024,”
After the 2021 bull run, the Bitcoin price soon fell into a deep bearish well and discovered new lows through the year 2022. However, in the 2-week time frame, the MACD is about to undergo a bullish crossover. The crossover is occurring when the signal line is trading below zero which usually marks the end of every bear cycle.
However, in the short term, the Bitcoin (BTC) price is rebounding from its interim support zones at $16,600 and appears to be gearing up for the next leg up.
With the next upswing, the price is believed to reclaim $18,000 levels initially and later withstanding the bearish interference, may range high to reach $22,000 by mid of Q1 2023.