Crypto Analyst: Bitcoin to Rally to $48K ahead of 2024 Halving

• Stockmoney Lizards has predicted that Bitcoin’s price will rally to $48,000 by April 2024.
• The analyst’s projection is based on a Fibonacci retracement pattern.
• Bitcoin’s price has traded above a particular trendline since the middle of 2017.

A Crypto Twitter personality identified as Stockmoney Lizards has predicted that Bitcoin’s price will rally to $48,000 between now and April 2024. That projection is based on a Fibonacci retracement pattern, which played out ahead of the Bitcoin halving of 2020. The analyst considered both periods and showed that a similar price pattern was already developing. That is happening several months before the halving event.

Using a screenshot of the Bitcoin price chart, Stockmoney showed that Bitcoin’s price has traded above a particular trendline since the middle of 2017. With a series of pullbacks, the price marked significant levels and developed a pattern consistent with traditional crypto price behavior.

Bitcoin’s price marked a base and respected the 61.8 Fibonacci retracement ahead of the 2020 halving event. That retracement pushed Bitcoin’s price to a pre-halving level of $13,000 before the actual bull run began. Following a similar pattern, Stockmoney projects that a 61.8 Fibonacci retracement this time would push Bitcoin’s price to $48,000 before the next halving.

In line with a bullish Bitcoin price projection, Lark Davis, a renowned Bitcoin investor, considers the months leading to the next Bitcoin halving as an accumulation period. According to him, whatever happens to the Bitcoin price during this period can be considered an accumulation. 

According to Davis, the actual price rally in a Bitcoin bull run happens after the halving. He observed that historically, dramatic price increases after the halving event, leaving 18 to 24 months until the next bull peak. Hence, he has been buying Bitcoins in anticipation of the bull run.

We expect the next Bitcoin halving to happen on April 26, 2024, approximately ten months from writing. The pioneer cryptocurrency traded at $26,511 at the time of writing after bouncing off a low of $15,479 to mark an end of a bear market in November 2022.